The 2020s have quickly brought about a sea change for the world of work: hybrid workplaces, increased use of contingent and freelance workers, a frequently shifting job market, and a rapidly changing workforce. One area of focus that seems under-highlighted is how leadership responded to these changes – in particular, the shift in employment dynamics. While some organizations and leaders have adapted proactively to changes in workplace dynamics, others have been slow to adapt to the new work landscape. So, what solutions should leaders implement to target new workers effectively while increasing the morale and retention of current workers?
Changing Gen Z and Millennial Workforce Percentages
The remote work era facilitated the workforce departure and retirement of a significant number of previous generations’ workers. According to the US Bureau of Labor Statistics, at the start of the pandemic, the number of people employed over the age of 55 fell from 39 percent to 33 percent.[1] On the other hand, according to recent data, studies show that by 2025, Gen Z will make up 27 percent of the workforce.[2] Millennials currently make up 35 percent of the US workforce.[3]
These shifting percentages are indicative of the many ongoing workplace changes. Elements of employment like an organization’s cultural values and workplace conduct are significantly more important to Millennials and Gen Z employees. The new generation of workers will use interviews and research to qualify your company as one with a climate-positive, socially responsible, and diverse culture. Employers that truly invest in a culture aligned with the expectations of these generations will attract the best talent competing for employment. So, how exactly can leadership rise to the task of responding to these new-age expectations?
Leadership Strategies to Respond
Responding with novel leadership strategies will be key during the next decade of predicted job growth. These strategies need to be informed by an understanding of the way that Gen Z and Millennials view the world of work.
For example, inclusive workplace practices are a critical area of focus – a recent study found that 69 percent of Gen Z workers would be more likely to apply to companies they believed had an inclusive workplace and effective DE&I practices.[4] Organizations will need to rethink their company culture to target new workers effectively, and that process is likely to begin with leadership. Implementing diverse hiring practices, creating an open environment for employees to express their opinions, and implementing wellness checks and frequent one-on-ones can all help workers feel more motivated as a part of your business.
According to a McKinsey study, Gen Z is driven by individual expression and is committed to standing behind and supporting social causes in the workplace.[5] In this context, it’s important to ask yourself – what steps have you taken to align your company culture with particular social causes? By supporting social causes with your brand, you’ll build an effective brand awareness strategy that attracts and retains workers. By taking steps toward sustainable practices and creating socially aware content and partnerships, you’ll elevate your hiring strategy and attract top-level talent before you’ve even posted job descriptions!
Want to learn more about the strategies you can implement to attract, hire, and retain this new generation of workers? All’s Well has the resources and experience to make your hiring goals a reality. Learn more at https://www.allswell.com/.
[1] https://www.washingtonpost.com/business/2022/02/25/great-resignation-older-workers/
[2] https://www.forbes.com/sites/ashleystahl/2021/05/04/how-gen-z-is-bringing-a-fresh-perspective-to-the-world-of-work/?sh=79bc7c1f10c2
[3] https://teamstage.io/millennials-in-the-workplace-statistics/
[4] https://www.forbes.com/sites/ashleystahl/2021/05/04/how-gen-z-is-bringing-a-fresh-perspective-to-the-world-of-work/?sh=79bc7c1f10c2
[5] https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies
