Roughly 1 in 3 American workers are Millennials. So what's next?
The next wave of employees is Gen Z. In fact, currently there are 23 million Gen Z-ers already in the working world. So what are the characteristics of Gen Z?
Who is Gen Z?
This generation was born between the mid-90s and early 00's. They are self-aware, independent, innovative, and goal-oriented - in other words, they are entrepreneurial and aren't afraid to take risks. This generation was raised during the great recession which has made them salary-driven and aware of the importance of employment.
By 2020, Gen Z will make up about 24% of the workforce.
Gen Z in the Workplace
Money and job security are Gen Z's top motivators and they place a high importance on earning a high salary. They want a constant stream of honest, transparent feedback and loathe the typical yearly review.
This generation is highly competitive and believe there are winners and losers in life - and they'll hustle to gain the tools and knowledge they need to succeed. Their strong independence means they want to be judged on their own merits and individual talent.
This tech savvy bunch was raised in the digital age and views technology as an extension of themselves. On average, they use about five screens a day (compared to Millennials who use three).
Tips for Employers
- Ditch the annual review, make your work space tech forward, and increase your salaries.
- Collaborative environments may not suit this generation, so allow for independent work areas. 35% of Gen-Zers would rather share socks than office space.
- Rigid schedules are a thing of the past. This generation needs flexibility to work when and where they want.
- 57% would rather save their money than spend it - bulk up your 401k options.
- Set the rules, make sure they are fair, and make it clear how a Gen Z-er can advance in your company.
- Work-life balance is a big deal for this cohort, so make sure your PTO plan reflects that.
- They have the attention span of about eight seconds - ensure work is fast paced and allows for them to wear various hats in your organization.