Five Ways Your Company Can Retain Millennial and Gen Z Employees
You’re probably already aware that millennials are currently the largest generation in the U.S. workforce. But while many companies have been focusing all their attention on building a millennial-friendly workplace, they may have overlooked the fact that Gen Z is the newest cohort taking the multigenerational workplace by storm—about 17 million members are now adults and entering the U.S. workforce.
Gen Z is different from Gen Y in many ways—racially diverse, social media natives and laser focused on financial security. In fact, in that way they have more in common with the Silent Generation than any other cohort.
Here are some articles that offer insight into how to tweak your workplace to attract and retain both Millennials and Gen Zs.
1. Encourage Their Entrepreneurial Spirit to Help Generation Z Feel Valued
“Generation Z employees will look for more independence in their career than Gen X and millennials. Recruiters should keep in mind that these individuals will be seeking opportunities that allow them to take ownership of their positions and be their own boss. Many Gen Z individuals are self-starters and have an entrepreneurial spirit, so being unique is a key factor in their career choice.” —Read more at Forbes.com.
2. Want to Retain Generation Z? Don’t Substitute “Culture” for Pay
“While 84% of Generation Z workers say that they’d like to do purposeful work for a company in which they believe, financial security has greater relevance. … In order to engage Generation Z employees, managers need to offer financial rewards and promote career advancement. But they should also make efforts to create a culture and a team spirit that can create fellowship with your company and motivate them to stay put. … In comparison, millennials aren’t as motivated by money.” —Read more at Staffbase.
3. Engagement Can Boost Retention (But Millennials Still Might Not Stay Forever)
“Are you finding that, no matter what you do, many of your best Millennial employees will up and leave after a year or two, or even six months? Then you may need to rejigger your concept of retention. Can you sell Millennials on an 18-month project that will reap substantial rewards when it’s successfully completed? ‘Organizations may need to think in bite-sized modules, to consider what can we do immediately to engage our Millennials for the intermediate term, rather than trying to retain them for decades,’ says Sesha Dhanyamraju, CEO of Digital Risk LLC, a mortgage processing and risk analytics firm.”—Read more at Monster.com.
4. Generation Z’s Visual Orientation Will Change Traditional Professional Development
“When it comes to pure learning, nothing screams that learning has changed as much as YouTube and all the online universities,’ [Ashley] Goldsmith [chief people officer at Workday] added. ‘The amount of consumption of online information and learning is incredible and it is second nature to say ‘I want to learn how to do something from YouTube.’ … ‘Your employees should be able to access what interests them and help them build their careers and experiences in a way that is relevant. So I think we have to really rethink learning, development, career development in light of this different way that people are thinking and operating today.’” —Read more at Human Resources Director.
5. Provide Hands-On Opportunities for Younger Employees
“It’s satisfying be part of a successful team effort in your office, but nothing builds camaraderie and loyalty like being part of a project onsite. For example, employees of our foundation take part in events like this installation of solar panels on an affordable housing property in Washington, D.C. That event and others bring to life the work that our organization does and make it more meaningful to those who work there.” —Read more at Entrepreneur.
Lindsey Pollak is the leading expert on millennials and the multigenerational workplace, trusted by global companies, universities and the world’s top media outlets. A New York Times bestselling author and keynote speaker, Lindsey began her career as a dorm RA in college and has been mentoring millennials — and explaining them to other generations — ever since. Her presentations have audiences so engaged that, in the words of one attendee, “I didn’t check my phone once!” Contact Lindsey to discuss a speaking engagement for your organization.