A Guide to Understanding Millennials and Generation Z in the Workplace

 

Want to improve your employee engagement? Like to increase employee retention? If yes, you can count on Manage2Retain.

Presently, Millennial and Gen Z workers have become a major force the workplace. As stated by PwC, both generations form about 38% of the total staff, and this number is estimated to increase to 58% by 2030. Additionally, Forbes foresees that Millennials will be approximately 75% of the employees by 2025, and Gen Z employees will constitute approximately 27%.

First, let’s understand the characteristics of these 2 generations:

·         Millennials

Also known as Generation Y, Millennials are individuals who were born between the early 1980s and the mid-1990s. They are one of the very first generations to grow up with technology improvements and are every so often seen as digital-savvy, well-cultured, cooperative, and socially aware.

·         Gen Z

Gen Z are the people who were born between the mid-1990s and 2010. This generation was responsive to technology at an earlier age and completed many routine activities online, such as shopping, reading, etc.

Retaining GenZ and Millennials

Do you know how to Retain GenZ and Millennials? If not, let’s take a look at the ways to attract and retain millennial and Gen Z workers:

Work-life Balance

To achieve work-life balance, one must be able to balance professional responsibilities with personal interests and obligations. It is essential to job satisfaction for Gen Z & Millennials. Many researchers have shown that work-life balance has a positive effect on the work performance of Millennials and Gen Z employees. As well, many Millennial and Gen Z worked rate work-lifer balance even more important than compensation.

Uphold Your Values and Culture

Millennial and Gen Z employees give significant importance to culture and value alignment. So, there is potential that they'll decide to be a part of your business for this reason only. To Retain GenZ and Millennials, you must ensure that each part of your employee management strategy identifies, considers and is designed according to how you project your organization's values. For example, it's crucial to hire candidates from different backgrounds, respect their individuality, encourage collaboration amongst them, and create an inclusive work environment if diversity is one of your core values.

Offer More Flexibility

For a better work-life balance, both the Millennial and Gen Z employees wish to have flexibility at their workplaces. Consequently , it is suggested your organization give up inflexible schedules in return for flexible schedule choices like remote work, hybrid work, flexible working hours, compressed work weeks, flexible time off, and floating holidays. 

Support the Career Goals of Employees

As an employer, it is important to support employee career goals in the workplace through a culture of continuous learning. It can help retain GenZ and Millennials as the employees from these two generations truly value career growth. The best way to determine different career goals is through interactive 1:1 conversations with employees to better understand their aspirations and what skill development would be needed. Listen to their ideas regularly on what skills they wish to gain, and conduct a skill gap analysis to organize desired and recommended training programs. Allow Millennial and Gen Z employees to choose from a range of different training programs and select among self-paced, unified, and trainer-led culture styles as they prefer personalization. 

Be Regular with Performance Analysis and Feedback

Implementing constant and consistent performance analysis, feedback and encouragement can be a key component in retaining GenZ andMillennials employees. As a manager ensures that you conduct performance analysis and feedback regularly. Appreciate workers for all their good work, effort and achievement and give them positive feedback to help them overcome their weaknesses. This can also help your organization create and develop training programs that suit the skill needs of your workers. Make sure to ask for employee feedback during performance analysis.

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