With unemployment in the tech industry hovering around 2%, companies will have to shake off new hiring concerns if they are to succeed in attracting and retaining top talent. Two new surveys show what young workers want and what companies need to do to navigate the great resignations and workplace changes caused by the Covid-19 epidemic.
According to the survey, one by business consultant Deloitte LLP, and the other by Robin Powered, developer of workplace management software, young adult workers feel uncomfortable, face financial worries, take a second job and seek more purposeful – and flexible – work.
Oh, and they want to align their careers with personal and global ethics.
Robin Powered, Inc.“They’re burned out – 58% of General Z’s are currently facing burnout,” said Robin’s CEO Micah Remley. “And while compensation is important, it will not help fight stress. The group reports that extra time off and mental health resources will help them manage better. “
General Z Monica generally applies to those born between 1997 and 2012, which means the oldest members of this group are now about 25 years old. According to the World Economic Forum (WEF), by 2025, General Z will be about 27% of the global workforce, although other data make this number even higher. (According to the WEF, millennials now make up about 37% of the workforce.)
Of the two surveys, Deloitte focused more specifically on General Z and the Millennium Staff. It was found:
- 46% of Gen Zs and 45% of millennials feel burned due to the intensity / demand of their work environment.
- 44% of Gen Zs and 43% of Millennials say many people have recently left their jobs due to work stress.
- About half of Gen Zs (46%) and Millennials (47%) pay-check from live paychecks and think they can’t cover costs.
- More than a quarter of Gen Zs (26%) and Millennials (31%) worry that they will not be able to retire comfortably.
- Nearly three-quarters of Gen Zs (72%) and Millennials (77%) agree that the gap between the richest and poorest people in their country is widening.
The overall cost of living) was named by General Zeds (29%) and Millennials (36%) as their main concerns.
“Concerns about the cost of living may be a symptom of time, due to the high level of inflation, but they also speak to the issues that these generations have been expressing for years: they do not feel financially secure individually and at a larger social level, Deeply concerned, ”Deloitte said in his report.
“If we talk to Boomers or Geners about mental health benefits, they will say it’s my business and not my employer’s business. On the other hand, General Z wants help from his employers on mental health issues. “- Robin CEO Micah Remley
In the midst of this financial turmoil, many General Z and Millennials are redefining the nature of their work. 43% of Gen Zs and 33% of Millennials have second- or full-time paid jobs in addition to their primary job.
Deloitte further observed that a small, but growing, percentage of workers are moving to less expensive cities, including remote jobs – which emphasizes the importance they place on flexible work arrangements.
Robin Powered, Inc.“This seems to be a growing trend – about 15% of General Z and Millennials say they did it this year, up from 9% of respondents in last year’s survey who said they would temporarily or permanently move away from a major city,” Deloitte reported.
When they want to work, 36% say that the traditional 9-5, Monday to Friday format works for them. The same number of respondents (28%) prefer a four-day work week, whereas 28% prefer flexible working hours outside of the usual 9-to-5 in a five-day work week.
“As General Z enters the workforce, flexibility will continue to be the name of the game,” Deloitte said.
There is a clear demand for more flexible work: currently 49% of Gen Zs and 45% of millennials work remotely for at least some time, while three-quarters say the remote will be their preferred mode of work.
Robin’s data echoes the aspirations of a hybrid or flexible workplace. It found that 66% of general jerseys working full-time from the office wanted a hybrid (46%) or completely remote (20%), while more than 73% of those working remotely said they liked it. Research has also shown that if they could design an “ideal” office space, most General Z workers would want office space defined by walls, not cubicles.
Companies are already preparing to expand collaborative space in their office buildings to make the hybrid workforce more fleeting.
Both the Deloitte and Robin surveys show that General Z and Millennials want more commitment from businesses to achieve a better work-life balance, better learning and development opportunities, improved mental health and wellness support, and a positive social impact.
Deloitte“The recurring theme with General Z – next to the compensatory part – is the focus on workplace flexibility and mental health. At these two places we see a huge deviation for other generations, “said Remley.” If we talk to Boomers or Geners about mental health benefits, they will say that this is my business and not my employer’s business. On the other hand, General Z. Want help with mental health issues. “
Benefits are ranked higher in both surveys because of the reasons employees are attracted and want to stay with an organization. At the top of the list: good mental health care and healthcare benefits in general.
And, employers appear to be making progress in prioritizing mental health and wellness in the workplace, Deloitte reported.
“More than half agree that workplace well-being and mental health have become more focused on their employers since the epidemic began. However, there is mixed reviews as to whether the increased focus is actually having a positive effect,” the Deloitte report said.
A third study published Wednesday by Clinical Laboratory Quest Diagnostics found that companies are working hard to attract and retain talent – but most employees are still thinking about changing jobs.
Robin Powered, Inc.Quest surveyed 423 HR benefits managers and executives along with decision making authorities (HREs) and 846 office workers in the company with at least 100 employees. It found that about two-thirds (66%) of workers surveyed thought about changing jobs next year, took steps to do so, or recently started a new job. More than 22% are actively looking for a new job.
According to Quest, the prospect of making more money is the top motivation for the 55% of employees surveyed who are looking for a job change – then according to Quest there are generally better benefits, including healthcare benefits and work-life balance.
Not surprisingly, the importance of pay was reflected in other studies. Robin, for example, found that 44% of Z employees would be in a job where they were not happy – if the pay was good. In contrast, 47% indicated that they would choose happiness over money.
Robin Powered, Inc.In fact, Deloitte got the No. 1 paycheck because Gen Zs and Millennials have left a role in the last two years, not losing a trend in technology companies that are raising compensation to retain talent. When choosing a new employer, however, a good work-life balance and learning and development opportunities were top priorities.
Robin found that 39% of General Z employees want to start a family and 49% want to buy a home in the next five years, “so it’s not surprising that they are driven so much by compensation,” said Robin Remley.
For companies trying to keep employees happy, the pay bump – in particular, more than 10% – has helped retain employees who are considering quitting their jobs. “Given that most of the people we surveyed earn less than k 40k, employers should consider a বৃদ্ধি 4,000 to $ 8,000 salary increase to retain Gen Z talent,” Remley said.
DeloitteGeneration Z and Millennials are pushing their employers to tackle climate change, especially when it comes to efforts that can be directly involved. But businesses could still miss out on opportunities to take greater climate action, the study found.
It is important for employers aspiring to attract and retain young talent to align with employee values. About two out of five people surveyed by Deloitte said they turned down a job or appointment because it did not match their values. Meanwhile, those who are satisfied with their employer’s social and environmental impact and corporate efforts to create a diverse and inclusive culture want to stay with their employer for more than five years.
Robin Powered, Inc.“If you look at the previous generation, they didn’t have a chance to ask for these things,” said Robin Remley. “General Jars is now coming of age in a very strong economy, where power has shifted to the workers. They want the basics and a lot of them, but what you see outside of that is that they are not afraid to ask for other benefits like a four day work week. They are coming to the job market at a time when, due to the limitations of talent in the job market, they can ask for and get a lot. ”
Deloitte has collected its responses from 14,808 Z workers and 8,412 millennials from 46 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa and Asia-Pacific. General Z respondents ranged in age from 19 to 27 years; Millennial respondents (also known as Zen Y) ranged in age from 26 to 39 years. (Robin surveyed 600 workers aged 18 to 25 in the United States.)
The Deloitte survey took place between November 2021 and January 2022, with subsequent interviews in April 2022.
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