The Gen Z Workforce
Gen Z, comprising those born between 1995 and 2010 will account for 36% of the workforce by 2020. So, while organi-zations are still struggling to cater to millennials, a whole new challenge in talent retention has arisen. Retaining talented employees has become a vital aspect of success for busi-ness, given that the cost of replacing an employee could cost as much as 1.5 to 2 times that employee’s annual salary. In
fact, Gallup puts the cost of attrition at $1 trillion annually in the US alone, in 2019, a figure that is expected to increase 19% in 2020. (McFeely & Wigert, 2019)
The Gen Z population is very different, even from the millennials, in what they value and look for in life and work.
Research indicates that Gen Z value independence and autonomy. At the same time, they also look for a workplace environment that is enjoyable, while offering them work-life balance. In fact, the growing trend of remote employees is spurred to a large extent by this & for balance and flexibility.
There’s a reason why Gen Zers are known as digital natives. They are not just comfortable with tech- nology; they are dependent on it. In addition, they are creative, flexible but focused on outcomes.
What this means is that businesses need to identify what engages and motivates this new popula- tion of employees, such that effective talent retention strategies can be formulated for a cross-gen- erational workforce. This is especially important, given that the Gen Z workforce is known for its pursuit of constant skill development.
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