The global labor landscape is shifting. According to the World Economic Forum (WEF), by 2025, more than a quarter of the workforce will be replaced by those in Generation Z or Gen Z. Characterized by their digital literacy and independent thought, individuals of Gen Z demand different benefits from the workplace than their predecessors. This is the area that businesses must be on the lookout for to attract and retain a talent pool well into the foreseeable future.
THE PAST VS. THE PRESENT
A report from the WEF states that in the past, employees were content with conventional benefits, such as healthcare packages, recreational amenities, and office “snack walls.” However, with the influx of the Gen Z joining companies, these amenities have become increasingly inadequate. Gen Z do not crave benefits; instead, they desire opportunities to learn, connect, and challenge themselves. Gen Zers want more chances to express their opinion, work with colleagues from diverse backgrounds and geographical locations, and get the opportunity to solve complex problems. This is supported by statistics which showed that 82% of people in Gen Z look for an influential career that tackles meaningful issues.
BUSINESSES MUST CHANGE
The WEF also cites that 80% of the Gen Z people desire to work in offices that align with their values. With this knowledge and the fact that soon, every new hire will be from this demographic, businesses worldwide must adapt. Benefits for employees must also contain intrinsic values that work itself generates. This includes transforming culture to be more innovative, offering flexibility, both in terms of decision-making and in hierarchy—where seniority is not factored into idea generation—and maintaining a purposeful strategic position. Businesses can orient themselves to stand on more ethical and valued ground, such as solving food problems or eliminating global wastes, in other words: incorporating the Triple Bottom Line (Profit, People, Planet) into their operations. With this done, firms will win the hearts and minds of the newer generation of the workforce and create positive impact in the work with every stakeholder in their ecosystem.
Our world nowadays is shifting. This is especially true in the mixture of the labor pool and it is up to companies to react or risk losing their most precious capital—People. By constantly innovating and standing for values larger than themselves, businesses can become the beacon of change that attract people and create GREATness for all.
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