Research by organisational consulting firm Korn Ferry found nearly two-thirds of respondents (60 per cent) say Gen Z is more optimistic about the future and more than half (54 per cent) believe that Gen Z will place more emphasis on whether their work has purpose. The youngest workforce has experienced nearly a decade of prosperity in their formative years, whereas millennials are more influenced by living through recession.
In addition to this, 67 per cent of respondents say that millennials are more stressed than the latest generation of employees in the workplace who are in 65 per cent of cases more motivated by moving up quickly in their careers. This can be explained by the fact that the creation of a healthy work/life balance has entered the agenda of HR professionals.
“Younger people are now getting larger responsibilities earlier in their careers, so it’s vitally important to understand what is driving younger generations and what kind of support they need,” says John Atherton, head of leadership development, assessment and succession for the UK and Ireland. “To do this organisations need to differentiate their workforce according to different needs and at the same time connect on an individual level with people’s sense of purpose.”
In 2020 70 per cent of the workforce will consist of millennials and Generation Z, so companies should be looking for different ways to recruit and retain these generations. The main challenge will be to create a purpose driven culture as these employees think the purpose for the company should be society-focused rather than generating profit.
