The faces of the workplaces are constantly revolutionizing, and organizations are becoming employee-centric. Businesses have now realized that in order to win the marketplace in the future, they have had to win in the workplace first. Talking about the future, we know that Gen Z and Millennials are the future of the corporate world. In fact, after millennials, Gen Z is the second-largest generation in the global workforce. As per predictions, it is estimated that Gen Z will contribute 30% of the workforce by 2030.
As said above, the workforce is revolutionizing, and it will keep on changing in the future as well. However, as the corporate world is changing, so are the demands of future holders. If you are also an employer, you might agree with the fact that convincing Gen Z and hiring them is tough but retaining them is tougher. In fact, if we take a look at the statistics:
- A recent Adobe survey of 5,500 workers found that 56% of those aged 18–24 say they are planning to switch jobs in the next year.
- Research from Microsoft and Bankrate reports that 54% and 77% of Gen Z are considering quitting.
These statistics are pretty evident that it is high time that employers should put their seat belts on and start working on retaining their top Gen Z talents. To effectively retain your second largest workforce, you need to have foolproof strategies to do the job.
5 Foolproof Strategies for Retaining Gen Z Talents
1. Promote Flexibility as the New Normal
It is an undeniable fact that slowly but surely, flexibility is becoming the new currency for attracting the top talents. As per statistics, 75% of Gen Zers say that workplace flexibility is the number one employee benefit they’re looking for. This implies that if you want to retain your Gen Z talent, if not today, then tomorrow, you have to accept the trend of flexibility as the new normal. There are two types of flexibilities that Gen Z is demanding from their workplace.
First is the flexibility of working in their comfortable time and place. This generation wants its employers to trust them, look forward to results, and not micromanage the whole process. More than that, statistics revealed that 43% of respondents stated that flexibility of time had increased their productivity.
Second, Gen Z demands the flexibility of communication in which they can express themselves in the workplace. Whether it is in terms of getting feedback on their performance or giving feedback to the company regarding their organizational structures, Gen Z wants everything transparent.
In fact, as per statistics, 84% of Gen Zers prefer face-to-face communication with their employers. This flexibility of open communication helps them in expressing their opinions. This open communication can assist them in enhancing their and the company’s growth together.
Hence, if you want to retain your Gen Z talent, you have to accept that this generation expects flexibility from their workplace. If they are not getting that, they do not mind switching jobs even before 6 months of joining.
2. Deliver Career Development Opportunities
Everybody wants to be on the top, and Gen Z took this seriously. This is the reason as per statistics, 64% of Gen Z cited “opportunity for career growth” as one of the top priorities while building a career. They want to work for a company where they can constantly grow and can measure their growth substantially.
Hence, it is essential to create a pathway where employees can work on their individual professional growth and development while working towards the growth of the company. However, giving growth opportunities to the employees will also enhance their overall efficiency. This will ultimately lead to better and enhanced performances, which will contribute to the overall growth of the company as well.
For delivering the growth opportunities, you can have some upskilling or reskilling sessions or workshops. It will lay down the resources with which employees can work on their individual professional development. For your remote workers, you can also take assistance from various paid learning apps. These apps can assist them in enhancing their knowledge base at their convenience.
These resources and sessions will ensure your Gen Z talent that their employers think of them beyond work and care for them on a personal level. This will assist in engaging them and will encourage them to stay longer with the company, which will assist in enhancing the retention rate of your Gen Z talent.
3. Be a Company of High Values
Every company has its own values, and Gen Z prefers to work with a company that matches its values. This is the reason, for the effective retention of Gen Z, you need to build a company that practices high values in the workplace. Otherwise, as per statistics, 67% of Gen Z revealed that company values are even more crucial than the CEO/leader in the workforce.
If the workforce’s value aligns with the company’s values, it will assist the workforce in connecting or feeling belonging to the organization. When your workforce is connected and will cherish belongingness in the organization, it will assist you in retaining them with more efficiency.
If we talk about values, diversity is one of the most important values that Gen Z prioritizes in the contemporary workplace. This generation wants their company to value each member of the workforce irrespective of the fact that they belong to a certain part of society.
Hence, you need to create a diverse culture that values and appreciates every part of society. It will assist in enhancing their engagement and result in an increased retention rate. Moreover, if you reflect on yourself as a company that values and appreciates diversity, it will also add to your employer’s brand. It will assist you in getting a wide pool of talent to choose your team members.
4. Onboard With All Your Potential
Onboarding is the first impression an employee gets of your company. Understandably, your new hires are already having a hard time adjusting to a new environment, so if you as an employer fail to welcome them, they will be disengaged. This is the reason why good onboarding is a very crucial step in retaining your precious Gen Z talent.
A poor onboarding process can make this generation feel disconnected from work. Due to this, they might not be able to give their all to the growth of the company. This disconnection will decrease their motivation to work in the place. Also, it will impact the overall growth of the company as well.
To elaborate, if employees are not dedicated to work, it will impact their productivity. This will ultimately lead to less efficient work for the company, which might impact the growth in terms of profit.
This is the reason you need to make sure whenever new hires join the company, and they should be welcome with grace and enthusiasm. For onsite employees, you can organize a little welcome party which will give them a chance to get to know their colleagues. Moreover, for remote workers, you can schedule a happy virtual hour in which you can introduce the new employees to the rest of the team, which will contribute to their engagement in the workplace.
Giving your all to creating a successful onboarding experience for your new hires will make them feel connected and comfortable in the organization. This will enhance their overall sense of belongingness in the workplace, which will assist in retaining them for long periods of time in your company.
5. Foster Empathy in the Workplace
Empathy is the emotion that is majorly missing from contemporary workplaces. This is another major reason that companies are not able to retain their employees because sometimes they fail to understand the feelings and emotions of their team.
In fact, if we take a dig at the statistics, 75% of Gen Z say that they will only work for an empathetic employer, even if they have to change their job, industry, or career path for the same. So, if you don’t want to face a similar situation, it is really important for you to foster empathy in the workplace.
Empathy is the ability to understand feelings or situations wisely before reacting to a certain situation. When you as an employer fail to understand the emotions of others, it enhances the disengagement of others to work. But, if you successfully emerge as a leader who not only listens but also understands others’ emotions, it can enhance the engagement of others in the workplace.
Moreover, you should not only focus on becoming an empathetic leader yourself but should also create a culture of creating an environment where everyone empathizes with each other. If your employees are happy and positive in a workplace, it will also assist in enhancing the overall well-being of your talent.
Furthermore, it will assist in creating a positive environment for everyone. It will result in better collaborations and teamwork. All this together will not only assist in enhancing the engagement of your team but will also assist in retaining them.
Conclusion
To encapsulate, hiring brilliant Gen Z talent is not enough. The ultimate goal should be their retention. Hence, to retain Gen Z in the contemporary world, you first need to build a company worth retaining. The above-given strategies can effectively help you with the same. So, what are you waiting for? Apply the above-given strategies and retain your precious generation Z for attaining the successful growth of your company.
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