CREATING A COMPANY CULTURE THAT RESONATES WTH GENZ

Hey there! Welcome to our latest edition!?

In this issue, we’re discussing something super relevant to today’s workplace: “Creating a Company Culture that Resonates with Genz.” As the newest generation in the workforce, Gen Z brings fresh perspectives, unique values, and high expectations for the kind of culture they want to be part of.

That’s why it’s up to us to understand what makes this generation tick. And how we can shape our company culture to meet their needs and aspirations.?

So, let’s break it down!

Who is Gen Z???

Generation Z or Gen Z refers to individuals born between 1997 to 2012. These folks are also the second youngest generation, between Millennials and Generation Alpha. As the first generation to grow up in the lap of technological advancements, they’re also popularly known as iGens.??

Gen Z has grown up in a world shaped by a unique set of global events and rapid technological advancements. These events and experiences have given them a unique outlook on work and life, along with a diverse set of skills, ambitions, and values.

Did You Know???

Gen Z is also referred to as “Digital Natives " because they’re the first generation to grow up with the internet as a part of their daily lives.

Core Values that Gen Z Prioritize

Yes, you’ve read it right!?

The "digital natives” have grown and outnumbered boomers in the workplace in 2024. In fact, they’re on a march to comprise 30 percent of the workforce by 2030.???

Owing to this, many organizations are putting in significant effort to adjust their policies and company culture to better accommodate and support this generation. Companies are also striving to attract and retain this young generation in the workforce. However, attracting and retaining Gen Z has proven to be a challenge, particularly with retention becoming a major concern.?

In fact, a recent report shows that 57 percent of Gen Z expects to change jobs within the year, and many view this as a significant issue.

So, to tackle this effectively, it's essential to first understand the core values that Gen Z prioritizes. Some of the values that this generation holds dearly are:

Podcast Link: https://www.vantagecircle.com/en/blog/podcasts/vantage-influencers/gen-zs-expectations-from-their-leaders/

How do you Create a Culture that Resonates with Gen Z????

Ready to win over the iGen crowd? Let's explore five game-changing tips for creating a company culture Gen Z will absolutely love!

Understand the Gen Z Mindset???

You've got to know these digital natives! Gen Z isn't just looking for a paycheck. They're after genuine experiences and meaningful work. Remember how we mentioned they prefer substance over style? This generation is all about authenticity and real-time connection.???

They like workplaces that offer them real purpose.

Cultivate a Culture of Recognition?and Rewards

For Gen Z, a culture of recognition is essential for engagement and long-term loyalty. This generation places high value on being recognized for their contributions in real-time, feeling connected to their peers, and knowing their work matters.??

To truly resonate with Gen Z, organizations must create a recognition framework that aligns with their values and expectations. Here are a few ways to foster that culture:

• Leverage Digital Platforms for Recognition??

• Provide Immediate and Timely Acknowledgment??

• Customize Recognition for a Personal Touch??

• Promote Peer-to-Peer Recognition??

• Use Gamification to Boost Engagement??

• Use Learning & Development Opportunities as Rewards

An ideal way to implement recognition and rewards is by taking assistance from platforms offering these services. One such award- winning and well-recognized platform is Vantage Circle. ?It simply helps you streamline recognition efforts.

Befriend Technology

Chief Learning Officer reports that,

Gen Z is not only technologically savvy but also expects technology to be a natural and frequent part of their learning and work.

A survey by InFocus found that 97% of Gen Z workers value technical literacy in the workplace. And this is no surprise. After all, Gen Z is the first generation to grow up completely immersed in the digital world. Our "digital natives" have never known a life without the internet. So, anything tech- related feels like second nature to them.??

But you've got to know that it's not just about fancy high-end gadgets. It's more about efficient, convenient, and life-enhancing tech tools. And dare we say it- fun as well.

Keep Compensation Competitive and Transparent

After thoroughly reading and analyzing the interviews and research from Bain & Co, CFA Institute, and EY, it's clear that two things drive Gen Z:

• Competitive pay and???

• Rapid career growth

If they don't see those opportunities coming their way, they will not hesitate to explore other options.??

Yes! Unlike previous generations, Gen Z aspires to achieve financial milestones relatively early in their careers. They expect their salaries to be competitive with industry standards and the marketplace. They also like transparency in compensation and demand a clear understanding of how their salary is determined.

Prioritize Work-life Balance and Mental Well-being???

Having grown up with endless digital resources at their fingertips, Gen Z thrives in environments that promote flexibility and adaptability.???

Their preference for better work-life balance is captured in one of Deloitte's latest reports. In this report, Gen Z respondents cited work-life balance as a top priority when choosing a job.???

So, it's time for you to think about flexible work arrangements. We're talking remote work options, adjustable hours, maybe even compressed workweeks. You've also got to be committed to their well-being by weaving mental health support into your company culture. This could mean rolling out digital wellness apps, mental health programs, or regular check-ins.???

Trust us, your Gen Z employees will take notice and appreciate the effort.

Foster Diversity, Equity, and Inclusion

A recent study by Monster highlighted that,

83% of Gen Z candidates said a company's commitment to diversity and inclusion is essential when choosing an employer.

And this shouldn't come as a surprise. Gen Z, after all, is one of the most diverse generations to date, and they expect their employers to reflect this diversity. In fact, this generation values diversity so strongly that 56% of Gen Z wouldn't even consider a job offer from a company lacking diverse leadership.

They highly value inclusivity and seek workplaces that embrace Diversity, Equity, and Inclusion (DEI) in all its forms. Showing genuine commitment to DEI and supporting LGBTQ+ rights is a surefire way to win the hearts of this generation.

Provide Learning and Growth Opportunities

Last but certainly not least, feed their hunger for learning and growth. Gen Z is ambitious, and they want to climb that career ladder fast. So, give them the tools to do it!

You'll be interested to know that a whopping 76% of Gen Z workers believe that ongoing learning is crucial for their career success. In fact, they're so focused on career development that 40% would even take a pay cut for a role with better growth prospects.??

So, what's the takeaway for your organization????

Well, you've got to create a culture that's all about learning and development. Think mentorship programs, skill-building workshops, cross-departmental projects, or access to online courses. Basically, you've to show them a clear path for advancement and invest in their growth trajectory.

And that's a wrap!???

Gen Z is already changing the workplace, and it's up to us to create a culture that truly clicks with them. From recognizing their efforts to embracing tech and supporting well-being, these steps will help build a space where they feel connected and valued.???

So, let's start shaping a workplace where Gen Z can thrive!

Article by: Sanjeevani Saikia