Millennials & Gen Zs – Open-mindedness

Jane, 28, quit her job in a bank. It wasn’t because her new employer had offered a much higher compensation or a different role. “The work-life balance was much better” said Jane.

At her new company, ThisCo (fictional), everyone works from home on Tuesdays and Thursdays at whichever hours they choose. Jane can go cycling or take her dog for a walk.

At the bank where she had worked, people judged her for taking all her leaves. Not only that, it also gave her low-performance ratings. At ThisCo, it is generally encouraged to take days off. This is the reason why she didn’t mind answering work emails while on the beach during her recent vacation.

All that the company cared about was to get the work done, but they don’t worry about the hours clocked in. That also means that, sometimes, when a client calls at 8 PM, Jane was still happy to take the call. As Jane says, “The flexibility I get is that the next day at 10 AM, I can take my dog to the vet. It enables me to make my career more seamless with my life. It makes it feel more like people are human.”

Who are they?

Millennials (aka “Generation Y) were born between 1980 and 2000. They have grown up in a different world with a different worldview point. Millennials have grown up with the rapid change in their world. Their set of priorities and expectations are very different from previous generations. GenY is all about career choices that emphasize work-life balance, sense of purpose, and social consciousness. These attitudes differ tremulously from previous generations. (Goldmansachs)  

 A new generation has arrived - Gen Z

Gen Zs are cohorts born after 1996, They arrived following the Millennials cohorts and has also been called post-Millennials.

Generation Z will soon surpass Millennials as the most populous generation on earth, with more than one-third of the world’s population counting themselves as Gen Zers (Deloitte).

Their Culture

They want to do something they enjoy. They prioritize a career where they are able to innovate or contribute in a meaningful way. They are less motivated by stability than any previous generation. Therefore, it presents a big challenge for companies who are known to hire with stability as a major area of focus. If you are biased towards hiring someone with a decade-long experience for the sake of their stability, you are missing out on a great talent pool. Influenced by the instantaneous responses, on sounding boards like Facebook and Instagram, they want collaboration and instant feedback.

What they want and don’t!

Millennials and Gen Zs, are changing the game in the real estate and automobile industries. In the previous generations buying a home was extremely aspirations but as these folks enter their peak home-buying years, they are reluctant to enter the housing market. They want more to life than being locked up in a hefty EMI like their parents. They are also the generation that lives by the mantra ‘YOLO – You only live once so they are more inclined to create memories and memorable experiences as compared to wealth.

They have also been putting off significant milestones like marriage and children. But that doesn’t mean they want to stay single forever. The median age to get married as increased from 23 years in 1970 to 30 years in 2010 and from what we see it is bound to increase further.

It’s not just home buying: Millennials have been reluctant to buy items such as cars, music, and luxury goods. Instead, they’re using services that provide access without the burdens of ownership, giving rise to gig culture and what's being called a "sharing economy."

A gig economy is a free-market idea, in which we hire for short-term assignments. The word “gig”, a slang word popularized by the music industry, depicts for a job that lasts a specified period. The size of the gig economy is projected to grow and cross $450 billion by 2023. India has emerged as the 5th largest country for flexi-staffing after US, China, Brazil, and Japan. (The Hindu)

When identifying why gig-economy is appealing to the new generations, it was found that flexible work schedules (55%) and greater independence (i.e. being their own boss; 53%) are the most appealing aspects of the gig economy. Some also viewed the gig work as a supplement to

their traditional full-time job. Millennials and Gen Zers primarily measure their career success by how much money they make (44%) and how quickly they advance (35%), with 1 in 3 (35%) expecting a promotion in six months or less. (Businesswire)

Their Lingo and Mantra – YOLO, JOMO, FOMO, FOPO, FOBO, Adulting.

YOLO (you only live once) mindset of millennials is being adopted by several millennials.  This generation believes in living life in the fast lane. 

Some chose JOMO – joy of missing out

JOMO is all about taking pleasure in staying-in, at the expense of socializing with friends and taking up new activities. Many of them are perfectly happy in their own company and is important to their happiness. But what do they do with all that time spent at home? Favorite activities include not getting dressed all day (33%), watching a streaming service all day (32%), having an early night (29%), and reading (27%). Most common reason given for taking part in JOMO is to save money to afford life-enriching experiences. Most millennials would rather spend money on experiences than material possessions, spend money on creating memories with others.

Some have the FOMO (fear of missing out) which refers to the anxiety created by social media connections/contacts sharing updates that creates a feeling of being left out of social situations or feeling that they should be doing more.

 New generations are always in search of the next best thing which give rise to FOBO, the fear of better options. According to a report from LinkedIn, FOBO is one of the top workplace challenges people face today, with 68% of workers admitting they fear there may be better options beyond their current roles. And the survey revealed that the number one regret people have when it comes to their careers is not trying harder to get their dream job. (MarketWatch)

FOPO. Fear of Other People’s Opinions. When someone starts paying attention to other people’s opinions (or anticipated opinions) then unconsciously their thoughts will influence your thoughts and choices: the outfit we choose, the food we eat, way we act at work, social posts, how we speak and write, places we travel, hobbies we engage in… We want people’s opinions about us to fall on the good side.  The problem comes when FOPO causes us to make decisions that go against our own authentic selves. To deviate away from what and how we really want to be and do and wear and talk because other people’s opinions clouds everything else.

Adulting is a term used by those “who find themselves doing adult things for the first time and feeling like an adult,”. It is very much attached to people coming of age, where they land into having to take things more seriously. The outcome of a survey conducted by Bank of America and USA Today, of Millennials and Gen Z’ers, adulthood really begins when you’re financially independent – when you can find a job, pay your own bills, cover your own rent and stop relying on mom and dad for financial support.  

Managing new generations at workplace

Managing generations like Millennials and Gen-Zs is already a top concern for many organizations since they will represent roughly 75 percent of the workplace by 2025, according to a BPW Foundation Gen Y study.

With millennials moving into mid to senior management roles, and the Gen-Z gradually becoming a part of the workforce, we are seeing a new dimension of “employment.” being associated with just a job and not build a connection with the organization. They do not relate to life-long work in the same organization!

Flexibility and a Work-Life Balance

Employees no longer consider the 9 to 5 workday a norm. Increasingly, employees want to work when and where they are most productive – even if that means working during what are typically off-hours.

Leadership Engagement

Making sure workers are in the know and learn of company news directly from senior leadership helps build a strong connection and organizational loyalty for Gen Y employees. We need to use different communication channels often. Channels like Slack, Microsoft teams, etc. to share news and company updates. Have more meetings to interact with them, listen to them, actionize later what the employees are expecting from the team, department or organization.   

Wellness

They actively pursue wellness seriously. They are exercising more, eating smarter than previous generations. They’re using apps to track training data, and online information to find the healthiest foods, buying healthier food options which are available in plenty these days.  

Open-Minded

The millennials and GenZs are flooded with a lot of mass media and are exposed to every race, gender, idea, and story at just a click of a button. This makes them culturally knowledgeable and open to diversity. They are also aware of cognitive diversity, which focuses on blending backgrounds, experiences, and perspectives in a team setting, and know that it is a necessity to succeed as a team. The young generation wants to focus on a common goal.

Different view of a Manager

Millennial employees want to feel trusted to carry out their duties without constant supervision. Some called it micro-management. It is important that they feel like they can approach their manager without fear of intimidation or retaliation.

Managers must play different roles such as being advocates, coaches, and mentors. By acting as a mentor and showing you’re a reliable person, you engage with employees, enabling them to stay on a successful track.

It is important that employees feel like when things get tough, their managers will back them up, rather than throwing them under the bus.

Technology

Millennials know how to make tech work for them and not the other way around. This could include incorporating online task organizers, newsfeed readers, calendar and email management tools, and productivity software tools. 

Learning

Another thing that attracts millennials is the learning opportunities. Virtual learning apps and courses are preferred.

When an employee wants to learn a new skill, they can take courses through  Learning Paths in LinkedIn or watch webinar or attend a class. Employees can apply these new skills to their current job, or learn new skills needed for a promotion.

Opportunities for Growth

Millennials want to envisage a career at a company, and not just a job. They want to feel valued and appreciated for their work. Organizations should create an environment where growth is achievable. Managers should discuss a clear path for growth opportunities and options with employees.

Companies can build mentorship programs and leadership programs. These set up them with the skills for success and can nurture provide them with guidance.

Go with The Wave of Change

There are several things that are changing in the workforce, from the evolution of technology to the styles and attitudes of the people who use it. The older mindset must adapt to the new generation as they and their mindset become the mainstream.

Organizations must evolve and innovate their people strategies. They must create and sustain engagement of millennials and the upcoming Gen Z. The spirit and culture at the workplace must have engagement models based on interaction, values, and flexibility.

Their success measures have changed – its time we change our societal yardsticks too.

Millennials are the experiences generation - Julia Hartz