Millennials and Generation Z: Retention Challenges 2022

In the wake of COVID, traditional work styles have been thrown out of the window, and companies have embraced digital transformation in a big way. Additionally, employees have the option of working from home, a benefit they have greatly appreciated. As a result of the COVID era, employees were highly productive and creative, which enabled them to accomplish things they could not do before. Due to the permanent change in work cultures, employees are now more confident and have the freedom to choose their employers.

Globally, millennials (1981 - 1996) and Gen Z (1996 - 2010) make up the majority of the workforce, and their work styles differ. Their career aspirations are clearer, and they work for them, and they want to work at an organization that shares their values and provides them with opportunities to grow and learn. It is impossible for them to be influenced or impressed by recreational activities that do not align with their goals. Their demands are very simple: they want;

a)??????Transparency

b)?????Flexibility

c)??????Learning venues

d)?????DEI

e)?????Appreciation and recognition

Transparency:

As a way to learn how businesses function, their demands are straightforward. They want a transparent system they can understand and participate in, enabling them to input according to their business needs. They want clarity on business policies, benefits, succession, and learning and mentorship.

Flexibility:

Flexibility in working hours has been proven to be beneficial to employees and employers alike. Flexible hours for employees enable them to strike a balance between work and life and give their best to their jobs. In addition to working hours, flexibility also encompasses working conditions and workstyles. Since they were the boomers during the COVID era, IT companies quickly adapted to flexible working styles and remain the same today. The other industries have caught on and are customizing the flexible option for their employees based on their business operations.

Learning Venues:

In the Gallop survey, 85% of millennials and Gen Z employees chose companies that offered mentorship and learning opportunities during their tenure. Those employers who failed to provide a learning environment have seen nearly 48% turnover of their employees in the arenas of their choice. They have high expectations for learning and advancing.

Diversity, Equity & Inclusion:

In true DEI terms, very few companies have adopted a diverse company culture that includes people of all colors and treats them equally. Their feedback and suggestions are valued and they are involved in all decisions. COVID era companies are evidence of DEI culture organizations, and covid has motivated us to strive for it. Due to its automatic alignment with their career goals and values, millennials and Gen Zs will choose a company that works towards DEI.??

Appreciation & Recognition:

A culture of appreciation and recognition has been proven to be a powerful tool for retaining employees in a number of studies. In this great resignation era, companies that foster a recognition system, whether it be financial or behavioral, have seen a decrease in turnover. These generations are out there trying to make a name for themselves, and they want to be recognized for who they are.

Organizations have changed as the upcoming generations want to be employees while at the same time wanting autonomy to work on their own terms. It has proven to generate productive results for both companies and employees. They want to be part of a company where their intelligence and skills can outshine.

In HR, it is our duty to create, maintain and nurture a culture that fosters values and morals that reflect the upcoming workforce. It is less about slavery through employment than about business partnerships through employment.??