Generation Z has big expectations about pay, promotions and diversity, but its members still worry about measuring up, making decisions and not being able to repay their student loans, an InsideOut Development survey found. Gen Zers, who are typically between 18 to 23 years old and born between 1996 and 2010, are projected to make up one-quarter of the workforce by 2020. This means they’re also projected to be the fastest growing generation in the workforce by 2020, InsideOut noted.
Of the 1,000 18- to 23-year-olds surveyed, 75% said they want a boss who coaches employees, and others value a boss who can communicate the company’s vision, give frequent feedback and manage workers with consistency. Three-quarters of respondents also believe they should be promoted after one year in their first position; 40% think they’ll earn more than $100,000 a year at the peak of their career; and 80% think they’ll need a bachelor’s degree to get their dream job. However, only 30% of respondents think they’ll be able to repay their student loans, the survey said.
According to InsideOut, Gen Z is the most racially diverse generation, and 72% think racial equality is the most important issue today. Compared to only 26% of Baby Boomers, 49% of Gen Z respondents said employers can do more to promote inclusion in the workplace.
Gen Z’s expectations for the workplace are somewhat aligned with employers’ goals for the future. Though a majority of Gen Zers think the skills required of them in today’s workplace are different than those required by past generations, they’re willing to learn professional skills to earn more money and would undergo training to get a promotion, a recent LinkedIn study found. For employers, upskilling remains a challenge as they strive to keep up with the effects of digital disruption in their industries and source the right talent despite the skills gap, and willing participation from the workforce can help HR actualize this goal.
Training Gen Zers using tools that reflect their consumer tech experiences may help HR in its upskilling efforts. Talent professionals may also need to be wary of inadvertent age discrimination in their recruiting as this cohort enters the labor market. While, many employers have already committed to improving diversity and inclusion in their workplaces, those hoping to recruit Gen Z talent should make diversity a top priority, based on InsideOut’s findings.
HR might also commit to connecting with Gen Z frequently to provide support. “They’re looking for you to be highly engaged,” said Jim Link, CHRO of Randstad, at a conference in 2017. “They want you to listen to their ideas and opinions. Forty-six percent of them want you to be giving them feedback regularly.”