Generation Z: Workforce Optimism and New Values

We’ve reached the end of the alphabet. Generation Z has arrived at the workplace. EY (Ernst & Young) conducted a survey at its July 2017 International Intern Leadership Conference of nearly 1,600 interns across 29 different countries. The article states that the survey was designed to gauge Gen Z sentiment around the future of work as they enter the workforce.

According to the article, key findings from the survey include:

• New technologies will enhance job satisfaction and productivity: Three-quarters of respondents (76 percent) agree that new technologies will evolve the nature of work that they do. Two-thirds (66 percent) think that these new technologies will enable them to increase their productivity and over half (52 percent) think it will allow them to focus on more interesting and ‘value added’ work (52 percent). Only 17 percent of respondents think new technologies will decrease the number of jobs available to them.
• Gen Z has the most inclusive mindset to date: Over three-quarters of respondents (84 percent) say that their ability to work well with people from different backgrounds and cultures is a key skill that sets them apart from older job candidates. This sentiment is particularly apparent among black respondents, 97 of whom cited this; followed by Hispanic (87 percent) and white individuals (82 percent).
• Ambition is prevalent and flexibility important: When asked what they prioritize most when looking for an employer, the majority of respondents (84 percent) cite potential for career progression and growth. This far surpasses salary (1 percent), work abroad opportunities (24 percent) and competitive maternity and paternity leave benefits (16 percent). Flexibility is also a key priority for this generation, with 50 percent citing this as one of their key priorities when looking for an employer.
• Millennial managers are the preference: Over two-thirds (67 percent) of total respondents said they would prefer a millennial manager over a Gen X or Baby Boomer. Within this, male respondents (48 percent) said they would prefer a male millennial manager, while female respondents (40 percent) would prefer a female millennial. Furthermore, most African American respondents (71 percent) and Hispanic respondents (65 percent) indicated that they would rather have a millennial manager vs. white respondents (45 percent).
• Job satisfaction is just as, if not more, important to Gen Z than money: Two-thirds of respondents (66 percent) say that job satisfaction and financial stability are equally important. More males (54 percent) than females (42 percent) prefer financial stability (15 percent total).
• Gen Z is confident that employers are in tune with their needs: Most respondents who say that they think they will be better off than their parents attribute this feeling towards a stronger understanding by employers around their employees’ needs (31 percent). Twenty-seven percent say this is because flexibility is more of a priority for the incoming generation; 16 percent say that employers know that GenZ will be quick to switch jobs if they grow dissatisfied.

The big question for manufacturers is, “Are you ready for this?” The survey findings don’t show an appreciable difference between Millennials and GenZs, but there is a fair amount of difference with older generations. The biggest challenge for manufacturers in the competition for talent is shedding the stodgy archaic persona the industry carries (and enforced heavily by the ‘old guard’) to attract younger workers. The younger generations are putting greater faith in technology and are less likely to maintain the “if it ain’t broke, don’t fix it” mantra of the past. It is interesting to note the connection between technology and job satisfaction and the importance placed on the two. Another challenge organizations will face will be the embracing workforce fluidity. Just like Millennials, GenZ holds no allegiance to an employer nor a position. Organizations must do more to guarantee and prove they have a path upward in order to maintain talent.