Emerging leaders are, by far, Millennials – who will make up the largest percentage of the global workforce by 2025.
So it’s no surprise that smart organizations are investing time and money into creating a workplace environment that meets the needs of this powerhouse generation.
As workplaces adapt to the changing world of work of new industries, re-skilling, automation and remote work, understanding the needs and expectations of your gen Z and Millennial workforce is no longer a nice-to-have, but an essential strategy in ensuring employers are able to attract and retain the talent necessary to help them adapt and thrive.
While it’s important to note that individual preferences and needs vary, there are some trends that employers may want to consider when it comes to understanding what is important to gen Z and Millennial workers in 2023.
Flexibility in creating work–life balance
While emerging leaders are career-driven, they also want flexibility and know where their boundaries lie when it comes to not compromising their mental health over their career.
Having grown up in a time when mental health issues, such as anxiety and depression, are increasingly common and more openly spoken about, they understand the importance of prioritizing it and know that their career is just one area of their life.
Gen Z is aware of the dangers of burnout and has seen generations before them not have access to flexibility within the workplace, so they are keen to set themselves up differently.
Gen Z is aware of the dangers of burnout and has seen generations before them not have access to flexibility within the workplace, so they are keen to set themselves up differently.
It is a generation that values connection, self-expression and creativity, and its members want to be able to pursue these hobbies and interests with others outside of work.
Additionally, flexibility for many enables gen Z and Millennials an opportunity to reduce stress when it comes to addressing concerns outside of work, such as physical and mental health, relationships and finances.
And it’s not just about flexibility as a remedy for burnout. According to the ‘Deloitte Global 2022 Gen Z and Millennial Survey 2022’, 43 percent of gen Z is worried about money and have taken on either a part-time or full-time paying job in addition to their primary job, so they need flexibility to take on other commitments in order to manage their financial needs.
Investment into their ongoing learning and development
Emerging leaders are ambitious and want to work for employers who will help them unlock their potential and achieve meaningful goals.
They want to be invested in and expect opportunities for ongoing learning and development in both their career progression and personal development. They want to grow in confidence and within their skills and capabilities.
It will be increasingly important for organizations to offer comprehensive training and development opportunities that suit individual needs and goals if they want to retain talent and remain competitive.
Recent data from the 2022 Workplace Intelligence ‘Upskilling Study’ found that 74 percent of Millennial and gen Z employees report that they would be likely to quit within the next year due to a lack of skills development opportunities.
It will be increasingly important for organizations to offer comprehensive training and development opportunities that suit individual needs and goals if they want to retain talent and remain competitive.
Recognition and rewards
Emerging and future leaders want to work for organizations that have a culture of recognition and reward. They want to be recognized for the skills, strengths and contributions they make. Gen Z performs well when it is recognized and provided feedback on how to improve, helping to increase value and engagement.
Typical one-size-fits-all approaches to rewards don’t necessarily fit the bill for this generation. They want personalized rewards that reflect members’ individual needs. They appreciate customization and choice when it comes to recognition of achievements, and gen Z wants to feel valued as individuals.
Effective reward and recognition for emerging leaders involves understanding individual values and goals and offering personalized recognition that aligns with this.
Consider offering personalized rewards that are unique to their needs, such as flexibility or autonomy on a project, and tailor them to their interests, hobbies or specific goals. Demonstrate your commitment to their growth by investing in ongoing training, mentoring and career advancement opportunities.
Challenge misinformed perceptions that gen Z is too young to know better or have credible knowledge to be respected or capable, and give them support and opportunities to lead, have their opinions heard and celebrate their achievements and contributions to projects.
Overall, effective reward and recognition for emerging leaders involves understanding individual values and goals and offering personalized recognition that aligns with this.
Inclusion and diversity
Gen Z has a strong sense of social justice and equality, and they understand that diversity brings new ideas, fresh perspectives and helps create a culture of psychological safety and wellbeing in the workplace.
It is a generation that has witnessed the struggles, achievements and milestones of previous generations in promoting inclusion and diversity in the workplace, and it is the first generation to grow up in a truly digital world, with access to vast amounts of information to different cultures, lifestyles, learning needs and perspectives.
This generation expects inclusion, diversity and equal opportunities within the workplace.
This generation expects inclusion, diversity and equal opportunities within the workplace, and it wants to work for companies making a conscious effort to create a safe, equitable environment that allows all employees to be their true selves, add value and have the tools, skills and environment to thrive in.
Put simply, if gen Z doesn’t see it in your workplace, they will move on to one that does.
Innovative and tech-savvy workplaces
This generation is innovative, creative and tech-savvy. It wants to work for organizations that embrace technology, are leading the way and pushing the boundaries to come up with new ideas.
Gen Z is geared toward the digital-first approach, and we know that to upskill this generation, we need to align with their appetite for digital learning coupled with in-person coaching and mentoring.
A McKinsey study of gen Z reflected how technology “has produced a hyper-cognitive generation very comfortable with collecting and cross-referencing many sources of information and with integrating virtual and offline experiences”.
Genuine connection and authentic leadership
Emerging leaders want to work in collaborative environments where they can build genuine and respectful relationships with their peers and leaders. They want to feel connected to the wider team and community and see how their work contributes to the bigger picture.
They want to work for relatable leaders who are trustworthy, supportive and ethical. Leaders who demonstrate authenticity and support, who listen to their ideas, provide consistent feedback and back them to grow, develop and learn from their mistakes.
Purpose-driven work
Although gen Z has grown up in a modern, fast-paced and technically-savvy world, they still want the core components of any worker across the generations: to have purpose-driven work that they enjoy and feel satisfied with.
Gen Z seeks out organizations that are values-aligned, ethical and demonstrate positive and sustainable impact within society and for climate change. After all, this is the future they want to shape and live in.
Hungry for opportunity
Gen Z are the leaders of tomorrow and they come with their own set of values and expectations for employers. For organizations to stand out as attractive places of work, they must be open to adapting to meet this generation’s needs, and be prepared to listen and respond in order to create a working environment that allows them to thrive.
Knowledge seekers, skilled and adaptable learners, this generation is hungry for the opportunity to create, innovate and learn. The only question is, are you ready to provide it?
Courtney Grigg is the General Manager of Generation Thrive, a social enterprise of Youth Opportunities Australia, which works in partnership with organizations to attract, develop and retain their staff and future leaders through their evidence based and outcomes driven personal leadership training and coaching program. To find out more, visit www.generationthrive.com.au.
