Today, millennials and Gen Zs are among the youngest employee generations in the global workforce. But “young” does not mean “clueless”. If anything, younger workers know exactly what they want from their careers and workplaces. And two recent surveys by Deloitte and Robin provide plenty of evidence.
For one, they want more flexible work arrangements and a better work-life balance. They also want the employer to give them a clear purpose at work, provide more opportunities for learning and development, and provide health and well-being support. A majority of young employees want to work for progressive employers who are willing to drive positive change in society, for example, through climate change initiatives. They also say that a positive company culture, which involves things like diversity initiatives and giving employees a sense of belonging, is also an important driver of job satisfaction at company stick-to-it-iveness.
Research suggests that by 2025, millennials will make up 75% of the global workforce. Gen Zs will constitute 27% of the OECD workforce by the same year. Considering how much “space” these generations will occupy in the workforce of the future, the future of work does depend on supporting them and meeting their requirements.
So how can you do it?
As an employer, how can you communicate that you can satisfy these expectations of millennial and Gen-Z workers?
The answer: By building and strengthening your employer brand.
Here are three proven ways to create a strong employer brand that attracts young workers to your workforce and positively impacts your employee hiring, engagement, and retention efforts.
Play Up the Financial Benefits
Money and financial perks are important drivers of motivation and workplace engagement for younger workers. One reason: 26% of Gen Zs and 31% of millennials worry they may not be able to retire comfortably. Many also worry about inflation’s impact on living costs, student debt, recessionary trends, and housing crises. Still others don’t feel financially secure and are concerned about the effect of wealth inequality on their own lives. No wonder 44% of Gen Zs say that they would stay in a job if the salary was satisfying, even if they weren’t happy. The prospect of making more money is also a motivator for 55% of employees who are considering a job change.
Your employer brand must appeal to these young workers. Even though they are not purely driven by money, they do still consider it an important factor driving their job-related decisions. Play up the financial benefits the company offers in its employee value proposition (EVP). Also showcase any workplace benefits, such as free healthcare, flexible working hours, telecommuting, paid time off (PTO) etc. Make an effort to understand what younger workers really want in terms of compensation and highlight all the areas you can match their expectations in your employer branding content.
Appeal to Their Sense of Purpose
Purposeful, meaningful work matters to Gen Zs and some extent, to millennials. Purpose and meaning are two other crucial drivers of workplace engagement and retention with this cohort.
The Deloitte survey found that nearly two in five employees are willing to turn down – or have turned down – jobs that don’t align with their values and personal ethics. Furthermore, only 21% of Gen Zs and 26% of millennials say that they derive a sense of meaning from their work.
Many younger professionals want to do meaningful work and work for organizations that serve the community and wider society. They value companies that value them and their needs. Those who are satisfied with these aspects and their employers’ societal impact are more likely to stay with the company for five or more years. In fact, for a majority of them, these “benefits” are as important as better compensation, work/life balance, and flexibility.
If you want to appeal to these people, your employer brand should clearly show what purpose they serve to the company and why the company appreciates their contributions. Also, show them how they can derive meaning from their work to motivate themselves and give every day their best effort.
Demonstrate Career Growth Pathways
A 2021 Employee Well-being Report found that “opportunities to learn and grow” is the #1 driver of work culture. For a lot of people, especially those in the younger cohorts, these opportunities make for exceptional work environments. The Deloitte and Robin surveys also show that learning and development opportunities – and by extension career growth opportunities – are the #2 reason younger workers work for their current organizations. Only work-life balance is a more important determinant of their workplace engagement and retention.
Employees’ focus on workplace learning, development, and career growth is not surprising, considering that work demands and skills requirements are evolving due to rapid developments in automation, AI, and other technologies. Companies that can empower these young professionals successfully adapt to these trends tend to be more attractive. In other words, they have stronger employer brands.
One way to demonstrate career growth pathways to Gen Zs and millennials is by instituting regular performance reviews, providing regular feedback, and implementing training and reskilling programs. All these strategies can help you send a clear message to current and future employees that the company is willing to invest in its people and their growth, both at work and beyond.
Conclusion
Young workers who are skilled, talented, passionate, and socially conscious are the present and future of your business. To keep this business running, you must position your employer brand so it is more attractive to these workers. If you can do this, say, via social media, online content, free events, and employee stories, you will be able to capture the hearts and minds of these new-age professionals. Implement the three strategies discussed here and you will surely succeed.
Contact Team Ergode if you need support tailoring these employer branding strategies for your organization and target employee cohorts.
