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Gen Z and Millennials: Reshaping the Future of Workforce

December 16, 2022 39998 4 Generational Diversity Industry Trends Future of work

Gen Z and Millennials: Reshaping the Future of Workforce

This report is an attempt to gauge the perspectives of both Millennials and Gen Z - with respect to benefits they are seeking, preferred work models and what drives them to build long careers in technology organizations.

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Key Highlights:

  • While the World Gets Older, India is Getting Younger, also reflected in the tech industry with Gen Z and Millennials accounting for majority of the workforce
    • 52% of Gen Z and Millennials in overall Population in India in 2021, higher than the global average of 47%
    • 20% of Global Gen Z population is in India
    • 86-90% share of Gen Z and Millennials in total Indian tech workforce
    • 70% of Gen Z college students aspire to join tech companies (basis NASSCOM’s Gen Z student Survey)
       
  • Drivers: Company Culture & Brand, Learning & Growth
    • What Gen Z Want:
      • Culture, Learning and Growth in addition to company’s brand -which tops the chart for both Millennials and Gen Z
      • More willing to be in office - only 15% highlighted the need togo completely remote compared to 26% Millennials
    • How Millennials Differ:
      • Financial benefits is the major the additional ask
      • Share of Millennials looking for complete work from office is nearly half that of Gen Z
         
  • Key Drivers for Continuing in an Organization
    • Gen Z - Job Satisfaction and Good Working Environment apart from Financial Benefits and Career Growth which is a common ask with Millennials; Financial Benefits - As salary (in-hand), not very appreciative of Bonus/ variable benefits;▪ Non-Financial Benefits - Learning and Development is a key ask
    • Millennials - Job Security and Better Non-Financial Benefits were the other key retention benefits; Give 2X more importance to financial benefits, compared to Gen Z; Greater Flexibility and Job Security were the key non-financial benefits highlighted
       
  • What Companies are Doing:
    • Initiatives focused on Learning and Growth, Redesigning Benefits, working towards providing a good working environment, Hybrid work and flexibility, Gig working models
    • CHRO Suggestions for the new-age workforce - Willing to unlearn and learn - Bring trust, ethics and empathy; open communication, collaboration and cocreation; share learnings; be a team player; focus on long-term career goals

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