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Understanding the new-age workforce – Gen Z
Understanding the new-age workforce – Gen Z

July 29, 2022

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Yesterday we visited a robot manufacturing company and there I saw the majority of employees being quite young, seemed just out of college. Curious, I asked the CHRO about the share of young folks in the organization and the answer came “Average age of employees in our organization is 25 years”.

This just got me thinking about how Gen Z is capturing the technology scene. The case will be the same couple of years down the line across most Indian technology companies that are hiring freshers at a massive level. Also, looking at the broader picture this trend is not specific to India but holds true for organizations across the globe.

That means what companies need to now focus on is to better understand this Generation which not only thinks differently but works differently.

A recent study by Deloitte attempted to understand Gen Z through a global survey, which will soon surpass Millennials as the most populous generation on earth, with more than one-third of the world’s population counting themselves Gen Zers.

The report divides the key values and thought processes of Gen Z across seven key areas:

Career Aspirations

Gen Z prefers to work in industries that they interact with in their personal lives as opposed to industries they aren’t frequent consumers of.

  • Gen Z digital natives are drawn toward working in the tech industry: 51% of those surveyed rate technology as a top industry in which to work. At the same time, they also are drawn to work that supports the greater good, such as education (41%) and healthcare (37%). But there are gender differences: Gen Z females seek roles in technology at a much lower rate (34%) than their male counterparts (73%).

Career Development

Gen Z desires diverse and entrepreneurial opportunities with the safety of stable employment and will remain loyal to a company if they can offer this.

Working Styles

Gen Z prefers individual tasks over team-based activities however they will value physical connection. They prefer independence but not isolation.

Core Values

Gen Z no longer forms opinions of a company solely based on the quality of their products/services but now on their ethics, practices, and social impact.

  • The core values of the generation are reflected in their prioritizing social activism more than previous generations and in the importance, they place on working at organizations whose values align with their own, with 77% of respondents saying that it’s important.

Gen Z will prioritize financial security over “personal fulfillment”.

Education/Learning

Gen Z is evaluating the cost/benefit analysis of traditional education given the dramatic rise in education expenses and the impact of student loan debts.

Gen Z proactively seeks out learning opportunities to enhance skills and prefers to learn independently via online platforms, such as online tutorials.

Behavior & Character

Gen Z’s attachment to social media will pose implications for how they interact and want to be perceived.

Diversity

Gen Z defines diversity along different lines than generations before them.

What does this shift mean for employers?

This shift needs employers to rethink the talent model as it does not only have workforce demographics changed but the very social contract between employers and employees has altered dramatically as well.

      Deloitte Study - WELCOME TO GENERATION Z

Overall, to attract Gen Z, employers must be ready to adopt a speed of evolution that matches the external environment. That means developing robust training and leadership development, with a real and tangible focus on diversity.

In my next blog, I will talk about what companies can do to retain their Gen Z and Millenial workforce. Stay tuned for more at NASSCOM Community.

 

 

 

 

 

 

 


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Neha Jain
Senior Analyst

Neha Jain

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