In 2016, the workforce is undergoing a seismic change as 3.6 million Baby Boomers are set to retire, one-fourth of Millennial workers will take on management roles and Generation Z (those born between 1994 and 2010) has started to enter the workforce. Employers are likely to recall the impact that Millennials brought to the workplace due to their dramatically different perspectives about work. That adjustment is about to be magnified as Gen Z, who in many ways appears to be an exaggerated version of the Millennial cohort, radically alters the workplace.
Randstad and Future Workplace have studied Millennials (aka Generation Y) and Gen Z since 2014 when the two companies embarked on a groundbreaking survey that benchmarked the unique traits and workplace values of the next generations of talent. Now, in its second research initiative, Randstad and Future Workplace have uncovered remarkably new understandings of the two generations as they collide in the workplace for the first time.
The Gen Z and Millennials Collide @ Work study revealed:
- The emergence of a collaboration generation is impacting the ways employers provide, and leverage, collaborative practices in the workplace.
- The workplace Gen Z seeks has been largely shaped by their jaded upbringing among a recessionary economy, rising healthcare costs and mounting student loans. As a result, the driving force for retention and engagement of these workers centers around financial rewards, career advancement, motivation and work/life balance.
- If technology coursed through the veins of Millennials, then technology can be considered Gen Z’s sixth sense. Any organization seeking to recruit, engage and retain these generations will be hard-pressed if they aren’t incorporating emerging social and digital technologies into the workplace. But it’s not as easy as simply providing access to these tools — these generations also struggle to rein in the distractions of such technologies.
- With newly appointed management roles comes mayhem for many Millennials. Our study has exposed a serious crisis among Millennial managers, many of whom are simply not prepared or equipped with the EQ (emotional quotient) and people skills required to effectively manage a team.
As both generations continue to increase their presence in today’s workforce, c-suite and HR executives have to understand these young workers and develop programs to best utilize their strengths and set them up for success.
To request the full report, visit here to learn more.