How companies can thrive with Millennials and Gen Z
As the global workforce continues to evolve, it's no secret that Millennials and Gen Z comprise over half of the workforce, leaving employers scrambling to attract and retain top talent.
In the tech industry, where there is already a talent shortage, hiring young and fresh talent has become critical. An effective solution is to onboard interns while they are still in school. This approach not only enhances an organisation's employer brand but also provides students with invaluable experience and opportunities to explore their passions in real-life situations, under the guidance of experienced professionals.
The added benefit of developing mentoring and managerial skills for mid-level employees creates a strong pipeline of future leaders.
Rotate and move to retain
The winds of change are blowing strong in the workforce, and the great reshuffle seems to be settling in for the long haul. According to the latest Microsoft Work Trend Index, a whopping 70% of Indian Gen Zs and millennials are considering switching jobs this year - well above the global average of 52%. To thrive in this dynamic talent landscape, companies must be agile and offer compelling opportunities for career growth and diversification.
One effective way to keep talent engaged and invested in the organisation is by providing a robust policy around short and long-term rotations, as well as internal job moves. These programs offer employees the chance to work on a variety of projects and expand their learning, while gaining valuable experience across different lines of business.
At Wells Fargo's Technology India and Philippines function, for example, internal job movements are facilitated through internal job postings and career mobility fairs. This structured approach helps create a strong leadership pipeline, as employees are able to build their skills and progress to higher levels of responsibility.
Future workplace must offer customised learning and purpose
Technology is constantly evolving. Investing in learning to help this eager and curious generation to stay ahead of the curve will pay rich dividends for any organisation. Learning is no longer restricted to a classroom but also occurs while working on the job and through MOOCs (massive open online courses). According to recent research by Dell Inc., 80% of Gen-Z aspire to work with cutting-edge technology. When it comes to choosing employment, 91% say technology would influence their job choice when confronted with comparable employment offers.
How these generations view “work” is also evolving, g and hence, it becomes very important for companies to give employees direct exposure to work that has an impact. In a growing trend, many in the new generation not only want to align with organisations that have purpose but also want to see the impact their work has on their team and organisation. With the gig economy growing, opportunities to make a quick buck will be plenty. This only intensifies the pressure on employers to provide meaningful and impactful work with ample learning and growth avenues.
Managing performance through a culture of immediacy in feedback
A generation that is used to binge-watching and prefers 90-second Instagram reels and 15-second TikTok videos also prioritises a faster pace at the workplace, especially when it comes to performance feedback. Sharing constructive feedback during a project instead of waiting for an annual performance review can help create a sense of continuous learning and a growth mindset, particularly since they like to multi-task and work on multiple projects simultaneously that help them test and extend their expertise, either within or outside their core area of work.