An article published on Harvard Business Review suggested that there will be 5 generations of workers working side-by-side in the workplace, they are Gen 2020 (Gen Z), millennial, Gen X, baby boomers, and traditionalist. However, as shown in the chart below, Millennials are projected to dominate the talent market by 2020. A study conducted by Catalyst found similar finding that by 2025, only millennial will compromise three quarters of global workforce. People between ages 15 to 24 will account for more than 15 percent of global labour force.
taken from Harvard business review
Both studies suggested that for the next few years, Millennials will continue to dominate the workforce more than any other generation. Not only Millennials, the younger generation of Gen Z is also predicted to prevail in the near future – and might be happening now. Therefore, HR team should anticipate and dig further what motivates millennials and Gen Z to be successful in the workplace.
Without further ado, here are some insights you should know about Millennials and Gen Z:
People who are born in the year of 1977 to 1997 are considered as generation millennials. They crave for career growth opportunities and always seek for personal advancement. Millennials prefer to work in a collaborative team and remotely with flexible hours as they embrace work-life balance more than any other generations do. Known as digital savvy generation, Millennials are considered as fast learner digital pioneer. Millennials are quick to learn new tools of technology. Not only that, they are also handy in applying digital solutions to everyday work problems.
As digital pioneer, Millennials tend to rely on digital tools and platforms for communication purposes. That being said, employers need to cater this preference by adopting and updating the company’s technology to retain them in the workplace. What’s more, you can encourage your millennial employee by giving them chance of changing roles because they are impatient individuals when it comes to stagnant career path. Education is important for them and they always question the merits of education. Lastly, Millennials are more optimistic than generation Z.
As the next generation, Gen Z are born in 1997 onwards. They promote equality and diversity in workplace more as they are born in the age of diversity. What motivate them most is job security and pay raise. Different from Millennials, they prefer to display a competitive spirit and choose to work independently so they would rather work in their own space without distraction.
Gen Z is known as a digital native that means they are always connected to internet of things and can instinctively work their way through it. They also like to meet people more than doing online business. Therefore, face-to-face meetings are something that they are looking for. Gen Z likes to explore more than formal education and they are a great multitasker who has entrepreneurial mindset.