Defined as those born between 1997 to the early 2000s, members of Generation Z are the newest cohort to enter the workforce. Often regarded as outspoken, cause-driven digital natives, it’s no surprise that members of Generation Z are at the helm of workplace transformation, redefining the 9 to 5 and setting new standards for employee expectations.
In this study, ThoughtExchange asked participants about salary expectations, benefits, remote work, values, and challenges, to determine what Gen Z wants in the workplace. Some outcomes were expected–for example, 8 percent of respondents agreed that salary outlook contributed to their choice of career path. Other outcomes challenge the perception of Gen Z in the workplace as uncommitted job-hoppers–34 percent of respondents planned to stay at their company for 5 years, and a further 28 percent planned to stay indefinitely.
Despite those plans, Gen Z employee loyalty is far from guaranteed. 58-73 percent of respondents would leave or have left a company because of differing values.
The most significant risk of attrition is no surprise to ThoughtExchange, a company whose purpose is to ensure that everyone’s voice is heard. Where 89 percent of respondents who did not feel heard at work planned to leave within a year, 62 percent were hesitant to share ideas or feedback due to a lack of anonymity–a statistic that is only amplified depending on gender, race, ethnicity, and sexual orientation.
It was not surprising to learn that 62 percent of respondents reported significant student loan debt–companies looking to hire Gen Z employees may find candidates with debt more willing to compromise on salary, growth opportunities, or flexibility in exchange for security.
Companies will need to adapt their policies, processes, and technologies to recruit and retain the best new talent – but those who invest in Gen Z will be rewarded with long-term, dedicated employees who will hold them accountable and keep them relevant.
Download the “Gen Z at Work” research report for a complete overview.