Millennials, born between 1981 and 1996, are now between 28 and 43 years old. Generation Z, born between 1997 and 2012, is in the age group of 12 to 27 years old. These generations seek more than just a job; they look for an experience that adds value both personally and professionally.
The research “Millennial & Gen Z Survey 2023”, by Deloitte, shows that for 62% of Millennials and 49% of Generation Z, work is essential to their identity, work-life balance is something they strive for, being the main trait they admire in their peers and one of the key points when choosing a new job.
“The adaptation of these two generations in the workforce presents unique challenges for companies, requiring a significant adjustment of organizational practices and cultures. To attract and retain these talents, it is essential to understand their expectations and align these demands with the most valued human skills in the modern job market,” states CEO Advisor 10X and President of Editora Brasport, Antonio Muniz.
6 attractions for millennials and Generation Z
Flexibility of schedule and remote work
Flexibility is a crucial aspect for millennials and Generation Z. According to Deloitte’s research, 75% of millennials and 70% of Generation Z consider flexible hours and the possibility of remote work decisive factors in choosing a job. “The COVID-19 pandemic has reinforced these expectations, highlighting the importance of a work environment that allows for a better work-life balance,” the CEO states.
Aligned Purpose and Values
These generations deeply value the purpose and values of the companies they work for. According to Glassdoor, 77% of millennials and 80% of Generation Z consider the company’s mission a crucial factor in their decision to apply. Antonio believes organizations with strong social responsibility and sustainability practices are particularly attractive to these groups.
Professional Development and Growth Opportunities
According to Gallup, 87% of millennials see professional development as extremely important. Continuous development is a priority for millennials and Generation Z. Companies that invest in training and skill development programs stand out as preferred employers.
Culture of Inclusion and Diversity
PwC showed that 85% of millennials consider diversity and inclusion policies important when evaluating an employer. Generation Z, even more aware of these issues, actively seeks out companies that promote diversity at all levels. Inclusive and diverse work environments are highly valued.
Benefits Beyond Salary
Additional benefits such as wellness programs and comprehensive health plans are appealing to these generations. According to a report by MetLife, 74% of millennials consider non-salary benefits a decisive factor in staying at a company.
“Today’s young professionals are not only looking for fair compensation, but primarily for a work-life balance that promotes their overall well-being. Offering benefits such as flexible schedules and structured programs for mental health, diversity, inclusion, and personal development opportunities is crucial to attract and retain talent from this generation”, points out Renato Herrmann, CEO and founder of Bold Minds and Leadership Development expert.
Use of advanced technology
Digital natives, millennials, and Generation Z expect companies to use advanced technology. According to Dell Technologies, 80% of these young people believe that technology in the workplace is essential for their success. For Renato, implementing digital collaboration tools and staying updated with the latest technological trends are important differentiators for these generations.
Human skills need to be valued
The World Economic Forum has been dedicated to understanding the skills needed for the future of the job market. According to recent reports, some of the key skills professionals should have are:
- Complex problem solving: identifying and resolving non-trivial problems in a constantly evolving environment.
- Critical Thinking: evaluating information objectively and analytically, making informed decisions.
- Creativity: generating innovative ideas and solutions to adapt to market changes.
- People Management: leading and developing teams to promote collaboration and productivity.
- Coordination with Others: effectively working in a team, adjusting to colleagues’ actions.
- Emotional Intelligence: understanding and managing emotions to build relationships and handle complex situations.
- Decision Making and Data Analysis: analyzing data and making decisions based on those analyses.
- Service Orientation: meeting customer needs with effective solutions.
- Negotiation: effectively negotiating to achieve mutually beneficial agreements.
- Cognitive Flexibility: adapting to new information and approaches as different contexts arise.
For Antonio, adapting the workforce to attract millennials and Generation Z requires a multifaceted approach that combines flexibility, purpose, development opportunities, inclusive environments, comprehensive benefits, and cutting-edge technology.
Already for Renato, “investing in the development of human skills such as complex problem solving, critical thinking, and emotional intelligence is essential. Companies that understand and meet the expectations of these generations can build more motivated and engaged teams, driving their long-term success.” he concludes.
