There’s a new buzz word in business: Gen Z. Now that Millennials are in their late 20s and 30s, the focus has shifted and we are now preparing for this next generation to penetrate the workforce. Unlike previous generations, Gen Z is a group with an entirely new set of skills, motivations and behaviours. Technological proficiency, strong work-ethic, and a holistic approach to well-being are traits that characterize Gen Z workers. This new set of values has put pressure on company executives to adjust their strategies for hiring, managing and developing the future leaders of their organization.
A Job-Hopping Generation
According to the Chronicle Herald, 27% of Gen Z workers believe they should stay in their first job for a year or less, while 83% believed that three years or less was appropriate[i]. Job-hopping has become increasingly common for young workers; it is not unusual to have 3 or more jobs in your first 5 years of employment. While many attribute this to a lack of commitment and loyalty, it may run deeper. A study conducted by Novorésumé found that Gen Z workers have a strong preference for advancement opportunities instead of financial compensation[ii]. It would then follow logically that if they are not presented with opportunities for advancement within their current organization, they would seek out opportunities to advance laterally. This presents a challenge but also an opportunity for company executives to develop a succession plan that will allow for the advancement and retainment of young, talented workers.
How Analytics Can Help
Creating a succession plan for your organization is not an easy undertaking. Fortunately, there are tools to help. The Predictive Index Assessment Suite, delivered by Predictive Success® can be used across all Talent Management functions; from hire to inspire. This software, coupled with Predictive Success expert consulting services, can help develop a comprehensive plan for retaining young workers and reducing employee turnover. This is comprised of hiring, on-boarding, managing, and succession planning and can be tailored to your organization. To learn more, contact us.