Generation Z (aka Gen-Z or post-millennials) is the demographic group comprising individuals born from about 1996 through 2009. Obviously, the tail end of Gen-Z has yet to enter the workforce. But the earliest Gen-Z members are approaching working age. What are the Generation-Z must-haves from employees? Intangibles including respect and ethics top the list. If you employ a primarily Gen-Z workforce, it may be time to reevaluate your Central Florida Employment Liability Insurance policy.
It’s Not (Entirely) about the Money
In April 2016, the powerhouse consulting firm EY (formerly Ernst & Young) conducted a global survey of more than 3,200 teenagers to find out what Generation Z employees and future employees value most in an employer. Surprisingly, high salaries and benefits did not top the list. Respect did. Gen-Z employees want to make solid contributions in the workforce, and they want their employers to sincerely value those contributions. That doesn’t mean Gen-Z will work for peanuts. In a different study conducted by recruiting firm Monster, Gen-Z respondents reported that they do value high salaries. (Who doesn’t?)
More Insights into the Gen-Z Psyche
Respect and fair salaries are two Gen-Z employment must-haves. Another item on the wish lists of about half of those surveyed was to work for a large company. Gen-Z came of age during a slow economy. They could have witnessed parents and others losing their jobs. There’s a perception amongst this emerging workforce that larger companies offer greater job security. Small businesses should be prepared to face tough competition to attract the best and brightest Gen-Z talent. As you contemplate how to lure younger talent to your small business, keep in mind that Gen-Z is extremely tech-savvy. If you haven’t reviewed your online reputation lately, it’s time to do so. You should assume that certain Gen-Z applicants will research your business online before deciding whether to submit their resumes.
Regardless of whether your workforce is comprised primarily of baby boomers, millennials, or members of Gen-X or Gen-Y, not every employee will fit neatly into a stereotypical box. There are bound to be bad apples in every bunch. Comprehensive business insurance will protect you against myriad human resources-related risks. Contact us at Newman Crane & Associates Insurance at (407) 859-3691 to make sure you’re protected.