By Daniel Adcock, Head of People at digital bank Kroo, explains what Gen Z and Millennials look for in the workplace, and how to harness this to influence work environments for the better and retain staff.
As Gen Z enter and advance through the workforce, they’re shaking up the traditional ways of old and writing a new script for how we work. It’s critical for companies to understand this generation’s motivations, as it’s the only way to attract new staff and keep levels of retention high. We focus on seeking out candidates that are best for the roles, which means hiring people of all ages. However, given that 25 percent of our team falls into the Gen Z bracket, we have gained invaluable insight into the expectations of the new generation, all of which can be harnessed to influence work environments for the better.
Social ethics play an important role in Gen Z’s job-hunting process – certainly more than the generations before them. As they hunt for a new role, there is a stronger desire to make a difference and contribute to a greater purpose through the work they do.
At Kroo, our work is founded on a mission to build a new bank with a conscience that has customers’ backs and isn’t based on the traditional profit-extraction model we are used to. We’ve found our younger employees are particularly engaged in this ethos, as they know that the work they are participating in has a purpose and is part of a wider journey.
As the generation that grew up acutely aware of global warming, sustainability is often another consideration in Gen Z’s search for employers. We’ve seen that here at Kroo – with 52.4% of our employees rating sustainability and the environment as their top interest when signing up for volunteering projects. Companies must go beyond just spouting out the right words. They need to embody their commitment through their actions and show a willingness to grow.
The benefits of a more flexible, hybrid working model became obvious after the pandemic. Gen Z values flexibility and freedom to work where they are most productive with a healthy work-life integration. Hybrid working models allow people to get on with their jobs without politics and without feeling pressured to be in the office five days a week.
We have all had an uncomfortable few years. As we re-entered the workplace after the pandemic, we knew building a sense of community was important – especially for those just joining the workforce and working from an office for the first time.
People must know they have a safety net and should be encouraged to take personal days without jumping through bureaucratic hoops. Providing access to counselling and encouraging people to take the available leave allows staff to rest, recharge and stay inspired at work.
Like the generations that came before them, Gen Z is eager to learn and grow in their careers. Whilst a couple of years ago, Gen Z was perhaps not as driven by financial incentives, the crunch of the cost-of-living crisis has meant more are focused on getting their next promotion and increasing their paycheques.
As much emphasis as there is on pay, Gen Z wants to prioritise development opportunities that will enhance their skills and progress them in their professional journey. Our learning and development programmes allow our Gen Z teams to gain exposure to as wide a range of projects and people in the business as possible. We want people to understand all the cogs that keep our company running and feel inspired to develop their skills in the areas they are passionate about.
Gen Z may have higher expectations when entering the workforce in comparison to previous generations, but the standards that they are searching for should be met universally. Not just implemented in an attempt to attract certain pools of talent or particular age categories. Ultimately, attracting and retaining employees, especially Gen Z, is all about creating work that is meaningful to them and offering support and development where the team needs it. It isn’t about offering lots of random or superficial perks. It is about trusting people with the autonomy to do their jobs well and where they want to.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.