Gen Z and millennials are redefining the workplace
The demographics of the workforce are changing. According to the World Economic Forum, by 2025, Generation Z – those born 1997 to 2012 – will make up about 27% of the workforce, with millennials – born 1981 to 1996 – already making up 37% of the working population today. These younger generations want a lot more out of their careers than good pay, and are on track to change the workplace as we know it.
They are finishing school and kick starting their careers in the wake of a pandemic, with an unparalleled amount of resilience and determination. As a result, they have an entirely unique perspective on work, and employers will need to understand and adapt to these new behaviors, attitudes, values and working styles in order to attract and retain the best talent from these younger generations. The team at HILO has compiled a list of the top workplace priorities that are non-negotiable for many Gen Z and millennial workers.
Flexibility
A January 2022 LinkedIn survey indicated that 72% of Gen Z and 69% of millennials have either left, or considered leaving, a job due to inflexible work policies. As generations that have spent most, if not all, of their careers in a pandemic, they are eager for in-person collaboration with colleagues. However, they want the flexibility to choose when and where they work, with hybrid work models and collaborative spaces most effectively enabling this. The desire for flexibility is derived from wanting better work-life balance and as a result, a better quality of life.
Mental Health and Wellness Support
While mental wellbeing in the workplace is important for all employees, Gen Z and millennial workers are adamant about wanting mental health support and assistance from their employers. A Deloitte survey identified that 46% of Gen Zs and 45% of millennials feel burned out due to the demands and pressures of their job. Financial insecurity also contributes to this, with the cost of living rising significantly. Therefore, a workplace culture that prioritizes mental wellbeing and good mental health benefits are very attractive to this younger group of workers.
Diversity
Gen Z and millennial workers seek out employers that provide equal opportunities and treatment to everyone, regardless of race, gender, sexual orientation or other differentiating factors. Choosing a company with a focus on diversity, equity and inclusion has become more than just a preference – it is a requirement for these generations. They want to see a diverse set of employees, the facilitation of difficult conversations on discrimination, and action when it comes to social and political injustices, not just statements.
Environmental Sustainability
This younger cohort of talent will soon make up the majority of the workforce, and will be some of the brightest and most resilient workers employers have ever seen. As the team at HILO strongly believes, people are the true asset of buildings, and reimagining office spaces to give these younger generations the tools that enable them to thrive is a step towards delivering exceptional tenant experiences.
