Gen Z Redefines Great Places to Work

What makes a great place to work in 2024? This is a great question to ask with the continued low level of unemployment experienced since COVID. Traditional workplace practices have faced challenges, and the next generation of employees have different priorities than previous generations.  

The new buzzwords I am hearing are flexibility, remote work options and the additional fringe benefits. Generation Z has looked at the previous generations’ experience in the workforce and have very different methodologies and requirements that make a great place to work.

Flexibility 

The main factors that seem to impact hiring and retention are linked to flexibility, work-life balance, professional growth and a strong company culture. Compensation, while still very important, has become less important as this generation enters the workforce coupled with the residual impact of COVID policies. Some new entrants in the workforce are experiencing working from an office for the first time as they graduated during lockdown, which has led to an increased focus on flexibility and vacation offerings.  

The COVID-19 pandemic has had some lasting effects on the workforce and accelerated the need for companies to be more flexible to retain staff. This is a two-way street and requires a high level of trust between the company and employee, but focusing on the work-life balance is a positive way to show employees they are valued and important to the ongoing success of the business. 

Growth opportunities  

Additional considerations for recruiting and retaining talent are workforce development, technological advances and environmental practices. The ability to offer your employees growth through continued internal or third-party training is a great way to incentivize your workforce. Investing in your employees has the added benefit of showing an interest in making your employees better at their jobs and more valuable to the company. 

Technology 

Gen Z has never known life without technology. Therefore, adapting to evolving technology is an important aspect to consider. Adoption of the latest industry trends gives employees the opportunity to obtain the skills needed for the future. 

Energy awareness 

In addition, Gen Z has grown up in a world with access to information about global issues and are more likely to be concerned about the escalating global energy crisis. This increased awareness makes them more likely to seek employers who have adopted environmental and sustainability practices to address and mitigate the impacts their business operations may have on the environment. 

Values 

Finally, this generation is also focusing on aligning their values with the company they are working for and a strong company culture can help to fill this need. A thriving company culture can inspire the employee to collaborate in an environment where values and principles are shared. 

Understanding and responding to these labor market dynamics is crucial for companies to remain competitive, attract skilled talent and adapt to the evolving needs of the industry. This may involve ongoing investment in employee training and technology adoption in addition to focusing on company culture, work-life balance and enhanced benefits.