What’s going on:
Gen Z experienced an 80% increase in job transitions year-over-year, according to Abode. The demographic is projected to make up around 30% of the workforce by 2030. However, companies are struggling to engage and retain Gen Z workers, with 74% of hiring managers finding Gen Z employees “difficult to deal with in the workplace,” according to Scoop Politics.
Why it matters:
The inability to effectively recruit and retain Gen Z employees could lead to large workforce gaps in the future, as more people reach retirement age annually. The high turnover rates among Gen Z workers also have financial implications, with the cost to replace an early-career employee who reneges estimated at $22,000, according to Abode.
How it’ll impact the future:
Understanding the needs and expectations of Gen Z employees will likely contribute to attracting and retaining younger talent as it enters the workforce.
To successfully recruit and retain Gen Z employees, companies might need to adapt their strategies by fostering genuine transparency, offering workplace respect, nurturing meaningful connections, and focusing on intentional communication, according to Abode. By doing so, organizations can bridge the gap between different generations, ensuring a more diverse and inclusive workforce that may contribute to increased innovation and growth for businesses.