May Edition

In less than 10 years, Gen Zers will make up about 20 percent of the U.S. workforce. LIMRA recently conducted research about this generation – a must-read for those who want to engage and hire this next wave of talent.

LIMRA's research findings – "Chasing after Gen Z: What the next generation is looking for from an employer"¹ – is a revealing mix of facts and myth breakers about what this group of young people wants from work.

Who are Gen Zers?

In July 2018, LIMRA surveyed 1,500 young people (ages 18 to 22) to learn how Generation Z views their future employment – and what characteristics attract them to employers. In addition, 950 U.S. employees representing all generations were surveyed to collect comparison data.

Here's an age breakdown of each generation:

• Baby Boomers: born 1946 to 1964
• Gen X: born 1965 to 1980
• Millennials (Gen Y): born 1981 to 1995
• Gen Z: born 1995 to 2000

Like all generations before them, Gen Zs are burdened by stereotypes and myths, many of which are untrue. The following are several insights that can be leveraged to better position businesses to attract and retain the best people in this demographic.

5 Gen Z myths debunked

1. Prefer digital communications over other forms: The reality is Gen Zers prefer face-to-face communication (56 percent) more than any different kind. Communicating via phone was second.
2. Prefer remote work settings: According to the research, 39 percent prefer to work in a physical location, while 21 percent prefer remote work. The remaining 36 percent desire a combination of the two.
3. Prefer freelance or gig work: Due to overwhelming student loan debt, most Gen Zers want the stability of a full-time job from a single employer or work full-time with one employer and earn additional income from a supplemental job.
4. Prefer little feedback from managers: On the contrary, nearly 60 percent of survey respondents want to receive frequent job feedback.
5. Prefer working alone: Interestingly, exactly half of Gen Zers prefer to work collaboratively as part of a team and half independently.

Gen Zers' top concerns

The more employers can understand what makes Generation Z "tick," the better. Here are Gen Z's top concerns, according to LIMRA's study:

• Fifty percent are concerned about doing work they don't enjoy
• Fifty percent are worried about instability
• Forty percent are concerned about the lack of career growth

Smart employers should address these three concerns during the hiring process and company orientation to assuage any candidate fears. Remember, within a decade the youngest Gen Zer will be 29 years old, and this generation will make up one-fifth of the workforce.

At Securian Financial we stay up to date on generational preferences in order to best communicate with all members of the workforce. We're happy to pass the latest industry research onto you.

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