Gen Z has entered the building as the most recent generation to join the workforce, with Boomers yet to retire. For the first time ever we have 4 generations in the working population. So what can we learn about these generations and their relationship with work?
Gen Z
Starting with the youngest Generation, Gen Z, the Rainbow Generation, Zoomers however you refer to them, make up 20% of the UK workforce.1 Masters of technology, Gen Z is extremely comfortable and expects to use modern technology for their work and communication. Despite this however, research found the majority of Gen Zs prefer to communicate in person2 and thrive in collaborative environments. Gen Zs often seek jobs that provide the opportunity to contribute, create, learn and offer flexibility. Even if this means doing it yourself, with a third of Zoomers already considering starting their own business. 3
Millennials
Also called Generation Y, make up the largest percentage of the workforce. Growing up during significant technological advancements, they are seen as more creative and hopeful compared to their predecessors. Their optimistic outlook could explain why 49% of new businesses in the UK between July 2020 and June 2021 were founded by Millennials.4
Gen X
Sometimes thought of as the forgotten middle child, Gen X tend to be more autonomous and therefore, do not work well under micromanagement. They are loyal to their companies, with research reporting that only 14% of Gen Xers have considered leaving their job, compared to 31% of Gen Z and 27% of Millennials.5 With a strong need for work life balance, Gen X do not like to take their work home with them, this has resulted in great time management skills to maintain their equilibrium.
Boomers
1.2 million Baby Boomers left the workforce during the Covid-19 Pandemic6, giving the top spot on the largest workforce percentage to Millenials. Boomers have a strong work ethic, which can sometimes cause a lack of work life balance. Many choose to continue working after reaching retirement age with half of those aged over 70 being self-employed.7
To Conclude
We cannot expect everyone to fit exactly into their generational stereotype, however employers and/or recruiters should get to know their workforce better.
To optimise your organisation for your multigenerational staff is to offer a flexible and inclusive culture, which does not prioritise one generation over the others.
References
- https://uk.indeed.com/career-advice/finding-a-job/generation-z
- https://www.shrm.org/hr-today/news/hr-magazine/1118/pages/a-16-year-old-explains-10-things-you-need-to-know-about-generation-z.aspx
- https://www.consultancy.uk/news/30237/third-of-gen-z-considering-launch-of-own-business
- https://ibsintelligence.com/ibsi-news/ember-research-reports-millennials-are-the-uks-leading-entrepreneurs/
- https://www.businessinsider.com/typical-gen-x-debt-net-worth-income-earnings-caregiving-stress-2021-8
- https://www.moneymarketing.co.uk/news/1-2m-baby-boomers-left-workforce-during-covid/
- https://www.telegraph.co.uk/business/tips-for-the-future/workforce/
