By: Shawna Simcik
ICC’s 2022 Workforce Trends survey just revealed that the number one challenge companies face today is the retention of key talent. Companies are pouring money into employee engagement, executive coaching, and leadership development initiatives for their people to combat this challenge. And according to research, Gen Z, in particular, know that they have the upper hand as they enter the workforce and will use it to demand development incentives or find a different company. So, how can you retain this critical population within your company?
We are in a distinctive period of business that all four generations exist in the workplace – Boomers, Gen X, Millennials, and Gen Z. So, who is this Generation Z? Gen Z is defined as those individuals born between 1997 and 2015, so in essence, this is your 20 to 25-year-old. They are the most educated generation and more racially and ethnically diverse than any previous generation. They view benefits and incentives as not “nice to have” but essential in their workplace.
They are the most educated generation and more racially and ethnically diverse than any previous generation. They view benefits and incentives as not “nice to have” but essential in their workplace.
According to research by OC Tanner, the key reasons that Gen Z employees leave an organization include:
- Lack of Passion & Purpose: The company lacks communication about its purpose which helps Gen Z and all employees develop meaning in their job and foster a passion.z
- Lack of Opportunity: This is more than raises and promotions. The lack of opportunity includes not allowing Gen Z to contribute in a meaningful way – feel challenged, have a voice, and grow their skills.
- A Need to Feel Successful and Appreciated: Whether big or small, employees want to know that their successes are acknowledged. They need to be celebrated in an authentic, timely, and significant way.
- Lack of Mentorship and a Culture of Collaboration and Support: Leadership is the most influential talent magnet. If Gen Z doesn’t have an opportunity for mentorship or a culture where they can foster collaboration and support, they will become disengaged quickly.
Rather than see these negatives, use this research as a driver to combat your retention issues and retain this key population. Leadership development and training for managers will help you overcome these hindrances and promote organizational success.
- Train your leaders to create cultures or opportunities for collaboration and support.
- Teach your leaders to develop good feedback practices. Gen Z must celebrate success, but they must also understand their development gaps for more opportunities and challenges.
- Leaders that understand communication and strategy will more often connect a company’s vision, purpose, and mission with individual responsibilities.
- When your leaders are coaches rather than autocrats, Gen Z will flourish. They will feel supported, mentored, and challenged.
Leaders that understand communication and strategy will more often connect a company’s vision, purpose, and mission with individual responsibilities.
If you want to learn more about ICC’s online leadership development and management training, contact us at [email protected] or 865-855-4400.