BID® Daily Newsletter
Aug 13, 2021

BID® Daily Newsletter

Aug 13, 2021

Gen Z Employees Need Three Things To Stay Happy

Summary: While 54% of Gen Z admit that salary is their #1 priority for their first job, they also expect “proactive communication, strong connections, and transparency” in the office. This generation may seem demanding, but they aren’t unreasonable. We show you three ways to keep your Gen Z employees happy, including giving them time in the office.

Today is International Left-Handers Day! So, we want to acknowledge all 12% of the global population that considers themselves left-handed. Interestingly, in North America, the percentage of left-handed people has risen. Only 6% of those 65+Ys say they are left-handed while 15% under 30Ys old say so. The reason for this big difference may be the fact that left-handedness had been discouraged in earlier years. We celebrate you all today!
Left-handedness may be one quality that more Gen Zers possess, but there are plenty of others. As we noted yesterday in our discussion of Gen Z customers, they are educated, financially responsible, and driven by purpose. Today, we discuss how to engage and retain these fascinating Gen Z employees.
Sixty-eight million-strong, Gen Z represents a significant swath of the US population. These emerging, altruistic employees envision a future where they can not only work at a company, but they can help reframe it to be more purposeful and embrace more diversity.
They have high hopes for their career, but also for their work environment. While 54% of Gen Z admit that salary is their #1 priority for their first job, they also expect “proactive communication, strong connections, and transparency” in the office. These young employees may first look for positions at larger banks, technology firms, or other big enterprises, which offer higher starting salaries and other perks. But, in the wake of the pandemic, many people (especially younger workers) are thinking seriously about life-work balance. Sometimes they are opting for lower paying jobs in smaller towns in exchange for regular hours, some work-from-home flexibility, better upward mobility, and the opportunity to make a more clearly visible impact in their professional lives.
Three ways that community financial institutions (CFIs) can engage and retain the most promising younger employees (without “breaking the bank” in compensation).
Give them time in the office. It may be no surprise that this bunch wants work flexibility. Yet, it may surprise you that they are more pro-office than their cohorts, Gen X and baby boomers. Gen Zers seem to miss the sense of camaraderie and teamwork. People aside, almost half of those surveyed by Hubble noted that they missed eating at local restaurants and almost four in ten missed the free coffee. The big perk for them in working remotely was the financial savings (less gas, less dry cleaning, etc.), with over 76% citing this reason. If you want to appeal to the Gen Z employee, you may not need to twist their arm to come into the branch. But, don’t rule out remote work altogether.
Keep them engaged at work. Gen Z employees are not necessarily as digitally obsessed as has been assumed. Indeed, they were born into a world where mobile phones were appendages, and the internet was as common as air. But this generation has a healthy appreciation for human interaction. To keep them satisfied as employees, it is critical to offer them opportunities to connect with other employees and customers to feed their intrinsic need for human connection and purpose. Offering institution-wide events and teambuilding activities will allow them to feel an affinity with your institution.
Highlight your community impact. This up-and-coming generation is highly engaged in social justice and volunteerism. According to late 2019 research from the British Heart Foundation, Gen Z volunteers the most for charities (46%), compared to their cohorts. With the recent pandemic driving many younger people back to the towns of their birth or just to smaller communities in general, there is a deep need to see that they are doing good where they live. CFIs are masters at making an impact in their communities, so highlighting the outreach and good you do will go far with Gen Z employees. According to staffbase, “84 percent of Generation Z-ers in the workplace say that they'd like to do purposeful work for a company in which they believe.” We know that you are an institution they can believe in and that will go a long way in recruiting this segment.
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