Millennials and GenZ Two Sides For Different Coins
Updated: Jul 24, 2019
Millennials and Gen Z are changing business models and the economy around them. Giving companies the need to adapt their recruitment and marketing strategies when reaching out to newer generations of employees. In order to attract millennial and GenZ talent to your company, creating a socially and purpose-driven work culture is essential. Here are some other key tips to bear in mind.
1. Understand Millennials and GenZ differences
According to the 2017 Millenial Impact Report, published by Achieve in support with The Case Foundation, current global issues drive millennials’ and GenZ interests and engagement for social causes. While this might no longer come as news to some companies, the key to attracting millennial talent and GenZ employees lays in understanding differences between these two generations, while applauding their shared vision in social engagement.
Millennials’ cause engagement, like speaking out against racism or striving for gender equality, is prominent regardless of the self-benefits or personal connection to the issue. They pursue positive social impact and seek to elevate the quality of life - not only their own - but of marginalized groups and communities.
Born with a mobile phone in their hands, the post-millennial generation or Generation Z no longer struggle with technology and possess the ability to process information quicker. Nonetheless, with the tendency of losing focus easily. As a result, IGeners only engage in causes for a short period of time. However, when it comes to supporting social justice and organizing for a common cause, IGeners have the advantage of mastering social media and digital channels.
2. Embrace the power of younger generations
By combining these two forces, Millennials and IGeners build a generation of social advocates capable of making themselves heard through the world wide web, inspiring masses, and creating powerful movements such as the Women’s March and the School Strike for Climate Change.
Both generations are driven by the chance to create a social impact, searching for a company who will give them just that. Applauding their social engagement is key. Ignoring their eagerness for social change and their power to serve as social advocates means missing out on talent acquisition and the opportunity of retaining gifted employees.
3. Recognize millennials and GenZ workspace needs
When it comes to building a career The Millenial Economy 2018 report by Ernst & Young (EY) shows US-American millennial workers see employment as an important factor for building a better future. Contrary to popular belief, they usually enter the workforce full-time with a college degree. Adding to this, millennials prefer pay equity and work-life balance over managerial opportunities and see social startups as essential providers to the economy.
Other studies, such as the Way to Work’s survey highlights the difference between Millennials and IGens at Work. Stating that Millennials seek financial stability, rather than practicing their dream job, compared to Generation Z. Both generations, however, agree that seeking a position in a company that shares their vision is essential for designing a promising future.
4. Appeal to millennials and GenZs with a socially driven vision
When reaching out to potential Millennials and IGen employees, it’s crucial that companies clarify their shared vision and brand purpose. To attract and keep younger employees engaged, companies need to develop a purpose and socially-driven strategy that matches their eagerness for social change.
The 2015 Cone Communications Millennial CSR study recognizes that millennials work harder for a cause and a purpose they believe in. Over nine out of ten millennials surveyed stated that they would switch brands to those associated with a socially-driven goal. Moreover, 62% millennials would take a pay cut in order to work for a responsible company. Thus having a socially-driven mindset or shared vision will definitely help companies, attracting and retaining talented employees.
5. Encourage their advocacy talent
When it comes to recruiting long-term labor forces, the challenge for human resources is to address Millennials and social impact jointly. Adapting to the newest generations’ expectations is essential for marketing companies nowadays and especially in the future. The newest generations see advertising as an innovative way to expand their philanthropic ideas and bringing awareness to social issues. Giving them the space to do that is a clever way to attract social entrepreneurs and retaining top talent, even if this means parting ways with traditional advertising methods. Encouraging younger workforces doubles as an opportunity of learning how to attract millennial customers and IGen target groups.
Millennials and IGens seek every opportunity to create a social impact, including a work environment that shares the same values. Working with current business leaders and growing stories by advocating, and sharing knowledge to enabling action is key to every company for reaching out to talented and future millennials employees. Business who do good to better (LINKS TO ALLMENDE), by addressing the social-advocacy talent in the Millenial and Gen Z generation you are investing in the economy of tomorrow and we can help you do that, reach out to find out more.