2 in 3 GenZ employees expect a 9-14% pay increase every year

The
attention has been on Millennials for long enough. While Millennials are still
an important part of the workforce, employers must not forget that there is
another generation fast coming into the workforce – Gen Z (born after 1995).

Image
source: http://www.artsjournal.com/wetheaudience/2015/11/arts-talk-with-generation-z.html

By 2019, Gen
Z will represent more than 20% of the workforce and its high time to understand
who they are and how they think.

A new
research commissioned by Swiss Education Group, and conducted by Alexandra
Broennimann, consumer behavior specialist, researcher and university lecturer, from
No Square Design, found that 81% of Gen Z were concerned about how successful
they will be in the future.

Furthermore,
when compared to Millennials, 70% of Gen Z believed that lots of money is
evidence of success compared to 44% of Millennials respondents at the same age.

Speaking of
money, 66% revealed that they expect a 9-14% increase in their annual salary
each year, otherwise, they might leave the organization when a better
opportunity comes along.

Thankfully,
as much as they value success and money, they are willing to work for it. The
research also found that seven in 10 of this new generation viewed success as
dependent on hard work with little or nothing to do with luck. More than half
(68%) also felt they needed to work harder than the previous generations. In
fact, more than 80% preferred a perfect job over a perfect relationship.

At the press
conference unveiling the study results, Broennimann explained to Human Resources: “There is much
more going on, they go for money because money is security for them, if another
job offers them more money and more security, they will not hesitate.”

She added
that while money is something they look for, they also look for good leadership
and connection.

“The money
is something they go for, but if you give them something more, if you give them
real life connection, if you motivate them, they will stay.”

However,
employers should note that Gen Z saw a clear distinction between a “first job”
and a “dream job”. 84% felt they should not spend more than three years in
their first job and more than one in six (63%) felt they should reach their
dream job within 5 to 7 years after starting their professional life.

But what do
these emerging professionals seek for in their first job and dream job?

The research
revealed that when it comes to their first job, the most important factors are:
the opportunity for career growth and stability, fulfilling work, and a
friendly work environment.

In contrast,
when it comes to their dream jobs, the most important factors are: salary,
leadership development, clear career path, work culture, work-life balance, and
travel opportunities.

At the same
time, this generation proved to be a tough bunch to engage, with both passive
and active attention spans being the lowest across generations. When passively
engaged, the average attention span of a Gen Z individual is as short as 8
seconds. Even when participating in an activity they enjoy, they were found to
lose interest in as little as 12 minutes.

“It can be
catastrophic if we continue to hire them and manage them the same way and keep
disregarding who they are and how their brain operates,” Broennimann wrote.

The research
also pointed out that in contrast with Millennials, who set their sights on
changing the world, Gen Z revealed that they were content with making the life
of people close to them better. The research found that less than 2% would like
to work for a non-profit organization.

Surprisingly,
as the first generation of real “digital natives”, 78% of Gen Z still felt
face-to-face communication is the best when it comes to expressing feelings,
while 18% were more comfortable with messaging, and 4% preferred calling.
Despite that, 70% admitted that they communicate more using technology (mainly
texting) out of convenience.

Another
interesting point to note is that only 9% of this generation would like to work
from home, and only 17% would like an open office. While almost three quarters
of Gen Z (74%) preferred to work as part of a team, they want their private
zone be it an office or cubicle.

When
recruiting for new talent, it’s important to be familiar with the kinds of
people you’re seeking. Soon, generation Z will be a huge section of the workforce.
Understanding their background and desires will help you successfully recruit
the right people for your company. Converge HR Solutions offers recruitment
process outsourcing, as well as human resource outsourcing. Instead of struggling
to figure things out on your own, partnering with Converge would help cut costs
and deliver efficient, expert services. To browse our services, visit https://convergehrsolutions.com/. Contact us directly at info@convergehrsolutions.com or 610-296-8550.

Article
source: http://www.humanresourcesonline.net/2-in-3-genz-employees-expect-a-9-14-pay-increase-every-year/

0 Comments

Submit a Comment

Your email address will not be published.

white converge hr logo

Reducing time spent on HR operations

Allowing you to focus on growing your business

info@Convergehrsolutions.com

610-296-8550

1055 Three Westlakes Drive, 3rd Floor, Berwyn, PA 19312

Skip to content