Employers are just beginning to understand and accommodate the needs of Millennials, and already we’re discussing the next cohort of employees: Generation Z. Why focus on a group that is for the most part still in high school?
Global companies are in a heated race to attract the kind of talent that will drive growth and innovation in the coming decade. According to the 2015 PwC 18th Annual Global CEO Survey, 73 percent of CEOs say they worry about finding the right people to realize their business goals (up from 63 percent last year).
While Generation Z may appear too young to take seriously in 2015, consider that in the US economy they make up 25 percent of the population and by 2020 will represent 40 percent of all consumers. In just three years, the first wave of Generation Z will enter the workforce; that’s why developing strategies for recruiting and retaining Generation Z starts now.
Across all industries, companies are struggling to keep pace with digital innovation and younger workers are often better positioned to meet this need. The PwC Global CEO survey shows CEOs are strongly focused on sourcing top digital talent in fields like mobile technology, data mining and analysis, and cyber security.
In the coming decade, Generation Z will be stepping into these mission-critical roles, in part because they operate so differently from their older colleagues. As one Gen Z student explains, “We are the first true digital natives. I can almost simultaneously create a document, edit it, post a photo on Instagram and talk on the phone, all from the user-friendly interface of my Phone.” For companies that aim to compete based on digital innovation, preparing recruiting and branding efforts for Generation Z is simply a must.
FIGURE 1: HOW STRATEGICALLY IMPORTANT ARE THE FOLLOWING DIGITAL TECHNOLOGIES TO YOUR ORGANIZATION? (Very important)