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Tag: Gen Z

Data reveals Gen Z rely on the traditional office the most

Younger demographics vying for in-person learning and development opportunities

Though no strangers to a digital life, research from global workforce creation company Unispace  has revealed that Gen Z rely heavily on the professional and social structure of the office, with 78% finding it easier to bond with colleagues in the workplace and 81% feeling disconnected from their peers when working from home.

Gen Z crave in-person socialisation 

The data, taken from a study of 3,000 office workers, a third of which were in the earlier stages of their career, also revealed that the majority (79%) of Gen Z respondents felt more active when working in the office, while among older workers this figure sits at 66%. Most early careers professionals (60%) also admitted that work-from-home restrictions made them value the office more whereas this figure stood at just 43% for older workers. This suggests that Gen Z values the structure, socialisation, and support that a physical office provides more than older members of the workforce.

A lack of peer-to-peer learning

According to the study, younger demographics are also vying for learning and development opportunities from peers, but want to be able to access this in person. The vast majority (80%) of Gen Z respondents indicated that access to training would encourage them back to the workplace. The same percentage said they would be happier to return to work if they knew their team was going to be in the office, underlining the importance of face time for those in the earlier stages of their careers.

Despite the evident value that the younger generation put on the physical workplace, just 11% say they are happy with the way their office is set up, which is indicative of a huge opportunity to better support Gen Z in the workplace and subsequently bolster early career recruitment and retention.

Stuart Finnie, Head of Design at Unispace, commented: “With Gen Zers now accounting for around a third of the global population, for employers looking to beat the competition, considerations must be made to improve the quality of the environments they provide. Those employers who consider their workplace and generational needs, will be able to not only engage and retain their best talent, but also attract new staff in our current candidate-led jobs market.”

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47% of girls choose university

Only a third of jobs require a degree

With A-Level results looming, new research has been released, revealing that 40% of young people are choosing a university education, compared to 35% at the same time last year. The research from City & Guilds also showed a sharp gender divide – with 47% of girls aged 17-19 considering going to university, compared to just 31% of boys.

According to the research, girls are more concerned with future earnings. Fifty-four percent base their post-school choice on what they believe is the best route to getting a good job with a good salary. In comparison, only 44% of boys made decisions in this manner.

Interestingly, a labour market analysis from Lightcast revealed that only 29% of UK jobs require a degree qualification, meaning that young people could be setting themselves up for unnecessary debt without a clear career trajectory.

Young people appear to be basing their education choices on perceived career prospects. City & Guilds urges schools to provide strong career advice based on current labour market insight, ensuring that the youth, their parents, and teachers know all available options.

The research also revealed differences between the influences that sway young people’s career choices. For example, girls are more likely to be influenced by their family (42%) than just 23% of boys. However, boys are almost twice as likely as girls to choose based on what they’ve seen on TV or social media.

The research also looked at the impact of rising costs on young people’s decisions. Fifty-six percent of 17-19-year-old respondents said that the rising cost of living has made them reconsider the career they might pursue post-school or college. Sixty-seven percent said that they are thinking more about salary when considering potential careers. A further 60% plan to spend longer in full-time education to assist them in getting a better-paid job in the future.

David Phillips, Managing Director of City & Guilds, commented: “It’s crucial that both young men and women have access to robust and up-to-date careers advice that gives a true image of today’s labour market and challenges outdated gender stereotypes about careers. This will ensure school leavers know what is most likely to lead to a good job when they are making choices about their futures. We have seen from our research that both boys and girls are heavily influenced by those in their networks, so it’s vital that parents, and teachers, are made aware of the breadth of educational and training routes, outside of the traditional academic ones, that can lead to rewarding and well-paid jobs.”

“It’s reassuring to see that young people are already thinking ahead about the career options available to them. However, as the UK battles against a volatile labour market, with a potential recession on the horizon and a cost-of-living crisis, ahead of this year’s results day, it’s more important than ever that young people make informed decisions about their futures.

“While university is the right path for some, it’s certainly not the only option. Our recent Great Jobs research shone a light on the essential jobs that make up 50% of all UK employment opportunities – many of which rely on vocational routes such as traineeships, apprenticeships and T Levels. As young people look to invest in their future, we encourage them to consider the full breadth of options available so they can identify which path is right for them.”

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Grow your own talent

Hiring young talent with no experience can be an overwhelming process. JobTeaser may have the answer

For many employers, hiring and nurturing early talent is a key part of their overall talent strategy especially in the current environment where hiring experienced candidates is so challenging. Growing your own talent is now key to a successful long-term resourcing strategy. As we know, Gen Z has its own specific requirements and expectations, so how can you best adapt to this target audience?

Our partner JobTeaser has produced a six-step guide to building the perfect job listing in order to attract young talent! In it you’ll find out:

  • How to explain what a job entails to someone with little or no previous job experience
  • How to differentiate between what information is necessary and what is optional in your advert and,
  • What kind of information is most appealing to recent graduates.

Click here for the download: https://info.jobteaser.com/template-job-ad

The TALiNT Partners Emerging Talent Summit is back!

If you’ve not already booked your seat, you should! Please join us on the 23rd of June in London for our annual Emerging Talent Summit! We’re getting together to meet peers, share challenges and learn about potential solutions to improve early careers hiring! The event is exclusively for HR, TA and Early Careers leaders.

Contact andy@talintpartners.com for any further information.

 

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Indeed: Gen Z still don’t want to work in-office

The pandemic has stifled their career

According to a recent by Indeed, findings are on par with what HR experts know about Gen Z leading the Great Reshuffle. Likewise, the report builds on previous data wherein Gen Z feels disconnected and disadvantaged due to working remotely. In February 2022, Washington State University’s Carson College of Business reported that most of their Gen Z survey-takers felt that the COVID-19 pandemic stifled their career.

Indeed’s May 2022 report contextualizes these concerns with a fresh spin. Simply put, just because Gen Z feels as if they’re missing out on office work does not mean they want to start working in the office full time, if at all.

Flexibilty, as well as other perks, remains one of the ways employers can help attract and retain their young talent. Indeed’s research highlights that explicitly with the report finding that 95% of Gen Zers are considering a job with more work-from-home flexibility and 78% are actively looking for one.

Just less than half (47%) of Gen Z responders told Indeed they’re very likely to change jobs within the next 12 months, more than the slightly older cohort, millennials. Of those Gen Zers making moves to jump ship, 61% were driven by employers’ implementation of a return-to-office plan conflicting with their work from home desires.

Despite their concern, for example, more than half of Gen Zers interviewed by talent acquisition firm Lee Hecht Harrison reported career anxiety, young professionals don’t appear to be compromising on their values anytime soon. In fact, they want employers whose moral code matches theirs.

In summary, employers have two sure fire ways of attracting and retaining talent: Offer work flexibility and find define the employer brand so that candidates are attracted to who you are, not just what you do.

 

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63% of workers check emails out of work hours

Half of workers spend time on video calls now than a year ago

According to Asana’s 2022 Anatomy of Work Report, workers in the US are overwhelmed by their notifications with almost two-thirds (63%) of US workers continuously checking their emails outside of work hours — the highest percentage across the board in the international study.

The software company’s research team surveyed workers from Australia, France, Germany, Japan, Singapore, the U.K. and the U.S. At 62%, workers in the U.S. were the most likely to report feeling the need to reply to emails straight away. This rate was even higher among Generation Z and millennials. The US participants reported that they’re overwhelmed by the breadth of their digital interactions with colleagues with 34% stating they struggle to respond to important messages, with the rate being even higher for millennials and Gen Zers.

Just under half (41%) of respondents reported that they spend more time on emails now than a year ago with 43% stating that they spend more time on video calls than one year ago.

More than half (52%) reported that more efficient meetings could effectively reduce the number of notifications, and 48% of respondents said clearer responsibilities could also limit the number of notifications. Gen Zers, millennials and those in C-suite roles were most likely to emphasize the importance of well-outlined expectations.

Debbie Walton, Editor at TALiNT Partners commented: “The move to working from home means that there is no option to display an ‘out of office’ or to switch off from work. I have made the decision to remove all work apps from my cell phone so as not to be bombarded by endless notifications after hours. It’s supported a healthier work/ life balance.”

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Rebecca Fender, Head of Strategy and Governance for Research, Advocacy, and Standards at CFA Institute

Trust in financial services reaches new heights

Study finds that young investment professionals have highest levels of trust

According to the CFA Institute’s 2022 Enhancing Investors’ Trust Study, levels of trust in the financial services industry have reached an all-time high in 2022. The study measures trust levels in financial services among retail and institutional investors in 15 markets, as well as the factors that drive trust.

Some of the findings included:

  • Levels of trust increased from 65% to 86% across all generations of institutional investors in 2022.
  • Millennials, especially 25-34-year-olds, have the highest trust (72%) in financial services.
  • Technology plays an important role in enhancing trust by allowing advisers and managers to offer transparency, simplify access to markets and products, and align product offerings with clients’ needs.
  • Over 70% of millennials prefer technology platforms and tools over human help with their investments strategy.
  • Only 30% of respondents over the age of 65 prefer technology platforms.
  • 58% of retail investors with advisers are keen to try new investment products compared to 37% of investors without an adviser.
  • 56% of retail investors believe that access to technology platforms and tools to execute their investment strategies will be more important than access to human assistance in the next three years.
  • 92% of retail investors aged 25-34 trust digital nudges or push notifications from providers about new investment opportunities.
  • 80% of respondents trust the completeness and accuracy of information from retail apps.
  • 75% stated that retail tools and apps increased the frequency of trading.

Rebecca Fender, CFA, Head of Strategy & Governance for Research, Advocacy and Standards at CFA Institute, and lead author of the Trust Study, commented: “The highs we’re now seeing in investor trust are certainly cause for optimism, but the challenge is sustaining trust even during periods of volatility. Our ongoing examination of the dynamics required to build and maintain investor trust reveals what investors need from their advisors and managers through the highs and lows of market cycles. Technology, the alignment of values, and personal connections are all coming through as key determinants in a resilient trust dynamic.”

“The under-44s, and particularly millennials, are leading the way in their use of technology and in their desire for personalized products. This investor cohort has relatively high trust in robo-advice, digital apps, and digital nudges such as alerts about new investment opportunities, and they are using online platforms to execute their investment strategies. They are also eager to use investment products that allow them to invest in line with their personal values, including sustainability and ESG preferences. Climate change and clean energy are the top ESG priorities for retail investors, while institutions are focusing on data protection and privacy, and sustainable supply chain management.”

With the first generation of digital natives now a part of the financial services market, it seems that technology is fast becoming the default way to execute investment strategies.

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48% of workers want their dogs at work  

Employers must provide Apple devices

A study by Ivory Research has revealed the list of priorities a typical Gen Z worker will consider before accepting a new role.

Much like all workers in the current market, hybrid working tops the list of Gen Z requirements, with a whopping 87% of those surveyed stating they wouldn’t accept a role that was 100% office based. However, having the option to move between the office and home is important too, with 74% saying the ideal home/office balance is three days in the office and two at home. Two-thirds of Gen Zs would expect their company to provide subsidised travel or season ticket loans, and 72% would expect some sort of free food or drink, with ‘desk drinks’ on a Friday being a key wish for 65% of the respondents.

Following the boom in dog ownership during lockdown in 2020, new pets are a top priority for Gen Zs with nearly half (48%) of respondents claiming they’d need their new employer to welcome dogs into the workplace if they were to accept a role.

Other top priorities for Gen Zs looking for full-time employment include:

  • The provision of Apple devices
  • No face-to-face interviews
  • No previous industry experience
  • Early finish on Fridays
  • Training and mentorship programme
  • Active work-based social calendar

Maria Ovdii, Co-Founder of Ivory Research, commented: “We conducted this research to understand the current landscape for Gen Zs and job searches. For employers, it’s really interesting to see what they need to consider when hiring new employees – the hybrid working model is seemingly here to stay. It’s a candidate-driven market currently, and potential employees know they have power ­– time to start welcoming those pet pooches through the doors!”

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Graduates’ career confidence grows

Finance industry least likely align with graduates’ social responsibility goals

CFA Institute, the global association of investment professionals, conducted a survey on the career outlook of more than 15,000 current university students as well as graduates aged 18 to 25, across 15 markets.

The results found that globally, 58 percent of respondents still feel confident about their future career prospects following the pandemic. Traditionally stable sectors, such as finance, remain attractive for graduates navigating these uncertain times with respondents across all 15 markets putting finance as one of the top five most valuable majors for finding a career. Medicine/science was also seen as stable and attractive, followed by healthcare and then education.

Margaret Franklin, CFA President and CEO of CFA Institute commented: “It is incumbent on companies to adapt to the new realities, such as hybrid workplaces, in order to attract and retain the young talent we need to help lead us out of the pandemic.”

“Worryingly, however, graduates currently don’t see the finance industry as making a positive social impact. This issue is only going to increase in importance, and industry leaders need to make sure we are on the front foot in educating students about the positive impact an investment career can have for people and our planet.”

 

Graduates are reassessing their career paths

Many graduates believe their future career will be as good or better than their parents’ generation, despite COVID-19. The survey results showed that those studying accounting and finance were particularly confident, with 80% believing their prospects are as good.

Despite this confidence however, 46% of the respondents reported they are reassessing their career paths considering the pandemic with top concerns now including low pay in their preferred sector (26%), lack of jobs in their preferred sector (25%) and working in a sector that doesn’t fulfil or interest them (26%).

 

Further education is key in a job market in flux

Developing work-related skills during and after their degrees was another concern for students. Those surveyed shared personal insecurities about this with 25% saying they feel underqualified for the job they want, and 22% saying they don’t feel prepared for the working world, post-graduation.

Students and graduates are seeing the benefit of further education. Nearly 87% of respondents feel that upskilling and post-graduate qualifications are important in the current job market, and 57% believe postgraduate qualifications/professional certification will give them an edge when looking for a job.

This is causing a significant uptake in further studies, with nearly half of graduates planning to prolong their time in education.

Peter Watkins, who leads the University Affiliation Program at CFA Institute in Europe, Middle East and Africa commented: “Graduates’ strong confidence in higher education is good news for universities but we should be clear about their motives. Graduates are clearly focusing on work-readiness, professional skills, and boosting their job prospects; higher education and credentialling institutions need to ensure their offerings meet this demand.”

 

Making a positive impact

We know Gen Zs are looking for a sense of belonging and to work in an industry that aligns with their values. Nearly nine in 10 (87%) respondents said it’s an important part of their career choice. Of concern is that only 8% of respondents consider a career in investment management as one in which they could make a positive environmental and societal impact. This shows again that the finance industry needs to more to educate students around the positive impact they could have to attract talent.

Watkins added: “Graduates may be unaware of the remarkable global trend towards environmental, social and governance (ESG) investing and the career opportunities a specialism in sustainability and ESG could offer them in the investment industry.”

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Half of women choose to work from home permanently 

35% of millennials likely to take a pay cut  

A survey by Hitachi Capital UK revealed that over a quarter of office workers are willing to take an 8% cut in pay to switch to permanent home working, with 2% prepared to forgo 20% of their salary to work from home permanently.  

According to the survey, those earning in the lower salary brackets are driving the trend with a third of office workers earning less than £40,000 per annum most willing to accept a pay cut to work from home. This compared to 20% of those earning over £40,000.  

39% of Generation Z want a permanent work-from-home solution compared with 16% of millennials who also want to work from home permanently; this despite 31% missing interpersonal interactions in the office.  

Millennials are most likely to consider taking a pay cut (35%), followed by over 55s at 25% and 45 – 54-year-olds (24%) if it meant the reduction was less than their usual travel spend and were given increased flexibility by their employer. 

Meanwhile, the ability to balance household and family responsibilities alongside work is driving half of female decisions to work from home (49%) compared to 37% of men. 

Spending time with family is a key incentive for over a third of males (34%) to work remotely compared to 26% of females. 

The report revealed the following regions are most ready to return to the office: Yorkshire and the North East (21%), as the office environment and access to a conventional desk allows increased focus and productivity. While, Northern Ireland (37%), West Midlands (35%) and South West (31%) are the strongest supporters of the post-pandemic shift to hybrid working. 

Theresa Lindsay, Group Marketing Director at Hitachi Capital UK PLC said, “The pandemic has led to a seismic shift in the way people want to work to effectively manage their work and home life commitments. It’s clear that most employees have adapted very well to remote working whilst actually enhancing productivity.”  

 

Have you got news to share with us? Please email debbie@talintpartners.com

Photo courtesy of Canva.com

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