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Values over value: what the new workforce wants
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COEUR D’ALENE, Idaho — One remarkable difference between younger aged workers and their baby boomer counterparts is that Generation Z and millennial workers will quit a job if their personal values do not align with that of the company they work for.
Because the two younger generations of workers will make up about 50% of companies’ workforces, those companies need to adapt and build office culture that incorporates this different perspective, Kathleen McGinley, a human resources expert, said at the Women in Ophthalmology Summer Symposium.
There are five generations in the workforce, McGinley said. The traditionalists, born before 1941, are exiting the workforce, followed by baby boomers, Generation X, millennials and Generation Z, which is the generation just exiting college.
“The thing about millennials, and we suspect Gen Z will be the same, is that they don’t work for just a paycheck. They have to have a purpose. They have to identify with something,” McGinley said.
These workers are not necessarily seeking job satisfaction but rather they are pursuing development.
“If you do not have a business that invests in people and provides a development opportunity, then it is unlikely that this group is going to want to stay. Statistically, millennials will leave a job within 2 years if there is no development plan,” she said.
Frequent conversations about their work rather than annual reviews upon which to base employment decisions is more in line with the company culture that the younger generations seek.
“They want to hear how they’re doing frequently,” McGinley said. “It doesn’t have to be one form once a year; it can be several documented conversations. Learning how you’re doing in real time is powerful for employees.”
Furthermore, the newer generations are looking for “strengths-based culture” rather than one focused on their weaknesses, and they want flexibility in their work schedule, she said.
“Employees want to know you. They want to know why they are working for you. They want to identify and resonate with what brought you to this particular career and what does it mean for them if they work for you,” she said. – by Patricia Nale, ELS
Reference:
McGinley K. Building a strong office culture. Presented at: Women in Ophthalmology Summer Symposium; Aug. 22-25, 2019; Coeur d’Alene, Idaho.
Disclosure: McGinley reports she is an employee of Aerie Pharmaceuticals.