Are you looking to stay ahead in the competitive job market and attract the next generation of top talent?
It’s time to pay attention to Generation Z, the tech-savvy and purpose-driven cohort that will make up 27% of the workforce in OECD countries by 2025 and one-third of the world’s population.
Born into technology, Gen Z brings a fresh perspective and unique values to the table. Understanding what makes them tick is key to winning them over.
So here’s our advice to hiring managers working looking to attract Gen Zers within the Insurance and Asset Management sectors.
Who is Gen Z and What Sets Them Apart?
Gen Z, also known as Zoomers, are the cohort born between the mid-1990s and early 2010s. Having grown up with technology as an integral part of their lives, they are digital natives with an innate ability to adapt to new tools and platforms. This makes them agile and quick learners – ideal traits for navigating the ever-evolving tech landscape.
What sets Gen Z apart is their passion for a purpose beyond profit. They are drawn to companies that share their values and take a stand on social and environmental issues. Embracing diversity and fostering an inclusive workplace are not just buzzwords for Gen Z. They genuinely seek out organisations that prioritise equality and fairness.
A Deloitte survey revealed that 77% of Gen Z believe it’s important that the organisation they work for has values that align with their own. The report says:
“Gen Z no longer forms opinions of a company solely based on the quality of their products/services but also now on their ethics, practices and social impact. To win the hearts of Gen Z, companies and employers will need to highlight their efforts to be good global citizens.”
It goes on to say that companies must demonstrate their commitment to a broader set of societal challenges, in order to attract Gen Z as employees and consumers.
Why Attracting Gen Z Matters
With Gen Z stepping into the workforce in increasing numbers, companies need to understand how to engage and attract this talent. Their fresh ideas, technological fluency and commitment to making a positive impact on the world can be transformative for businesses.
Gen Z accounted for approximately 12.7 million people in the UK in 2021, representing about 18% of the total population. They are the newest generation to enter the workplace and are currently the third-largest working cohort at a size of 4.3 million workers.
The UK’s job market is already experiencing the impact of Gen Z. As this generation becomes the largest age group in the workforce, organisations that fail to tailor their recruitment strategies risk falling behind their competitors.
Key Factors to Enhance the Gen Z Candidate Experience
Here’s our take on how to leverage the understanding of Gen Z expectations in the workplace and adapt your candidate experience accordingly.
- Showcase culture and EVP
Gen Z candidates are looking for more than just a job. They crave a sense of purpose and alignment with the company’s values. For employers, that means making sure your employee value proposition (EVP) is clearly communicated and highlights your commitment to social responsibility, sustainability, and diversity, equity and inclusion (DEI) initiatives.
You can showcase that your company culture is aligned with a Gen Z workforce culture by creating compelling employer branding content through your online presence and social media platforms. Share stories of employees who have made a difference, initiatives that positively impacted the community and any corporate social responsibility (CSR) efforts. This approach will resonate with Gen Z candidates who seek organisations that contribute positively to society.
- Shorten time to hire
Nothing frustrates Gen Z candidates more than being left in the dark during the hiring process. Make a concerted effort to communicate promptly and consistently, providing updates on the status of their application. Avoid ghosting candidates; even if they aren’t the right fit. Respectful and timely feedback goes a long way in maintaining a positive reputation.
A prolonged hiring process can be off-putting to Gen Z candidates, as they are accustomed to quick communication and immediate access to information due to their familiarity with technology. According to a study by Yello, 82% of Gen Z believe the entire recruitment process should take two weeks as a maximum and when these timelines aren’t met they are ready to move on quickly.
While you may have plenty of job applicants to sift through, Gen Z candidates will have plenty of active job applications in play too.
- Provide a tech-led experience
Remember, you are attracting a tech-savvy generation. In the Yello study, 46% of Gen Zs have applied for a job on their mobile device and 54% won’t complete an application if the recruiting methods are outdated or too complicated.
You can optimise your candidate experience with user-friendly application processes, online interviews and virtual assessments. Demonstrating your company’s commitment to technology, it shows a forward-thinking approach and a genuine appreciation for the digital era.
Consider creating a mobile-friendly career website that allows Gen Z candidates to access job postings and apply on the go. A seamless mobile experience is critical!
- Promote tailored benefits
Gen Z has been quoted as “working to live, not living to work,” so it’s important to consider a range of different benefits with the Gen Z appeal factor when putting together remuneration packages. While there are some clear benefits that appeal to Gen Z workers, including growth and development opportunities, and flexible work arrangements, a key suggestion is to tailor the benefits to the candidate.
In a recent Perkbox survey, nearly nine in ten (87%) participants said it is important that benefits are tailored to them as individuals. That means considering and developing a suite of benefits ranging from gym memberships and mental health days to insurance and additional leave allowance.
Remember, Gen Z values work-life balance and appreciates the autonomy to manage their schedules effectively. According to Deloitte, 77% of Gen Z who are currently in remote or hybrid roles would consider looking for a new job if their employer asked them to work onsite full-time. The same survey showed nearly half of Gen Zers say they feel stressed all or most of the time, and consider health support and policies to be extremely important when considering a future employer.
All of these will help you meet Gen Z expectations in the workplace.
Connect with Red10 to Reshape Your Gen Z Candidate Experience
Adapting your candidate experience to appeal to Gen Z requires a strategic approach and a deep understanding of their preferences. As specialists in technology and business change recruitment within the insurance and asset management sectors, Red10 can help you attract Gen Zers, and recruit and connect with them as an audience to create a workforce culture that keeps them engaged.
Our friendly and professional team understands the UK market and industry, and we can guide you in crafting an engaging and compelling candidate experience that will attract top talent. Get in touch today.