You might be losing the youngest ones to their own businesses before long.
May 30, 2018 3 min read
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For a long time, the youngest people in a an office environment were millennials. But millennials aren’t the new kids on the block anymore. That goes especially for ones that are in their early to mid 30s — they have been working for more than a decade. Millennials have now passed the mantle of youngest working cohort to generation Z.
In a recent study, career site Comparably characterized generation Z as workers ages 18 to 25, young millennials as workers ages 26 to 30 and old millennials as workers ages 31 to 35.
In a summary of the findings, Jason Nazar, Comparably’s CEO, noted that generation Z was particularly entrepreneurial, noting that “more than 40 percent plan to start their own businesses in the next five years.”
So what else do you need to know about some of your youngest colleagues?
On the subject of being satisfied with their salaries, 48 percent of young millennials report that they feel they are fairly compensated, while 50 percent of generation Z and 54 percent of old millennials said the same.
When it came to being transparent about what they earned, 35 percent of gen Z and 32 percent of young millennials reported they would be “very likely” or “somewhat likely” to share that information with their colleagues, while 24 percent of old millennials agreed.
When asked about the longevity of the impact of movements such as #TimesUp on the workplace, 71 percent of generation Z, 68 percent of young millenials and 66 percent of old millennials said they think that it will lead to positive and lasting change.
In that same vein, 39 percent of workers aged 18 to 25 say they feel that their gender has held them back in their careers, though 48 percent of women said that compared to 21 percent of men.
Regarding plans to be parents, 58 percent of generation Z, 56 percent of young millennials and 54 percent of old millennials said they believed that having kids can hold people back in advancing their careers, so going forward, you may see those cohorts having children later and later in life.
When asked to rank these five workplace elements — career advancement opportunities, work-life balance, company mission, healthcare and benefits and a happy culture and environment — all three groups said that work-life importance was most important, followed closely by career advancement opportunities.
And if they were put in charge and had the chance to change these five things — improve company culture, make a better product, reduce expenses, have a better vision or strategy for the company or increase employee pay — while generation Z’s top choice was upping salaries, young and old millennials wanted to strengthen the vision for the business.