A recent study published on Universum found that an impressive 55% of future Generation Z (born between 1996 and 2000) say they are interested in starting their own company. The study found an even higher number of students wanted to become their own boss in emerging markets.
This doesn’t surprise me at all, but what did was that most of them are interested in starting their own business because they believe it offers more job security. Having witnessed many large corporations shedding jobs in the never ending rat race of improving efficiency, share price increases and shareholder value (even senior jobs are no longer sacred, see Standard Chartered Latest Decision to Cut 1000 Senior Jobs) they have now come to the conclusion that it’s safer to run their own company. And I can’t agree more. There’s a reason why I think Building a Successful Consulting Company is a real good way to go.
Earlier this year I wrote about the Skillpreneurs Revolution where young talent market entrants are no longer interested in joining the ‘old blue multinational’. Instead, these Skillpreneurs are more interested in developing and branding their own specialized skill sets to companies who can ‘hire’ them on a temporary basis. As long as the company has a reputation, Skillpreneurs can learn while they work. If the work is challenging the Skillpreneur will want to be part of your organisation and add incredible value.
But this magic doesn’t happen on it’s own. You have to prepare your company for a world where Generation Z wield great power. 3 things you can do are:
1. Build Company Reputation
In order to attract Generation Z, your company reputation is key. They won’t be interested in run of the mill. The have to believe in the ‘why’ you do things and not just the ‘what and how’. They’ll be looking at the reputation of your leaders, their ability to teach and the facility to have line managers as mentors. Lastly they’ll want to know how you impact the community in which you operate. If you haven’t got your 3P’s (profit, people, planet) all humming in a common direction your Millennials and Generation Z won’t come near you.
2. Get Your Pitch Right
Generation Z (as well as their predecessors the Millennials) are looking for flexibility, autonomy and challenges. You have to find ways to package your requirements in their terms and put a value to it that excites the individual. The value isn’t always monetary since the potential value for Generation Z talent is also in learning, diversification, association, network and experience gained through the assignment.
3. Go Digital
Generation Z is the first generation of talent who will come into the market being fully immersed and plugged into the digital word (using on average 5 different devices to stay connected). Future employers need to approach Generation Z in a 100% digitized way, a way that is visual, fast changing, smart and interesting. “Internet Policies” have been replaced by “Social Media Policies” and rather than curb online communication at the workplace, you need to encourage and drive it.
It really seems like leaders and organizational theorists are constantly changing tactics and priorities to keep up with the fast paced nature of employee requirements.