2 Out of 5 Gen Z Employees Regret Accepting Job Offer
A growing number of candidates are regretting their career decisions, according to Gartner, Inc. In 2018, 40% of Gen Z respondents reported they would not repeat their decision to accept the job offer they had recently accepted and only 51% said they could see themselves having a long career at their organization.
Candidate regret leads to turnover, low engagement and low productivity; more than one-third of candidates who regret their decision intend to leave their position within 12 months.
“To address this increase in candidate regret — and stem the ensuing issues with underperforming talent and/or high turnover — organizations need to better understand what Generation Z candidates want,” said Lauren Smith, vice president of Gartner’s HR practice.
As digital natives, those born from the mid-1990s to the early 2000s understand that innovation and change are a constant. To ensure they are staying relevant as technology and business processes advance, Gen Z workers are keen to leverage various types of development opportunities, from training programs and boot camps to continuing education. Gartner’s Global Labor Market Survey found that in 2018, 23% of Gen Z candidates listed development opportunities as a top attraction driver, compared with only 17% of millennials in 2013.
Along with development opportunities, Gen Z candidates expect flexibility at work. Being able to work from home at least part of the time and going to an office with a fun culture are two big drivers.
Compensation Not the Top Priority
Compensation is no longer a guaranteed method for retaining the young workforce. In a 2018 Gartner survey, 38% of Gen Z candidates said they would leave a job because of compensation, compared with 41% of millennials in 2013.
Gen Z candidates also differ from their millennial predecessors on seeking a defined career path. In Gartner’s 2018 Global Labor Market Survey, only 25% of Gen Z candidates listed future career opportunities as a top job attraction driver; in 2014, 34% of millennials felt the same way.
New Way of Management
“Given that today’s graduates are focused on learning and developing skills, employers looking to gain a career commitment from their Gen Z employees must ensure they offer these opportunities,” said Ms. Smith. “Our research shows that more than anyone, it’s an employee’s manager who influences the type of development an employee gets on the job.”
Not only are managers crucial to ensuring their employees’ portfolio of skills stays relevant — a key concern of Gen Z — but they can improve the performance of employees by up to 26% and triple the likelihood that their direct reports will be high performers.
Are you positioned to retain the latest generation of workers?