Is short-term the new long-term for Gen-Z?

We recorded an intriguing discussion on whether the short-term is the new long-term for Gen Z. During the discussion, we arrived at some fascinating conclusions.

About the speakers:

Raf Uzar

Head of Communication and Development at Penteris

Raf is driven by two core passions: a deep-seated creativity and a strong sense of responsibility towards serving others. These two forces combine to enable him to generate and implement innovative approaches, ideas, and tangible results that benefit the broader team around him.

With a steadfast dedication to fostering ongoing learning within the workplace, Raf excels in environments where he can cultivate and sustain fair and inclusive corporate cultures. His extensive and diverse background in education, learning and development, as well as marketing and communication, equips him with the ability to tap into a wealth of experience.

In his senior leadership position as the Head of Communication and Development at Penteris, Raf has successfully devised, executed, and deployed numerous learning and development initiatives, as well as marketing strategies. His primary objective is to inspire and engage his colleagues, instilling in them a perpetual drive to continuously enhance their skills, competencies, and interpersonal relationships. Raf’s ultimate aim is to foster an environment where colleagues are constantly energized, involved, and motivated to surpass their previous achievements.

Larysa Hale

Managing Director, Expert Circle

Larysa is an accomplished Managing Director with a remarkable career spanning over a decade. Recognised for her exceptional achievements, she has garnered numerous awards for her outstanding contributions. With a solid track record of delivering strategic business growth, Larysa has demonstrated her ability to drive success and surpass targets.

One of her notable accomplishments includes scaling a start-up business, taking it from an initial valuation of £200k to an impressive valuation of over £4m, while simultaneously preparing it for venture capital investment. Her expertise and acumen shine brightest in dynamic, high-growth entrepreneurial environments, where she thrives on challenges and opportunities for innovation.

As an influential figure in the industry, Larysa is also the proud founder of Expert Circle, a platform that aims to bring together experts from diverse industries. Her vision is to foster collaboration and encourage these experts to share their invaluable insights, providing immense value to readers and empowering the community to excel and prosper collectively. With her unwavering dedication to creating a space for knowledge exchange and growth, Larysa aspires to make a lasting impact in the professional landscape and contribute to the success of individuals and industries alike.

To enhance your knowledge on the topic, we have assembled some interesting points and starts for you to learn more about.

The workplace is rapidly changing, and so are the attitudes of workers towards their careers. A growing number of professionals, particularly those in the Gen-Z demographic, are prioritizing flexibility and personal growth over traditional job security and longevity.

Flexibility in the workplace is becoming increasingly essential for employees across generations. A survey by FlexJobs found that 70% of professionals would be more loyal to their employer if they had flexible work options. Meanwhile, the Society for Human Resource Management found that 80% of millennials place a high value on flexible work arrangements, such as the ability to work from home. Gen-Z workers prioritize job flexibility even more, with KPMG finding that 89% of them value it.

Flexible work arrangements are seen as a key factor in job satisfaction, according to Robert Half, with more than half of Gen-Z workers indicating that they would be willing to take a pay cut for more flexible work arrangements. This trend is expected to continue even after the pandemic subsides, as McKinsey & Company found that more than 70% of workers would like to continue working remotely at least some of the time.

Personal growth is another key priority for many workers. PWC found that 70% of Gen-Z workers believe that employers should offer opportunities for skill development and career advancement. The Network also found that 70% of Gen-Z workers would leave their current job if they felt they weren’t learning and growing in their career. For this generation, the new long-term encompasses personal and professional development, work-life balance, and meaningful work. PwC found that 80% of Gen-Z workers prioritize opportunities for career progression and personal development, while nearly 70% value work-life balance.

Changing jobs is no longer seen as a negative thing, with many young workers opting to switch jobs more frequently in search of better opportunities. The World Economic Forum found that job security has become less important for workers, with many indicating that they would be willing to trade job security for other benefits, such as flexible work arrangements and meaningful work. The National Bureau of Economic Research found that job hopping (staying in a job for less than two years) has become more common among young workers, with nearly 30% of workers aged 25 to 34 changing jobs in a given year. In contrast, just 20% of workers aged 55 and older switch jobs that frequently.

The understanding of what constitutes short-term and long-term has also shifted. For Gen-Z, short-term means less than two years, and long-term means more than three years, according to a report by the Bureau of Labor Statistics. This is in contrast to Gen X (born 1965-1980), who see short-term as less than five years, and long-term as more than ten years. Millennials (born 1981-1996) view short-term as less than three years, and long-term as more than five years.

In conclusion, the younger workforce is changing the way we think about the workplace. For Gen-Z, job security and longevity are no longer the top priorities. Instead, flexibility, personal growth, and work-life balance are becoming increasingly important. As a result, employers must adapt to meet the needs of their workers and provide a balanced approach that focuses on stability and flexibility.

 

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