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Millennials and Gen Z Key to Solving the Talent Challenge

Building a strong workforce is critical for any business, but especially for the next generation of automobility as a high-tech, global, and growing industry. Our talent pipeline in the industry and across the state has been challenged by the COVID-19 pandemic, increasing numbers of baby boomer retirements, and the rapid rise and continuing development of new advancing technologies. So how we do we promote, retain, and grow our talent pool?

SME and Tool-U recently published a report: Solving the Talent Challenge: Millennials and Gen Z in the Workforce from a Manufacturer’s Perspective. We are at a pivotal point with five distinct generations in the workforce, all of whom are influenced by the economic and social milestones they have experienced. Further, over 50.7% of U.S. Residents are under the age of 40 as of July 2019. It is important to recognize this within your recruiting and retention strategy as companies compete for talent.

Just as technology is evolving, so must our methods for recruiting and retaining talent when it comes to the Millennial and Gen Z generations. The Millennial generation has historically gotten a bad rap for desiring work-life balance, meaningful work, and rapid advancement opportunities. But this generation is now in charge with 62% of Millennials having direct reports, 79% of which favor job seekers who are eager to learn, boding well for the Gen Z crowd that is intent on self-improvement.

Perhaps most interesting about these two generations is that technology has become second nature to them.  Millennials have adopted new technologies and social media as they emerge, while Gen Z has been raised with them. As Gen Z emerges in the workforce, they are looking for security and job stability as many lost opportunities for valuable internships and experience in the face of the COVID-19 pandemic.

So just how does our industry attract the attention of these young emerging workers?  These are some of the strategies that have been most effective, according to the report by SME and Tool-U:

  1. Have a clear and meaningful company mission that relates to the importance of the role you are filling.
  2. Offer continuous opportunities for learning, growth, and personal development.
  3. Utilize new technology, online learning, and face-to-face communication.
  4. Share consistent feedback and engagement.
  5. Promote your company using channels like YouTube, where 85% of Gen Z goes for information.

For a more detailed and comprehensive look into the psyches of these emerging generations and how to attract their attention, you can read the full white paper here: https://www.toolingu.com/