By 2030, one in three workers will belong to Generation Z, those born between 1997 and 2012. But it is also the generation that has absolutely shaken up the labor market the most, bringing work-life balance to the forefront or relegating salary and career, still priorities, to a secondary position. For those under 30, the preferred benefit becomes free time, relationships are important, but precisely for this reason in small teams that allow real dialogue and personal and professional growth.
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GEN Z AND THE WORLD OF WORK
The triptych of balance, stability, and salary dominates. Data in %, multiple answers up to 3 choices
Not listening to this generation or not understanding its expectations for companies could translate into a brake applied by a full third of the workforce. Too much. This is why the “Gen Z Intelligence Report” was born, the first ongoing Italian survey dedicated to Generation Z and its relationship with the world of work, carried out by Il Sole 24 Ore, with 24 ORE Research and Studies, in partnership with WTW and with the collaboration of University Box, which relies on a community of over 1.2 million young people.
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IDEAL COMPENSATION PACKAGE
Data in percentage
“With this initiative, we want to support companies in a transformation that starts from understanding people,” says Edoardo Cesarini, CEO of WTW Italy. “Knowing in depth the expectations, motivations, and priorities of Generation Z means being able to design more attractive, inclusive organizations capable of facing the challenges of the future of work.” The data dispel all doubts about how much the expectations of young Italians have changed: work-life balance is the absolute priority (60.4%), followed by stability/security (47.6%) which surpasses both salary (39.6%) and career ambition (29.8%): these data depict a generation oriented towards caution and influenced by economic uncertainty and the pandemic. “Understanding the expectations, values, and needs of Generation Z means looking to the future. For this reason, the Il Sole 24 ORE Group has long dedicated great attention to young people, from financial education to school and university guidance,” notes Paola Boromei, COO and Chief HRO Officer of the Il Sole 24 ORE Group. The Gen Z Intelligence Report will help “provide companies and organizations with useful tools to interpret the changes that are redefining the world of work,” Boromei continues. The project by Il Sole 24 Ore and WTW represents the first structured analysis in Italy on Gen Z workers that will lead to the creation of four annual reports, based on periodic surveys, published with Il Sole 24 Ore. From salary expectations to flexibility, from organizational well-being to professional growth opportunities, up to the relationship between generations, technology, and artificial intelligence, the platform will provide insights on the main trends transforming the labor market.
PREFERRED BENEFITS
Data in percentage
The first consequence of the reversal of priorities, where work-life balance rises, is that more than one in two young people (52%) would leave the company if subjected to unsustainable workloads. A similar percentage says they would leave the job in case of uncompetitive pay (54%). In short, it is not enough to focus on one aspect or another to retain talent, but it becomes essential to create a package that guarantees a proper balance between salary, activities, and work/life balance. In the new approach to work, the approach to benefits is also new. If for boomers the most coveted and distinctive benefit of their career was the car, today it has become additional free time (38%), much more than gym, team-building events, or wellness apps.
