What happens when Gen Zers outnumber boomers at work? (2024)

CURATED READS FOR GEN Z—AND THEIR Z-CURIOUS COLLEAGUES

first up

Welcome back! This week, we’re wondering, “Are Gen Zers really so different from boomers?”

This year, Gen Zers, many of whom are newly entering the workforce, are expected to outnumber baby boomers in the US workplace. While it’s been a little over a decade since boomers were the largest age group in the workforce (Gen Xers held that title briefly before passing the baton to millennials, who represent the largest share of workers today), the shift still marks a meaningful moment in the modern workforce.

Boomers helped shape modern work culture as we know it. Now that younger generations are occupying a greater share of the workforce, will their preferences upend workplace norms?

Turns out, Gen Zers have similar expectations and motivations for work as other generations. After surveying more than 30,000 workers around the world, McKinsey senior partner Aaron De Smet and coauthors discovered that among workers who plan to leave their jobs, inadequate compensation, lack of career development and advancement, and uncaring leadership are the top reasons for doing so among all age groups. Gen Zers rank meaningful work just as highly as workplace flexibility as a reason for taking a new job, akin to how other age groups rank these factors.

When it comes to staying in a job, Gen Zers rank workplace flexibility, meaningful work, and career development as more important factors than compensation. Compare that with boomers, who rank compensation first, followed by meaningful work and workplace flexibility as the top three reasons to stay in a job. While there’s some overlap between what Gen Zers and boomers want from work, the motivations behind both groups’ rankings may differ or be influenced by their life stage. Gen Zers could be considered “idealists,” unbothered by the concerns that older workers might confront, such as mortgage payments or dependents. Meaningful work matters to Gen Z, but in a different way than it does for boomers, who could be called the “relaxers,” one of five employee personas our research has identified. For this cohort, career no longer comes first (they may even be retirees, or might have left the workforce for other reasons but would be willing to return).

What does this all mean for employers? It means the strategies used to attract and retain Gen Z employees shouldn’t veer far from those used for all other groups of employees, but Gen Zers’ specific needs should be considered when setting workplace policies and benefits.

Despite their similarities with other generations, Gen Z is changing workplace policies and norms in unique ways. Consider politics: boomers (as well as Gen Xers and millennials, for that matter) have traditionally been less inclined to announce their political beliefs in the workplace. In contrast, Gen Zers are more likely to share their politics at work, which can create a tricky situation for employers. Companies needn’t wade into every conflict, but they can create designated spaces where employees can come together to focus on their similarities rather than amplify their differences.

By the way, just because Gen Zers are likely to outnumber boomers at work this year doesn’t mean boomers are exiting the workforce. In fact, many workers in their 60s are deciding to put off retirement or, if they have left the workforce, to return to work later in life, which may actually be good for their health and longevity. This is also a bonus for Gen Zers: more boomers at work means more opportunities for mentorship, which Gen Zers crave.

VISUALIZE IT

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