(This article first appeared in the global magazine of the AESC)
People and organizations will come out of the COVID-19 crisis changed, if not transformed. Next gen talent—specifically younger Millennials and older Gen Zs who grew up digital and came of age during the global financial crisis and the COVID-19 pandemic, respectively, have been shaped by this disruption in meaningful ways.
At the height of the pandemic at least half of all young people were worried about their futures. According to an International Labour Organization (ILO) study, “Thirty-eight per cent of young people, globally, are uncertain of, and 16 per cent are fearful about, their future career prospects.”
Concerns about the global economy remain and may be exacerbated by the rise in COVID variant infections and the threat of further lockdowns and disruption.
That fear is well-placed, considering the pandemic’s disproportionate economic impact on younger people. According to one economist, Luke Pardue at Gusto.com, workers under 25 were furloughed 73% more than those 25 and older, and they were 79% more likely to be terminated.
In addition, research by Bart Cockx of Ghent University in Belgium found that it takes about 10 years for cohorts that enter the labor market during a downturn to catch up with cohorts that did not.
It remains to be seen how younger professionals will approach their careers going forward. Before the pandemic and resulting upheaval, next gen talent was drawn to purpose-led organizations that aligned with their values. Those preferences are likely to be even more pronounced as economies stabilize and talent have the opportunity to consider how organizations conducted themselves under pressure and reimagined themselves through the recovery.
Working and studying from home and the myriad disruptions of COVID-19 have given people the world over an opportunity to recalibrate their values, priorities and expectations. Key among them:
Mental health – Particularly for younger talent, well-being and mental health have come to the forefront—with urgency. This cohort experiences higher levels of anxiety and depression and will look to employers to provide robust services and destigmatize mental health issues.
Balance and flexibility – The lockdowns proved that office workers can be trusted to do their jobs remotely, and younger talent prefer continued flexibility with their hours and location to create better balance in their lives.
Communication – Effective communication was essential during the pandemic, and remains a deciding factor in employee engagement levels, particularly communication that shows leaders are willing to be vulnerable, authentic and transparent. For people who have been immersed in the immediacy of digital communication and social media, frequent feedback is essential.
Opportunity – Next gen talent’s desire for mentorship, training and a clear path to career advancement is not new but may be intensified by the economic uncertainty they continue to face. They are increasingly likely to develop multiple streams of revenue.
Learning – Keeping up with the pace of change will require regular upskilling and reskilling, and digital natives are eager to learn. A recent LinkedIn survey shows that 83% of Gen-Zers want to learn skills to perform better in their current role.
Aligned values – The pandemic and social unrest of 2020 exposed inequities and vulnerabilities that next gen talent cannot unsee. An organization’s purpose, commitment to ESG principles including environmental sustainability and track record on diversity, equity and inclusion are likely to weigh heavily as next gen talent evaluates current and future employers.
Rising generations are increasingly committed to driving change. They expect both the private and public sectors to leverage their influence for good, and they will leverage their own influence—as consumers, voters, employees, entrepreneurs and influencers—to create the world they want to live in.
According to Sherif Kamel, Dean of the School of Business at The American University in Cairo and President of the American Chamber of Commerce in Egypt, “The world needs a different leadership style that is more visionary, effective, pragmatic, engaging, empowering, compassionate, and transparent.
In the age of continuous disruption, there is a dire need for leaders who are humble, trustworthy, and willing to reach out to their constituencies and ecosystems for guidance, so they can effectively navigate through the endless uncertainties.”
With their commitment to positive change, hard-earned adaptability and much-tested resilience, next gen talent may be uniquely positioned to lead the organizations of the future. COVID-19 raised the anxiety, uncertainty, resilience, and ingenuity of a generation.
The by-products of the pandemic also include empathy, compassion and gratitude —essential skills for the people who will perhaps guide the world through the next pandemic and shape the kind of communities and organizations, societies and economies we will become.
(The full article, with attributions, can be read here)