[News Body]
Gen Z workers are feeling neglected by their employers when it comes to career development, according to a recent survey. Outplacement firm INTOO and research agency Workplace Intelligence conducted a study of over 1,600 full-time employees in the US, revealing that 54% of workers feel completely on their own when trying to advance in their professions. Additionally, 46% of respondents noted that their managers are not equipped to support their career development. These figures increase to a staggering 62% for Gen Z employees, who express a desire for more career-focused conversations with their managers, but find that their bosses are too busy to engage in such discussions.
The repercussions of employers ignoring their employees’ ambitions are significant. A quarter of all employees, and 44% of Gen Z workers, stated they plan to leave their current jobs within the next six months due to insufficient career development support. In the absence of guidance from their managers, an increasing number of Gen Z workers, around 47%, are turning to AI tools like ChatGPT for career advice. It appears that Gen Z’s preference for AI stems from their desire for personalized experiences in all aspects of their lives, including their professional growth. When this expectation is not met by their employers, these young workers naturally seek other resources.
The lack of adequate training for managers may be contributing to this disconnect. Many managers are promoted based on their performance as employees, but often lack the necessary skills to effectively lead a team, including holding regular career development conversations.
Mira Greenland, Chief Revenue Officer at INTOO, points out that HR departments should take note of this issue. The absence of essential training could result in higher employee turnover. Investing in more robust advancement programs could be a solution to retaining talent. According to the survey, 80% of employees and an overwhelming 97% of Gen Z workers believe that best-in-class Learning and Development (L&D) opportunities would enhance their engagement, job satisfaction, workplace motivation, and likelihood of staying with their company. However, only a mere 22% of employees and 41% of HR leaders consider their company’s L&D programs to be excellent.
Some employers may hesitate to invest in comprehensive L&D programs due to concerns about costs. Nevertheless, considering that the expense of replacing an employee ranges from halfway to twice their salary, HR leaders could make a compelling business case to their CEOs for investment in more substantial L&D options. By demonstrating that such investment would ultimately improve retention rates, carving out a budget for L&D programs could be relatively quick and beneficial.
In other news:
– As companies strive to work at full capacity while cutting costs, performance reviews may become more demanding as employees are held to higher productivity standards. (Wall Street Journal)
– Employers are adopting quiet hiring, which involves recruiting within the company, as it is easier to retrain existing employees rather than search for external expertise. (Financial Times)
– The California Fast Food Workers Union launched recently following a significant victory that raised the wages of over 500,000 fast food employees in the state to $20 per hour. (The Guardian)
– The prevalence of remote work has significantly affected the US office property market, with prices already dropping 20% from their peak and potentially falling further to a 30% decrease. (Business Insider)
As the world continues to adapt to rapidly evolving work environments, it is crucial for employers to prioritize the career development needs of their employees, especially Gen Z workers. Fostering growth and providing robust L&D opportunities can not only mitigate turnover but also boost overall employee satisfaction, motivation, and engagement. This investment in professional development will help organizations thrive in an increasingly competitive landscape.
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