November 21, 2017 (TORONTO, ON)
The digital revolution has changed business in many ways, but one shift that isn’t yet readily embraced is how it affects strategies to recruit, train, and retain the next generation. In North America, Millennials are the largest generation in the workforce, and according to the United Nations, more than 40% of the world’s population is under the age of 25 – making the largest youth generation in history.
As Boomers continue to retire, employers, government and educators alike need to consider how to better connect with and advance these younger cohorts of talent.
Lovell Corporation, an award-winning millennial marketing and youth engagement agency, releases the phase one results of a two-part in-depth comparative research study on the workplace values of Millennials and their successors Generation Z. The information uncovered through the full study available for free download, identifies strategies to encourage youth-led innovation, create better quality job opportunities, and retain young talent in the workplace.
“Millennials are one of the most researched generations in history, what most employers neglect to realize is that this is not the only youth generation.” shares Kelly Lovell, CEO of Lovell Corporation, “today’s student and recent grads are actually classified as a different cohort, commonly referred to as ‘Generation Z’.”
In partnership with the University of Guelph, Lovell Corporation surveyed over 2000 young people between the ages of 14 and 36 years-old across Canada to define the characteristics of this emerging new cohort and how their career expectations and workplace values compare to Millennials. As a result of the findings, the next generation of the workforce is best characterized as The Change Generation™.
“We can describe Millennials as driven by growth and lifestyle in the workplace while Generation Z are motivated by growth and PASSION,” Kelly Lovell explains. “This is a generation prioritizing the impact and purpose of their work before salary.”
The study reveals an inclination of younger workers to seek meaningful work that fulfills their personal goals and creates impact. Of the participants surveyed, the top desired career for young professionals was entrepreneurship, followed closely by public service work, and for the first time, passion was ranked in the top 3 work values above salary and job security. While Generation Z have lower salary expectations going into their careers, they exhibit higher hopes for their career potential and ultimate success.
Download the full 2017 Change Generation Report for free HERE
This study was conducted in partnership with the University of Guelph, along with the support of Mitacs and Ontario Centres of Excellence.
Mitacs is a national, not-for-profit research and training organization dedicated to advancing collaborations between industry, academia and government in Canada, and to fostering international research networks between Canadian universities and the world.