A shift is happening in the C-suite. Recently, Baby Boomer executives have made way for Gen X and Millennial successors. But even these younger leaders are finding it challenging to engage and retain Gen Z employees – the newest entrants into corporate realms.
Leaders who are winning this struggle to maintain harmony and business growth in an evolving, multigenerational workforce are those who recognise, support and reward the entrepreneurial underpinnings of the Gen Z mindset.
Gen Z think differently about the workplace than their predecessors. For many, a job is often just a means to an end. It may not be worth making sacrifices just to satisfy the boss. They’re willing and eager to work but put more emphasis on work-life balance and want defined parameters. When they’re off the clock, they’re off the clock.
This might frustrate and mystify some senior leaders; the concept of saying “no” to overtime might seem unfathomable to some. Many executives and directors still haven’t figured out the best way to motivate and connect with their Gen Z talent.
Young workers are eager to perform at high levels and leaders must lean into this. Gen Z see themselves as capable and entrepreneurial and won’t wait 30 years to snag a dream job. Many young adults may already have at least one side hustle, and “hustle” is something they know they can do.
Veteran leaders are missing out on a big secret: Gen Z is an entire generation of people who think like entrepreneurs but increasingly want the security of working at an established organisation. There is a tremendous opportunity to build an organisation full of “intrapreneurs,” or internal entrepreneurs. And it’s an opportunity you can’t afford to miss.
If leaders provide support (such as training opportunities), they can help foster more engagement, trust and retention – and move their companies toward growth and innovation.
Unlocking the potential of Gen Z employees in a multigenerational workforce
To inspire younger workers, business leaders must build better talent pools by creating the structure and space for intrapreneurship within their organisation. Here are three ways to help leverage the entrepreneurial spirit to drive engagement, growth and agency.
1. Purpose-driven engagement: aligning values in multigenerational leadership
The topic of purpose – an organisation’s “why,” – often arises when discussing Gen Z, and for good reason. Young adults are looking for an employer whose values align with their own so identifying and defining your purpose can be a big step toward that alignment.
If you don’t have a purpose statement, or if it’s outdated, you should start by creating one or updating the one you have. Whether it’s a company or team purpose, your purpose statement should tell employees why they come to work, why your company exists, and how they support a greater vision. A clear and defined purpose attracts talent with similar values and help younger employees connect and engage with the bigger picture.
2. Unleash potential with intrapreneurial opportunities
The concept of Intrapreneurship is gaining momentum as driver of business growth, innovation, and engagement.
It encourages entrepreneurial actions and behaviours in large, established organisations to help achieve business goals faster. For example, customer support teams that operate like intrapreneurs might encourage employees at all levels to share, test, and even deploy creative solutions within certain parameters. Everyone has the opportunity to innovate, regardless of title.
To achieve this, leaders in your organisation must help develop and promote simple processes that teaches employees how to validate their ideas, influence key stakeholders, and build simple action plans to move forward, while they learn and adjust along the way. That involves providing resources like frameworks for identifying customer needs and action plan templates, as well as sharing stories of other entrepreneurs in the organisation.
These simple actions can help build foundational leadership skills on your team and help build engagement by stoking the entrepreneurial fire burning within your teams. When you recognise their abilities and support their development in this way, you’ll inspire your workforce to be more creative and motivated.
"SUPPORTING A MULTIGENERATIONAL WORKFORCE CAN SOMETIMES FEEL CHAOTIC, BUT IT’S ALSO AN OPPORTUNITY FOR INNOVATION AND GROWTH."
3. Building trust through respect and autonomy
Gen Z workers don’t want to be treated like children. They’re typically aware of the veteran experience around them, but short tenure doesn’t mean they aren’t competent employees who deserve to be treated as peers.
One way to show you value them and build engagement is to provide some autonomy. Intrapreneurship supports small, smart risks without the need for a stamp of approval at every step. And because intrapreneurs are working toward existing business goals, you can feel more comfortable providing this freedom.
You don’t need to upend your entire organisation to engage every generation. Start with smaller changes that support intrapreneurship and a more robust, future-proof company fabric can grow between them. Supporting a multigenerational workforce can sometimes feel chaotic, but it’s also an opportunity for innovation and growth. You’re not going rogue by accommodating Gen Z; you’re building a valuable talent pipeline while accelerating progress toward your business goals.