With approximately 10,000 Baby Boomers retiring every day and the inclination of Millennials toward job-hopping, understanding how to attract and retain Generation Z is quickly becoming a new business imperative. The implications associated with organizational loyalty and retaining talent can be significant, where turnover costs range from 30 – 40 percent of an employee's salary for entry level positions and as high as 400 percent for highly-skilled or highly-experienced employees.
"Sodexo's original research found that having a fulfilling role in the workplace was the number one critical engagement factor, with 43 percent of Gen Z survey respondents rating it very important," said Rolddy Leyva, vice president, global diversity & inclusion, Sodexo. "Gen Z appears to value fulfilling work even above a high salary in some cases, despite that fact that they are extremely focused on the financial consequences of their decisions."
The new report discusses how both campus leadership and corporate leadership can benefit from insights surrounding Gen Z and its workplace expectations, which include:
Understanding just what Gen Z considers a "fulfilling role in the workplace" and how that aligns with the company commitment to social responsibility
Opportunities that college and university administrators have to collaborate with HR and talent acquisition on-campus recruiting efforts
The fact that Gen Z is the most culturally diverse generation to date and how perceptions of identity and group identity play in the workplace
The leadership expectations of Gen Z; what they most value and respect
Sodexo's new Gen Z white paper offers other valuable insights that talent recruiters will want to build into the organization's recruiting strategy. It discusses the importance Gen Z places on work-life balance, high salaries and how it weighs a company's commitment to corporate social responsibility.
Sodexo North America is part of a global, Fortune 500 company with a presence in 80 countries. Sodexo is a leading provider of integrated food, facilities management and other services that enhance organizational performance, contribute to local communities and improve quality of life of 15 million customers in corporate, education, healthcare, senior living, sports and leisure, government and other environments daily. The company employs 133,000 people at 13,000 sites in all 50 U.S. states and Canada and indirectly supports tens of thousands of additional jobs through its annual purchases of $9.2 billion in goods and services from small to large American businesses. In support of local communities across the U.S., the Sodexo Stop Hunger Foundation has contributed close to $30 million over the past 20 years to help feed children in America impacted by hunger. To learn more about Sodexo, visit SodexoInsights.com and connect with us on Facebook and @SodexoUSA on Twitter.