The pandemic has brought about many changes in the way we live, work, and socialize. Among these changes is a phenomenon that has come to be known as the Great Resignation. Over the last two years, millions of workers, including Gen Z, have been quitting their jobs in record numbers. For the younger members of the workforce, this has meant a lack of mentorship, stability, and tenure at a critical time in their careers.
Gen Z, born between 1997 and 2012, has already experienced significant setbacks in their entry into the job market. Many of them were the first to be laid off or furloughed during the early days of the pandemic, and others have had to navigate remote work and digital communication in ways that were unimaginable just a few years ago.
As the economy began to recover, and businesses started reopening, it seemed that things might finally be looking up for Gen Z workers. But what followed was a cascade of resignations as many people began to realize that their current jobs no longer offered the stability, mentorship, or opportunities for growth that they needed.
For younger workers who entered the workforce during the pandemic, quitting has become a way of life. This has led to a vacuum of institutional knowledge and a set of managers who are focused on searching for new talent or leaving themselves. As a result, Gen Z is not getting the socialization and mentoring they need to navigate the workplace and build long-term careers.
The lack of stability and tenure is particularly challenging for younger workers who are just starting out. They may be unsure about what they want to do in the long term, but they still need guidance and support to make informed decisions about their future. This is where mentorship comes in.
Mentors can provide valuable insights and advice to younger workers, helping them to develop the skills and knowledge they need to succeed in their chosen fields. They can also offer support and encouragement, which can be especially important during difficult times.
Unfortunately, mentorship is often in short supply in today’s workplaces. Many managers are too busy or too focused on their own careers to provide the support and guidance that their employees need. This leaves younger workers feeling lost and adrift, unsure of what their next steps should be.
Stability and tenure are also essential for Gen Z workers. They need to feel that their jobs are secure and that they have opportunities for advancement and growth. Without these things, they may be tempted to leave for greener pastures, even if it means sacrificing long-term stability and career growth.
Companies must recognize the importance of stability, mentorship, and tenure for their employees. They must invest in their workers and provide the support and guidance they need to succeed. This means offering competitive salaries, benefits, and opportunities for growth, as well as fostering a culture that prioritizes employee well-being and growth.
Employers must also acknowledge that the old model of job loyalty no longer applies in today’s economy. Younger workers are more likely to job-hop than to stay with one company for their entire career. This means that companies must create a workplace that inspires commitment and loyalty, rather than expecting it as a given.
The convergence of remote work, artificial intelligence tools like OpenAI’s ChatGPT, and affordability of big cities is an undeniable reality that is shaping the future of work. This convergence represents a massive shift in the way businesses operate, and if CEOs and their Boards of Directors, and even small businesses do not adjust, the consequences could be dire.
The Great Resignation is just the beginning. With more and more workers able to work remotely, and AI tools like ChatGPT becoming more sophisticated, the traditional office and work structure is becoming increasingly obsolete. For businesses that fail to adapt, the consequences will be significant, both in terms of talent retention and overall competitiveness.
At the same time, the affordability of big cities is also a factor that is driving this convergence. As more and more people flock to urban centers, housing and living costs continue to rise, putting a significant strain on workers and their families. This, in turn, is leading more people to consider remote work as a viable option, further fueling the shift away from traditional office-based work.
CEOs and their Boards of Directors, and even small businesses, must recognize the importance of adapting to this new reality. This means embracing remote work and the AI tools that make it possible, as well as creating a work culture that prioritizes flexibility and adaptability. It also means recognizing the importance of affordability and providing resources and support to workers who may be struggling to make ends meet.
Those who fail to adapt risk being left behind, as top talent moves on to companies that offer the flexibility and support they need to succeed. This is why visionaries like Elon Musk and Jeff Bezos are exploring the possibilities of outer space, and why Chinese scientists are using weather balloons to better understand the geopolitical landscape. They recognize that the future belongs to those who are willing to adapt and innovate, and that the old ways of doing things are no longer sustainable.
In conclusion, businesses must adapt to the convergence of remote work, AI tools, and affordability of big cities to thrive in a constantly evolving world. Failure to do so risks falling behind, while embracing change leads to success. Creating a work culture that values flexibility, adaptability, and employee well-being is crucial to long-term success for both the company and its workers. For Gen Z workers, stability, mentorship, and tenure are essential to navigate the changing job market, and employers must invest in these things to inspire commitment and longevity.
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About the Author
Victor Jung and his people have helped redefine the meaning of business consultants and capital advisory. The firm has continually broken new ground in advising our clients on strategic transactions, in pioneering the expansion of their businesses, and in providing new opportunities for our clients and their employees.
V Global Holdings is a global management consulting and financial advisory company. Committed to delivering innovation, V Global Holdings collaborates with its clients to help them become high-performance businesses. With deep industry and business process expertise, broad global resources, and a proven track record, V Global Holdings can mobilize the right people, skills, and technologies to help clients improve their performance. The firm has provided advisory services to more than $2B of business transactions in primarily growth-oriented industries of Consumer Products, Media, Healthcare, Financial Services, and Real Estate.