As we enter the new decade, it is imperative that workspace ranging from traditional office space to coworking/co-sharing spaces are ready to retain the new-age workforce in their businesses. The workspaces for the future are going to be revolutionized soon.
Over this decade, 693 million workers will enter retirement, causing a major worldwide shift in the modern workplace. This will result in businesses hoping to recruit and retain talent to go the extra mile to ensure their workspaces are adapted to the unique needs and expectations of younger workers. Flexibility will become more and more valuable as we enter the era of Generation Z.
Millennials, those born between 1981 to 1995 and Gen Z (sometimes referred to as Gen Alpha), those born after 1995 will become the major chunk of the workforce. According to a study by Cushman & Wakefield, which examined the biggest changes in demographics and a workplace culture that will happen over the next 10 years, some 1.3 billion Gen Z members will enter the workforce this decade.
This is a big number! And on top of it, these Gen Z are also digital natives, meaning, they don’t know a world without internet or smartphones and their habit reflects that. These digital natives are always clicked on and have more knowledge than even their immediate Millennial peers.
So how can enterprises tune their workspace for future employees?
Holistic Workplace Strategy
To create a shared workspace, enterprises need to understand the cultural significance of Gen Z. Millennials are moving in the bracket of the new elders and are most likely to stick with their existing business. However, Gen Z is looking to more than just earning a living. They seek experiences and a better work-life balance. An agile workspace needs to cater to their professional growth while also giving avenues for self-growth such as recreational areas from a gym to a basketball court.
Fewer Silos More Collaborative Space
Professionally, Millennials and Gen Z now expect a shared workspace where there is free-flowing of information and accessibility. This means less siloed departments and more collaborative spaces with an employee-centric workplace.
As the way work changes, enterprises should be able to physically change as well. A space that is more collaborative physically. Offering wellness programming or a robust and dynamic design plan that puts employee needs first, without sacrificing productivity, will help companies easily align with the younger generation of workers seeking long-term careers.
Going The Extra Mile
For the younger generation, talking about inclusivity and sustainability is not enough. A business needs to showcase that they can walk the talk.
According to Cushman & Wakefield, 29 percent of Millennials rank environmental concerns as their top priority. Whereas, Gen Z has the highest level of social awareness, and that is reflected in their employment choices. Corporate social responsibility, alongside flexibility, is perhaps the leading competitive recruitment strategy moving into the next decade.
Brands and companies that are looking to highlight their positive contributions, will be more attractive to Gen Z.
A cubicle is a thing of the past and Gen Z will most likely not join a company that still has this type of setup. Soft furnishings that can be changed with the needs of the office and through subscription services are more popular than ever and with good reason. A coworking space that gives people the power to make their own space will be more successful in retaining talent. Business-wise it makes sense as there will be less waste and consumption which allows for more flexibility to create the workspace for the future.
Understanding the trends of Gen Z will ensure enterprises are ready to hire and retain this new workforce. They will, after all, lead your business and having flexibility at work will allow them to grow and get new talents too.