Make Room Millennials: Gen Zs Are Coming to Law Firms
With the first members of Generation Z (anyone born from 1997 onward) moving into the workforce this year, there will be more generations in the workforce than ever before (five!).
June 27, 2019 at 11:55 AM
6 minute read
With the first members of Generation Z (anyone born from 1997 onward) moving into the workforce this year, there will be more generations in the workforce than ever before (five!). Employers—including legal employers—must work to understand generational differences and implement policies and procedures that honor these differences in a way that minimizes conflicts and fosters productivity. Employers must be flexible and willing to adapt in order to attract and retain younger attorneys and employees. However, this issue isn't only important as it relates to employees but is also relevant to attracting and retaining clients.
According to the Pew Research Center, millennials currently make up the largest portion of the labor force (approximately 56 million workers or 35% of the labor force), having surpassed Generation Xers and Baby Boomers in the last few years. But by next year, members of Gen Z are expected to account for 20% of the workforce. While much has been written about millennials (a diverse, technologically savvy, entrepreneurial generation who values flexibility and work-life balance), Gen Zs remain a mystery to many.
Here's what you need to know: while millennials were the most diverse generation, 48% of Gen Zs are nonwhite, which makes them the most diverse generation to date. They are also the most digitally connected (iPhones were invented before the oldest members of Gen Z were even teenagers). On average, Gen Zs use five screens (a smartphone, TV, laptop, desktop and iPod/iPad), 96% own a smartphone, and more than half spend at least 10 hours a day on an electronic device. Despite this, members of Gen Z place a high value on offline relationships and crave real-life connections. Only 49% of Gen Zs believe that social media is an important part of their life while 60% are concerned that social media is too public. In addition, 37% worry that technology is weakening their ability to maintain strong interpersonal relationships and develop good people skills. Unlike millennials who stereotypically live in the moment, members of Gen Z are cautious when it comes to finances (understandable, since the recession defined their childhood), with 35% planning to start saving for retirement in their 20s. It is hypothesized that this financial pragmatism will also carry over into their work lives. While millennials value work-life balance over salary, 70% of Gen Z describes salary as their top motivator, 70% say their top must have is health insurance, 58% say they would work nights and weekends for higher pay and only 38% consider work-life balance to be important.
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