The workforce of tomorrow will be existing in an increasingly multi-generational world. To better understand the evolving needs and trends shaping the current workforce and their preferences on work models and workplaces, the National Association of Software and Services Companies (NASSCOM) in partnership with jobs site Indeed, has brought out a report titled “Gen Z and Millennials: Reshaping the Future of Workforce”.
Highlighting the need to study this cohort, the report says that as of 2021, India’s share of Millennials and Gen Z stood at 52 per cent, higher than the global average of 47 per cent. This trend is expected to maintain momentum till 2030, where the share of India’s Gen Z and Millennial population will be 50 per cent, higher than the world average of 46 per cent. The technology industry in India is mirroring this trend, and becoming increasingly multi-generational because of the recent increase in fresher hiring. Around 380K freshers have been hired by the Indian Tech Industry in FY22. Significant fresher hiring over the last few years in the tech Industry has pushed the share of Gen Z to 18 to 20 per cent and Millennials to 68-70 per cent of total employee base in FY22.
While brand value tops the chart for both Millennials and Gen Z, culture and ethics and learning and growth are important criteria for the Gen Z population in selecting a company. Better financial benefits, career growth and Job satisfaction are the key parameters for Gen Z to continue working in an organisation. For Millennials, job stability and flexibility are important parameters in choosing to continue working with an organisation. The survey found that Gen Z is more willing to be in the office with 85 per cent highlighting the preference to either completely work from the office or in a hybrid model.