Dwayne J. Clark is the Founder, CEO and Chairman of Aegis Living, a best-selling author and longevity expert.
Gen-Z is rapidly transforming workplace culture with their unique strengths and perspectives. Making up around 25% of today’s workforce, they’re distinguished from previous generations by their passion and compassion, sensitivity and judgment-free zones. A sense of purpose and social responsibility are at the top of their career priorities. As “digital natives,” they have a better handle on technology than many of their predecessors.
Managers coming from previous generations are sometimes perplexed by these younger workers. These managers were brought up in a business culture with a less nurturing approach that reserves its praise for true “MVP” performance.
Gen-Z’s time on the planet, however, has been shorter, and their experience with the impacts of economic fluctuation is limited. The pandemic was a tragedy with profound impacts, including weighing heavily on the mental health of Gen-Z. What a bummer to have to start your career trapped in an endless series of Zoom meetings and chats through N95 masks.
That said, federal assistance softened some of the economic impacts of the pandemic. Ironically, the transition to remote work also brought many unexpected benefits—the flexibility to spend more time at home, the freedom to live in a community with a lower cost of living, not to mention eliminating soul-crushing commutes for many. Career prospects in many high-demand industries were momentarily rosy. That was then.
This is now. While there seems to be a general feeling in some circles that the strength of consumer spending has buoyed us through the pandemic’s aftermath without a major downturn, the elephant that refuses to leave the room is the $1.2 trillion sunk in commercial real estate in the U.S.
The new work-from-home reality has led to an unprecedented rise in office vacancies and a resulting decline in the value of those spaces. With rising interest rates, businesses with mortgages on their books may find themselves owing more than the value of their properties. Many of them will be upside down in those investments, creating conditions that will likely lead to defaults, job cuts and challenging conditions across multiple sectors.
We may soon be forced to stop avoiding the “R” word.
We’re already seeing staff reductions, particularly in the tech sector, with its relatively young workforce. So, the question at hand is how to help younger workers weather challenging times ahead.
Observing Ted Lasso in action (for those of you who watch the popular series) provides inspiration in the way he gets into the heads of his Greyhounds, transcending the generation gap with an effective mix of realism and optimism. Keeping Ted in mind, here are a few more approaches to communicating.
Communicate
First, make sure you’re effectively communicating the economic realities of your business. Let your employees in on the state of your organization and how it’s impacted by the current environment. Talk about what makes you profitable, the relationship between revenue and staffing, etc.
It also helps if you’ve created a shared sense of ownership in the company’s purpose and vision. These fundamental points are especially valuable to younger workers who are just learning the ropes. This clarity can make the potential of job or salary cuts seem less personal.
Listen
Be like Diamond Dogs, listening with both ears and speaking from the heart. Whether through one-on-one conversations or team Town Halls, carve out time to hear from employees on their needs and concerns.
These moments help build unity. And the feedback you get will give you a window into themes you might want to explore further.
Be Honest
In one-on-one discussions, if an employee is worried and you can offer advice, take the time to do so. Resist the temptation to sugarcoat. If they ask about potential layoffs, be honest about the possibility and make them aware of the actions you are taking to reduce that possibility.
In these frank moments, you may be surprised by what comes to light. If you don’t have the answers, don’t be afraid to say, “I don’t know.” Uncertainty isn’t a crime, and honesty is always a good policy.
Inspire
Finally, inspire shared actions. Management and employees won’t always be on the same page, and that’s okay. The important thing is to have an environment that creates space for fresh ideas from younger workers while keeping your manager hands on the steering wheel.
Find ways to work together toward common goals. I’ve noticed companies that include their younger workers in these types of meaningful actions are the ones that tend to appear on best-to-work-for lists.
The economy doesn’t always do what we expect it to do. Its impact on your business is unpredictable. If you’re a manager, you’ve been through it before. Your lived experience and empathetic communication are your superpowers, even when you can’t make promises that the future will be bright. That’s the Ted Lasso secret sauce.
If you’re a younger worker, fasten your seat belt and welcome to the roller coaster. And if you’re lucky enough to have good mentors, keep the lines of communication open with them.
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