Paylocity (NASDAQ: PCTY) announced new commitments to help employers attract and retain the growing segment of Generation Z employees in the workforce as 2020 kicks off. This generation grew up in the era of technology, the internet and social media, which means their workplace experiences and expectations are vastly different than their Millennial counterparts. By the end of this year, it’s projected that Gen Z will make up 24% of the global workforce.
Currently, according to Paylocity’s current platform analytics, Gen Z workers make up 11% of its clients’ workforce.
“Over the past few years, we’ve made substantial investments in optimizing our product suite to appeal to the modern worker,” said Ted Gaty, Senior Vice President of Product and Technology at Paylocity. “At Paylocity, we understand that Gen Z will demand greater personalization in how they move along their career journeys and interact with workplace technology. To this end, we’re helping our clients design automated experiences for payroll, learning and development, performance management and employee engagement that appeal to this generation.”
Paylocity recently rolled out the following product features to support this growing segment of the workforce:
– On Demand Payment – On Demand Payment offers employees financial flexibility by providing them access to their earned wages during the active pay cycle, which can reduce financial stress and help employers improve recruiting and retention.
– Community – A social collaboration platform designed to increase employee connection, engagement and productivity, Community meets Gen Z’s expectations for 24/7 access to the organization.
– Learning Management (LMS) System – Gen Z is very aware that workforce needs are rapidly changing – 62% believe technical hard skills are changing faster than ever and 59% don’t think their job will exist in the same form 20 years from now. With this in mind, it is key that employers showcase how they are invested in learning and development and providing.g Gen Z opportunities for career growth.