In the drilling industry, as we see a surge of Gen Z workers entering the field, their unique expectations around workplace culture are reshaping how businesses need to approach employee retention. According to the U.S. Bureau of Labor Statistics, Generation Z (Gen Z) will make up about 30% of the U.S. workforce by 2030 and overtake Baby Boomers in the full-time workforce in 2024. 

These younger employees are looking for more than just competitive salaries; they crave respect, appreciation, and a role that provides personal and professional uplift. In fact, a LinkedIn survey found that the vast majority, 87%, of Gen Z professionals would be prepared to quit their jobs to work elsewhere if the new company's values were more closely aligned. With current retention statistics highlighting the growing challenge of keeping skilled workers, it’s clear that understanding and addressing these new workforce dynamics is more crucial than ever. 

According to ADP, while 87% of employers believe they effectively demonstrate care for their employees, only about two-thirds of employees feel the same. This disconnect suggests that drilling companies might risk losing valuable talent if they don't adjust their retention strategies to better align with employee expectations.

Effective retention strategies are rooted in consistently engaging with employee feedback to understand their concerns genuinely. Rather than relying on annual surveys, drilling companies should adopt more dynamic, ongoing feedback mechanisms. Regular, informal check-ins and advanced employee engagement technologies can provide continuous insights into employee sentiment, allowing for timely interventions. Even something as simple as a stay interview can increase employee retention significantly in labor-focused industries where respect reigns supreme. 

Moreover, fostering an environment where open, two-way communication thrives can significantly enhance employee retention. Training managers in emotional intelligence and effective communication skills can help create a workplace where employees feel safe to express their thoughts and concerns. This kind of environment not only supports employee well-being but also strengthens their loyalty to the company.

Furthermore, leveraging modern HR technology can empower employees by giving them greater control over their work engagements and access to necessary resources. This technology streamlines processes like onboarding and benefits management, making daily operations smoother and helping employees feel more connected and satisfied with their workplace.

Ultimately, closing the gap between employer perceptions and employee reality involves acknowledging and addressing these discrepancies directly. By actively listening to and meeting the genuine needs of their workforce, especially the incoming younger generation, drilling companies can cultivate a more engaged, committed workforce. This approach not only enhances employee retention but also positions the company as a preferred employer in the competitive drilling industry.

How do you and your team engage and retain the younger generations now entering the workforce? Let us know in the comments below!