Journal Article

Managing a Gen-Z workforce – what family firms need to know: a perspectives article

Zhan, Likun (David), Stevanovski, Mare, Mustafa, Michael

2024

Overview

PurposeThis paper highlights the opportunities and challenges for family firms in managing Generation Z (Gen-Z) employees. This perspective article explores several considerations for family firms in managing their Gen-Z employees and the potential implications for their socioemotional wealth (SEW).Design/methodology/approachThe authors provide a brief review of what is known about the values/work habits of Gen-Z employees and attracting, retaining and managing nonfamily employees in family firms.FindingsThe unique values, motivations and working styles of Gen-Z employees suggest the need for family business leaders to adopt a different approach to managing these employees. A focus on Gen-Z’s psychological contract, technological savviness and entrepreneurial orientation is provided with respect to how they can be managed.Originality/valueThe authors suggest the importance of approaching NFEs as a heterogenous group and offer avenues for future research with prospective research questions to better understand nonfamily Generation Z employees’ place in the family firm.

• Publisher: Emerald Publishing Limited,Emerald Group Publishing Limited
• Subject: Employees / Entrepreneurs / Entrepreneurship / Family owned businesses / Generation Z / Human resource management / Leadership / Workforce