How banks can retain top Gen Z talent

Understanding Gen Z: Tech-savvy and value-driven

Gen Z is known for its comfort with digital technology, having grown up with smartphones and social media. They expect seamless technology integration as evident in a study by Dell Technologies, that shows that 80 per cent of Gen Z employees prefer working with advanced technology, and 91 per cent consider technological sophistication a job requirement. Their affinity for digital platforms goes beyond preference—it’s a baseline expectation. To ensure they feel well-equipped, banks must prioritise tech-enabled environments that support efficient workflows and allow them to make a meaningful impact.

Equally important to Gen Z is working for companies that align with their personal values. Studies show that 77 per cent of Gen Z employees prioritise social responsibility and ethical practices, especially regarding sustainability and workplace diversity. This generation demands transparency and authenticity, challenging employers to align their actions with their professed values.

Embrace technology and innovation

To attract Gen Z, banks must embrace technology and foster a culture of innovation. Gen Z expects workplaces to leverage advanced tools that supports their need for flexibility and a remote-friendly environment. Digital transformation plays a crucial role in this, with initiatives like integrating AI and cloud technologies driving operational efficiency and innovation.

Banks that adopt digital-first solutions, such as AI-driven analytics, blockchain, and digital onboarding, signal to Gen Z that they prioritise impactful, modern work environments. This approach facilitates collaboration and real-time feedback, aligning with Gen Z’s preference for efficiency and streamlined processes.

Cultivate a purpose-driven workplace

For Gen Z, work is about contributing to a larger purpose. Almost 40 per cent of Gen Z say they have rejected a job or assignment because it did not align with their values. To engage them, banks must integrate social impact into their practices, providing employees with opportunities to participate in meaningful initiatives.

Encouraging Gen Z employees to get involved in social-centric initiatives fosters a sense of purpose. Banks that commit to robust CSR programs establish themselves as purpose-driven employers, enhancing both job satisfaction and long-term loyalty.

Prioritise professional development

Gen Z values personal and professional growth, viewing continuous learning as integral to career success. Learning and development opportunities is one of the top priorities for Gen Z when choosing an employer, according to Deloitte, and nearly 50 per cent prioritise employers who provide structured development.

For banks, providing clear pathways for career advancement, mentorship, and skills development is essential. By fostering a culture focused on growth, banks can cultivate a loyal, engaged workforce.

Enhance diversity, equity and inclusion

Diversity, Equity and Inclusion (DE&I) are also critical factors for Gen Z, who seek environments that reflect diverse perspectives. For Gen Z, diversity is about more than just numbers or percentages; it’s about feeling valued and seeing ‘inclusive’ representation. By promoting DE&I policies and supporting initiatives like gender diversity programs, banks can attract and retain Gen Z employees who value inclusivity.

A blueprint for future-ready banking

Adapting to Gen Z’s expectations is essential for banks aiming to remain competitive in an increasingly digital and socially conscious world. This generation values technology, social responsibility, equal representation & inclusivity, and opportunities for growth—attributes that can drive innovation and foster a resilient workforce. By investing in tech-forward solutions, purpose-driven initiatives, inclusivity and professional development, banks can attract and retain Gen Z talent, securing a sustainable future in financial services.