Twenty five years ago, there were stories in popular magazines which had speculated on how millennials would change the world for the better. Amazingly, most of the speculations made then have come true, because the millenials have ushered in the digital age. Thanks to the efforts of millenials, most of the world’s population is now connected via smart phones. So now that millenials have played their role, it’s time to talk about the next generation, the ‘Gen Z’.
Typically, the term Gen Z is used to denote those who were born after 1996, so gen zers (people belonging to Gen Z) have either just entered the workforce or they are poised to do so shortly. A report by Bloomberg which is based on analysis of United Nations’ data states that by 2019, Gen Z would account for 32% of the total global population. From an Indian perspective, these figures look even more astronomical, because by 2020 India will become the world’s youngest country with 64 percent of its population that is about 356 million individuals in the age group of 10 – 24 years.
Apparently, by 2030, 30% of the work-force will comprise of Gen – zers. So, here are few noteworthy traits of Gen Z which makes them real game changers.
1. Gen Z likes to start early
Gen – zers are quick starters, they prefer to give a head start to their career even before they are out of college. According to a study by Yello 25 % of Gen Z population start work in their freshmen year while 50% of gen-zers start work half-way through college. This eagerness to start a career, makes Gen Z quite different from previous generations.
2. Gen Z is focused on money and career advancement
The stereotypical fresh recruit remains a meek ‘yes sir’ guy for a couple of months on his first job. However, Gen Z is disrupting this stereotype by demonstrating a desire for financial reward and career advancement. 65% of Gen Z employees prioritize salary over work-life balance when opting for a job. Also, 59% of Gen Z is willing to learn a new skill in order to get high paying job. The easy availability of online learning
resources, gives gen Z the confidence to acquire any skill that they desire.
3. Gen Z wants freedom of thought and action
Gen Z workers are quite different from earlier generation workers in terms of what they expect from their work place. 50% of Gen Z employees want their opinions to be considered seriously. What’s more, 42% of Gen Z workers want their bosses to allow them to work independently. They feel they can be more productive if they are allowed to function without micro management. Gen Z employees also like to work off-site and sometimes contribute to projects that are not related to their core area of work.
4. Gen Z knows what the market wants
A business that puts itself in its consumer’s shoes is bound to succeed. By end of 2020 Gen Z will form 40% of the consumer market and businesses will need Gen Z employees who understand what the market really desires. Survey shows that 60% of gen Z shoppers refrain from using apps / websites that are slow loading. Another survey reveals that 60 % of gen – zers hang-up if their calls are not answered under 45 seconds. In order to meet such consumer experience requirements, employers need an extensive workforce comprising of gen Z workers, because they have a more intuitive
understanding of what the market wants.
How employers can leverage gen Z potential?
Gen Z has turned out to be very different from earlier generations. This is primarily due to the fact that gen Z has been exposed to a rapidly changing political, social, technological and economical environment owing to which they have turned-out different than previous generations. Contrary to traditional belief associated with excessive usage of digital tech, gen zers have been found to be responsive and responsible individuals. They tend to be pragmatic and focused on saving money.
The trends discussed above prove that Gen Z workers are quite different from those of previous generations. They have enormous potential but it takes a bit of work culture adjustment to attain their full potential.
A survey reveals that 83% of gen Z workers will spend less than 3 years on their first job. According to experts, this tendency arises from the core value of prioritizing career growth above anything else. This means that employers will have to work hard in order to retain their employees. Employers will have to constantly increase financial rewards and offer promotions in order to retain employees.
To sum up, gen Z are unlikely to be complacent about their performance and are inherently insecure about financial stability, therefore, the employers will have to make an extra effort in retaining them. These endeavors of employers will be evident in their improved ROIs.