Born after 1996, Gen Z — Generation Z — is a new breed. The plan was to inherit a low unemployment rate of record proportions. A strong economy was once Gen Z’s oyster. Along came the pandemic and reshaped the economic, political, and social landscape.
Gen Z remains a desirable segment of politics. Still, our newest generation is walking toward a fractured and leaky future. And they’re ready for it.
Gen Z determination has only been fortified. They have a plan to get inside and affect change. XQ Innovations says if your plans are business growth, you need Gen Z.
Gen Z represents almost a quarter of the country’s populace. They already make up 24% of the workforce, and that number will gradually grow. As it does, expect your competitors to seek them out, creating a fierce competitor’s market for talent. Here’s why.
On Track for Higher Education
The Millennials were on track to being the finest educated generation ever until Gen Z strolled in the room. Gen Z has already passed Millennial college enrollment by 5%. They also beat out Gen X — the generation born between 1965 and 1980 — by 14%. The typical Gen Z has at least one college graduate as a parent.
A New Lifestyle Perspective
Being dissatisfied with the balance between work and life mattered to every generation. Newer generations focus on it. Only 18% of Millennials were unhappy with their work/life balance. Roughly 25% of Gen Z-ers said they were, and they were much more concerned about changing that.
As a group, Gen Z is evenly split over having a job that didn’t pay well versus employment that doesn’t satisfy them. This is a distinct change in previous generations that sought success above all else. They want to grow and look for opportunities like the level and importance of executive coaching within the company culture.
Gen Z will have knowledge, analytics, data, digital tools, and adaptability. Employers need to give Gen Z reason to invest their careers in a company’s corporate values. Invest in executive training and internal growth.
Diversity – The Numbers for Gen Z
- In 2002, 61% of Millennials were white
- 52% of Gen Z is non-Hispanic white
- 25% is Hispanic
- 14% of Gen Z is African-American
- 6% is Asian
- 5% of Gen Z represents other races
- 35% of Gen Z-ers know a gender-neutral individual
- 50% of Gen Z has a bias against society’s rejection of non-binary people
Compared to Millennials and Gen X, Gen Z is the most ethnically and racially diverse generation in the country. Members of Gen Z show greater tolerance and acceptance of others. And no matter the party affiliation, they’re politically progressive. The group supports the LBGTQ community and non-traditional families.
What Gen Z Means to Your Business
Generation Z offers businesses a range of opportunities. They will make up a majority of the workforce in no time. These individuals will be offering the latest skills and talents. They will take their place as the next hierarchy of influencers and leaders.
A smart business needs to prepare for this eventuality. Here are things to consider to attract and keep Gen Z.
Gen Z has grown up with technology. They’re bombarded by marketing. This gives them a keen eye. They know authenticity. Seeing things as genuine is part of their makeup.
Communications, marketing, social media all need to be organic. Your company culture and mission statement can’t simply be on your website. Gen Z is one of the first collective generations that’s going to look for tangible action.
Gen Z isn’t just looking for a big salary and satisfying work. They want purpose! Impact on society is important to the vast majority of Gen Z-ers.
Core beliefs must be visible, such as ingraining charity and good deeds in your culture. Encourage volunteer work with opportunities to take off to engage. This will play a big part in how Gen Z views your intentions.
Diversity in the Workplace
The level of diversity influences over three-quarters of Gen Z professional choices. Having a strong and obvious diversity policy gives your business efforts a boost. Research shows diverse organizations appreciate a per employee cash flow 2.3 times higher. These companies are likely to perform 35% better than comparable but less diverse peers.
A major priority for Gen Z is the development of their careers within an organization. Almost 75% of Gen Z want executive training for advancement. Near 90% feel clear communication is critical to succeeding in the job.
Keep your teams abreast of policies, opportunities, and relevant information through available channels. External development has to be on your agenda to grow with the best talent.
The New Work Culture with Gen Z
Gen Z is the future of the business world. Indicators like Gen Z values, demographics, skill sets, and education give precise ideas of where industries can go if they’re prepared. Set up organization success with executive coaching and other principles XQ Innovations has outlined here.