Many folks are aware of the Millennial generation and the impact they have had on society. Fewer of us know much about Generation Z, the next big demographic to come on the scene.
Generation Z refers to those born in 1995 or later. They are distinct from the Millennial generation, which refers to those coming into adulthood by the year 2000. Generation Z comprises 25.9% of the United States population and contributes $44 billion to the American economy. By 2020, they will represent one-third of the U.S. population, and with that an important societal and economic effect.
There are a number of distinct demographic characteristics associated with Generation Z. Compared to Millennials, they appear to be better at multi-tasking, are more interested in finding bargains, and tend to be entrepreneurship oriented. In addition, they are more likely to be self-staters and have higher expectations than many in the Millennial generation. Interestingly, most members of Generation Z are individual thinkers, less likely to follow the crowd and more likely to pursue a unique path for their lives. Finally, they consider themselves to be global citizens in their thinking and interactions.
Employers should be satisfied that there is a talented and numerous generation on the market.
But, be careful! It’s an impatient generation. And this generation expects a lot from employers.
With them, the working environment will change significantly.
How to deal with them? These are tips for employers:
- You need to fully digitalize your business processes and establish a technological working environment that supports work on different devices. It should also provide reliable and functional software. Approximately 60% of respondents of the Generation Z stated that they will not use the application or website if it is too slow. They also expect complex teamwork. Organize regular training and employee training.
- Enable them for development and feedback. Generation Z is important to have the ability to improve. This is very important if you want to keep them. They are hungry for knowledge and want to improve their skills. They want frequent and consistent information about their work. For each of them, a development plan has to be prepared because they will not be satisfied only with the annual assessment of their work. Development is crucial because Generation Z comes into the labor market at an earlier age, mostly as a highly educated one. This means that on-the-job training has to supplement any skills deficiencies. One of these skills, for example, is interpersonal communication.
- Show them your brand. They want an employer who is willing to cooperate, who is honest and involved in the community. It is important to convince the future employee that you want him to join your company.
- Offer them the benefits that stimulate life balance. Generation Z appreciates a job that enables them to balance their private lives, with an emphasis on physical, mental and social well-being. They want flexibility and control over their daily schedule. They want a doctor’s leave without anyone complaining that they hurt working ethics. Employers must also consider the possibility of flexible working hours and work from home.
- Listen to what they are saying. They were encouraged to be curious. They want to be part of the solution and create the difference. Ask them to present their ideas. Their contribution can improve the production line, process efficiency, or enhance your organization’s culture.
As you may imagine, these characteristics could have a big effect on American and global society, in particular in the way that business is done. For one thing, they don’t just want to use social media and the internet. Instead, they want to shape it. Their entrepreneurial tendencies portend that numerous new business models, some of which may not yet be visible, will come on the scene in the coming years.
As their wealth and impact increases, existing businesses will be challenged to act within conventional operating models. Companies will be required to better understand Generation Z as a distinct and evolving group whose unconventional characteristics are sure to change the way business is done. In most industry, employers were not prepared for the changes brought by millennials. So prepare on time for Generation Z!