Business as unusual
That brings me onto my third point, what the world of work now means for a generation who’ve grown up under prolonged periods of economic instability and job insecurity. This includes seeing their Gen X parents struggle through the effects of the financial crisis; dealing with their own often precarious conditions employed as workers in the gig economy, sky-high costs of living, and now the ecological consequences of irresponsible business practices on the environment.
One thing is clear for Gen Z: business as usual has not been working. This means that Gen Z have a different set of expectations regarding pay and work-life blend.
Although Gen Z is purpose-driven, a Deloitte study revealed that if given the choice between accepting a better paying but boring job, or work that was more interesting but didn’t pay as well - Gen Z was fairly even split over the choice. Salary therefore ranks equally among purpose as the top priorities for Generation Z in choosing an employer, and in view of the economic uncertainty under which Gen Z grew up, it's easy to see why.
This is also supported by the high costs of living and inflation that Gen Z’ers will grapple with when entering the workplace combined with student loan and debt repayment. Employee benefits that are most attractive to Gen Z therefore will include student loan repayment programs.
Contrary to popular belief, the US, renowned for its substantial student debts, leaves graduates with significantly less debt than the UK. The average University student in the UK will accrue more than £45,000 in debt ($54,000 est.), according to the House of Commons Library, before they complete their education, compared to $30,000 for the US (Forbes). As such, current graduates’ higher salary expectations are adjusting for their oncoming economic climate, combined with trying to ensure that what is projected to be the most-educated generation in history raised in one of the most competitive educational environments get value for money from their investments.
2 Work-life blend
Like many others, having zoomed the final years of my education to the finish, the separation between ‘work’ (or school work for that matter) and ‘life’ became permanently meshed. For us, this means wherever there’s Wi-Fi, there is a potential workspace. We can get work done in coffee shops with our headphones in, or in a quiet space at home, outside, on-the-go, in the library- wherever. The concept of limiting work to the office therefore seems very quaint. But we also recognize the benefits of in- person face to face interaction that the office (or indeed any other work spaces) can facilitate, particularly as interns who can learn so much from having those face-face conversations with colleagues.
This also means that in entering the workforce, Gen Z has become acclimatized to work-life “blend” rather than work-life balance. If we work hard, we value workplaces that accommodate flexible working patterns that enable us to still live our lives and pursue our passions outside of a traditional 9-5 job.
3 Going it alone
These new ways of working can also be attributed to Gen Z’s entrepreneurial streak: four in ten Gen Z’ers are planning to pursue some form of entrepreneurship (four times higher than current rates), and with the internet making it easier than ever to start your own business, no wonder 14% of Gen Z’ers already have.
This means that for Gen Z a traditional 9-5 job is just one of the many options for earning income that are on the table. Being able to continue pursuing our passions therefore remains a top priority for us going into the workforce.
4 Work style
This independent mindset, however, doesn’t fall far from the tree. A study by Indeed distilled the top three traits of Generation X in the workforce as being their independence & self-reliance, entrepreneurialism and valuing work-life balance. No wonder that Gen Z have inherited this independent and entrepreneurial streak (but in both their professional and personal pursuits, where work-life habits have blended) . Yet the latter is not something for employers to fear. In a digital world, our self-reliance and entrepreneurialism outside of work makes us super-creative and efficient workers. On top of that our self-reliant nature means we’re always ready to adapt, learn and change for whatever occasion calls for – including being the change-agents that will drive innovation. That includes being unafraid of challenging traditional work systems and structures that could be improved.
Remember that the beating heart of our generation is an activist spirit; we grew up with the ability to share our thoughts publicly on social media and receive instant feedback, so its normal for us to speak-up if we have an unorthodox idea for doing something better.
Make room for Gen Z
The Gen Z wave is here. By preparing for a new generation of workers with different skills, competencies, traits and drivers, organizations can ensure that their businesses are not just future-ready but already into the future. The most racially and ethnically diverse, digitally enabled generation in history will make up one in three workers in three years. Is everyone prepared?