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Generation Z About To Change the Workforce

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  • Members of Generation Z are now entering the U.S. workforce
  • There are around 61 million Americans born from 1996-2010
  • Most of Generation Z has never lived in a world without smartphones
  • Recruiting firms say Generation Z has a very different set of values than their parents do

According to consulting firm BridgeWorks, there are 61 million members of the generation born between 1996 to 2010 living in the United States. Generation Z, also called the iGen or Digital Natives, is a larger portion of the population than Generation X and about two-thirds the size of the baby boomer generation.

With this massive group of young Americans starting to graduate from college, U.S. companies are reportedly preparing to welcome a generation that has a uniquely different outlook on the world than their parents do.

The U.S. companies are reportedly preparing to welcome a generation that has a uniquely different outlook on the world than their parents do.

The mood of “Gen Z” is also significantly impacted by what others on social media think of them, according to experts.

Research finding of Gen Z:

Research findings from the study series:

  1. Gen Z, aka iGen, is four times more likely than Millennials, Gen X, and Baby Boomers to say that age 13 is the right age to get your first smartphone.
  2. Gen Z has a dismal view of our current leaders, the state of the economy, and the direction of our country; however, almost half of this generation say voting is important and 78% believe the American Dream is attainable, which is higher than any other generation.
  3. Gen Z is growing up to look more like their practical Gen X parents than their wide-eyed Millennial predecessors; their experiences so far have taught them that life isn’t going to be fair, it will be what they make it.
  4. Compared to every other generation, Gen Z is least concerned about security and privacy with payment apps, like Venmo. However, they are more concerned about using credit cards online.
  5. Gen Z’s self-worth is affected by social media more than any other generation. A stunning 42% of iGen feels that social media has a direct impact on how they feel about themselves.
  6. https://i2.wp.com/genhq.com/wp-content/uploads/2017/05/Infographic-Gen-Z-Is-Learning-from-Millennials-Money-Mistakes-c-2017-The-Center-for-Generational-Kinetics-1.jpg

 

 

Trends Shaping The Future of The Workplace

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  1. Getting ready for Gen Z: With high expectations around technology and flexibility, while paying close attention to well-being and quality of life, Gen Z is reshaping the workplace in new and exciting ways for all generations.
  2. The Internet of Things:  IoT-supported workplace environments are an opportunity to operate and engage businesses and employees in a more effective manner by improving comfort in physical spaces, flexibility, precision in the process and ultimately quality of life for everyone.
  3. Creating the emotionally intelligent workplace: Emotional intelligence has become a core skillset for high-performing organizations and leaders today. The workplace itself can be emotionally intelligent – by allowing people to bring their full spectrum of emotions to work, and aligning their fundamental human needs and motivations.
  4. Re-imagining resources in the sharing economy: Forward-thinking organizations are redefining their business models to leverage the benefits of the sharing economy
  5. Moving the needle of gender balance: To create a gender intelligent workplace, companies must examine the barriers that are holding back women and implement a cultural transformation driven by inclusive leaders.
  6. Human capital management 3.0: Human Capital Management (HCM) 3.0 is bringing all the different technologies and programs (learning, recognition, wellness) together to transform the work experience into the life experience. HCM aims to enhance the employee experience and help organizations perform at their best.
  7. Employees: New change for corporate responsibility: Employees are now key stakeholders when it comes to shaping CR strategies. It is important for companies to give their workforce a voice, enabling them to feel fulfilled—while working toward a better future for all.

Trends In Generational Worker Pay

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 Millennials and Gen Z are the youngest members of the workforce largest and most influential segment of workforce. They want new payment options.

A brand new national study from ADP, focused on generational views of work perceptions and preferences produced all sorts of interesting results. This was especially true when it came to Generation Z and Millennial workers and their attitudes about employment, self-esteem and pay.

Gen Z receives the bulk of their pay via paper check. The national study discovered that 79 percent of Gen Z has received their wages via paper check in the past year, compared to only 28 percent of Boomers. Moreover, 59 percent of Boomers have not received a paper check in over 5 years.

The problem with paper checks is that they’re costing younger generations far more money than older generations to convert to cash. One in five Millennials and 43 percent of Gen Z have spent more than $5 to cash a paper check, compared to only 9 percent of Boomers who have spent that much. Speaking of cash, younger generations carry less of it with them than older generations. Only 23 percent of Gen Z feels comfortable carrying $100 in cash, compared with 41 percent of Boomers.

According to the survey, younger generations aren’t going digital when it comes to payment because they aren’t opening bank accounts. Not needing a bank account was one of the main benefits next generation workers cited for preferring paycards, with 47 percent of Millennial and Gen Z respondents indicating a paycard preference for that reason.

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Preloaded payment cards are much more popular with younger generations than their older counterparts. The national study discovered that 47 percent of Millennials and 66 percent of Gen Z have used a pre-loaded payment card of some kind in the last 12 months.

According to the study, 63 percent of Gen Z and 50 percent of Millennials responded that they would absolutely use a paycard or think paycards are a good option for certain circumstances.

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