For years, companies have been trying to engage millennials as the stereotype in the job market with Xbox and installed rock climbing walls to boost productivity. However, Generation Z who are known to be the “first true digital nomads” may differ from their predecessors and overrun the job market.
We have this affirmation from a respected writer:
The start of 2020 will continue the current trends that we are witnessing right now. This includes the slow and steady ascension of sophisticated technology, global connectivity, an aging population in the workforce and a confluence of other factors that will enhance existing trends and bring about big, new changes.
AI is being aggressively deployed by investment banks, law and accounting firms, hospitals and major corporations to displace white-collar professionals. This dire trend is scaring the wits out of college grads who projected on landing a nice job to help repay tuition fee loans.
The truth of the matter is that if your job can be replaced by AI, it will. You will then be forced into scrambling for a new career. Or you make do with a lesser job task which cannot be done by AI.
Growing up in the constant technology connectivity, sixty (60) million Gen Zers are starting to come into the workforce. According to Monster’s survey, seventy-seven percent (77%) from five hundred (500) respondents age fifteen (15) to twenty (20) claims to be still in school.
But here’s where Gen Zers takes the cake: Over the next five years, Gen Zers will be taking in most full-time jobs in the market. With their high-tech upbringing, employers expect that Gen Z will bring a new set of work preferences. The question is: should employers be worried?
Generation Z’s work habits
Surprisingly, Generation Z ranked salary as the best motivator in the workplace, according to Monster. While health insurance was described as the “must-have” by seventy percent (70%).
As the student debt skyrockets, the evident priority of Gen Z is financial security and being practical. The survey also revealed that seventy-six percent (76%) of Gen Zers zero in on driving career advancement and another fifty-eight percent (58%) confirmed they are willing to work at nights and weekends for a higher payout.
However, salary isn’t the only thing that pushes them to work hard. Work purpose shows that it matters more than a paycheck at seventy-four percent (74%). When it compares to predecessors, it resonates to seventy percent (70%), sixty-six percent (66%), and sixty-seven percent (67%) respectively for Millenials, Gen X, and Boomers survey respondents.
Almost half of Gen Z ranging to forty-two percent (42%) have confirmed that they are ready to quit and start their own business if they feel they don’t belong to the company’s mission. The number is ten (10) points higher than all the prior groups.
Challenges confronting Generation Zers
While the gig economy and remote work became increasingly common in today’s job market, Gen Z is constantly getting challenged on going to college to pursue a career path. According to Forbes, seventy-five percent (75%) are considering taking education alternatives for credentials than going to college.
According to the 2019 Ellucian report conducted by Wakefield Research, ninety-seven percent (97%) of US recruiters place more importance on a candidate having credentials than the one without.
The report also revealed that forty-five percent (45%) students and thirty-nine percent (39%) recruiters both agreed that after completion of an educational program, two (2) years on average should be taken for further attainment of credentials to stay relevant for the chosen work field.
As the first wave of Generation Z coming in to flood the job market, the majority rate of employees will soon belong to this–and believe it or not, the play is about grabbing the Gen Zers’ attention for them to work hard and stay in the workplace.
Since the upcoming generation is tech-savvy, more ambitious and smartphone-addicted, the job market evolves in response to the demand curve of the work-life expectations and balance of Gen Z.