Each generation has its own unique characteristics, which are formed under the influence of historical events, as well as social and technological changes. In recent years, market and culture researchers have been actively studying the millennial generation in an effort to understand their values, behaviors, and expectations. However, we did not have time to fully study the millennials when a new generation appeared – Z, which has already begun to get acquainted with adult life and the labor market.
How do Generation Z differ from their predecessors?
As he explains research according to the Pew Research Center, it is impossible to clearly distinguish generations by year of birth. For example, it is customary to refer to the “Lost Generation” as people born before the First World War. Those who were born after 1900 and witnessed the Second World War are considered the “greatest generation”. From 1928 to 1945, the “Silent Generation”, also known as traditionalists, was born. From the late 1940s to 1964, the generation of “Baby Boomers” appeared, and they were replaced by members of Generation X, born between 1965 and 1980. Next come the millennials (generation Y), who were born between 1981 and 1994-2000. And finally, the youngest generation is Z, born between 1995 and 2000.
Unlike millennials, Generation Z was born in a time when access to modern digital technologies has already become the norm, that is, they grew up in the era of smartphones, and many of them cannot imagine life without social networks and free access to information. This is the generation “born with a smartphone in hand”. Their lives are closely connected with the Internet, which forms unique habits and worldviews in them. These young people hardly read books, print media or magazines, instead opting for online content — streams, short videos on TikTok and other online formats. However, due to their lack of experience with traditional news consumption, they may be more vulnerable to fake news.
Generation Z in the labor market
The war in Ukraine has caused a significant migration of young people, including representatives of generation Z, which leads to a shortage of personnel in certain sectors of the domestic market. At the same time, generation Z is more demanding about working conditions – in addition to the material component, the composition of the team, the company’s values, and the general atmosphere at work are no less important for them. Such people are more inclined to change it if they don’t like something.
Given the socially oriented attitudes of Generation Z in Ukraine, employers should pay more attention to corporate ethics and social responsibility as key factors for their loyalty and engagement. In general, representatives of this generation quickly learn, adapt, and actively generate ideas, which allows employers to get quality specialists, despite their young age. The main thing is to find the right approach.
Gen Z’s share of the overall population will decline over the years, but they will still remain a significant force for decades to come. These young people are expected to be more educated than previous generations, with more people pursuing higher education and master’s degrees. Their incomes are likely to grow faster than older generations, which could lead to a higher standard of living.
In addition, representatives of Generation Z often strive for entrepreneurship and the creation of their own business, many of them strive for financial independence and want to be their own bosses. With the availability of online platforms and tools, starting their own business has become easier than ever for them. The main advantage of generation Z over others is the ability to work remotely without problems and the ability to manage their time effectively. It is important for them that the employer is ethical and responsible to society.
Characteristic features of the new generation also include creativity and creativity – they easily generate new ideas and projects, assimilate new information and quickly adapt to changes. However, the main advantage of the new generation can be considered their innate digital literacy and ease of communication with any gadgets. As psychology professor Jean Twenge points out in her book, Generation Z also differs in how they spend their time, and their attitudes toward religion, sexuality, and politics. They reject established social norms, strive for diversity in life and career. More than previous generations, Z values security, focuses on tolerance and strives to overcome social inequality. Gene Twenge also adds that Zs are maturing more slowly than previous generations: Eighteen-year-olds often look and act like fifteen-year-olds.
Unlike their predecessors, Generation Z does not aspire to “stable” work in one place all their lives. They are not afraid to take risks, are willing to try new things and go beyond the box, which can lead to innovative solutions, and they are good at collaborating in teams and sharing their ideas with others, which can lead to even more creative results.
Of course, not all ideas of this generation will be successful. But their ability to think outside the box and generate new ideas makes them valuable assets to any company. Yes, according to research Deloitte, 74% of representatives of Generation Z prefer remote work at a computer. This is due to the fact that they are used to digital technologies and value their time. Employers looking to attract and retain Gen Z talent must meet these expectations by offering flexible hours and the ability to work remotely.
“Generation Z values flexibility and the ability to balance work and personal life. This means that employers will have to rethink their approaches to organizing working hours and offer more opportunities for remote work.” – Kateryna Petrenko, HR director of the X company.
Generation Z wages are growing much faster than those of older workers. This phenomenon is observed in many civilized countries of the world, where youth unemployment is now the lowest it has been in decades. For example, in the US, the average after-tax salary of Boomers is significantly higher than that of millennials or Gen Xers of the same age. It is interesting that buzzers not only earn more, but also know how to save better.
Hence, businesses and companies need to learn how to harness the potential of this generation to hire and retain a talented pool of young professionals.
