The rise of Generation Z, born between 1990 and 2012, is revolutionising the workforce, bringing a fresh perspective and new expectations. As the first generation to grow up with constant access to the internet and digital technology, Gen Z is tech-savvy, socially conscious, and values diversity and inclusion.
With the global stats projecting this group will make up 31% of the worldwide population by 2025, they remain an essential part of every industry and what they think is crucial in shaping the future of work.
Gen Z’s Impact on Industries
Understanding Gen Z is crucial for businesses to thrive in the future. They are pushing companies to be more innovative, inclusive, and forward-thinking. Their impact on work culture, communication, and practices is already evident and promises to continue transforming industries.
Gen Z’s unique characteristics set them apart from previous generations, including the Millennials. Growing up in a digital world, experiencing economic uncertainty, and having diverse backgrounds have shaped their expectations and working methods. Their digital fluency and ability to adapt quickly make them adept at using technology in their personal and professional lives.
Industries Impacted by Generation Z Entrepreneurs
Generation Z, with their innovative mindset and digital fluency, is significantly impacting various industries. Here are some examples:
1. Internet Dating: Gen Z entrepreneurs are challenging traditional norms in the dating world. For instance, Whitney Wolfe Herd, the founder and CEO of Bumble, created a successful dating app that empowers women to make the first move. Bumble allows users to connect based on mutual interests and offers different modes for dating, networking, and making friends.
2. Environment: Gen Z is deeply committed to environmental causes. The Ocean Cleanup, founded by Dutch inventor Boyan Slat, is a non-profit organisation dedicated to removing plastic pollution from the world’s oceans using advanced technologies. Their flagship project, “System 001,” aims to tackle the Great Pacific Garbage Patch and contribute to a cleaner ocean environment.
3. Hotel Industry: Young entrepreneurs are leading the digital revolution in various industries, including hospitality. Airbnb, founded by Millennials Brian Chesky and Joe Gebbia, has revolutionised the hotel industry with its innovative online marketplace. The platform allows people to rent or lease short-term lodging, offering a more personalised and unique experience than traditional hotels.
4. Real Estate Industry: Gen Z entrepreneur Akshay Ruparelia disrupted the real estate industry in the UK by creating Doorsteps, an online platform that provides affordable and transparent property sales. Doorsteps simplifies the home buying and selling process, allowing homeowners to list their properties and assisting potential buyers in finding suitable properties.
How Generation Z has influenced Fintech Industry
Generation Z’s preferences and behaviours have driven fintech companies to innovate, offering more user-friendly, inclusive, and socially responsible financial solutions that align with the values of this tech-savvy generation.
This young enterprising group has had a significant impact on the fintech industry due to their unique characteristics and preferences in may ways.
Being the first generation to grow up with smartphones and constant access to the internet,they prefer mobile-first fintech solutions that allow them to manage their finances on the go, from mobile banking apps to digital wallets and payment platforms. They use platforms like TradingGuide to learn about new stuff like NFTs, DeFi and jump straight to them, as they are not afraid to try new things.
The group also has shown a greater interest in cryptocurrencies and blockchain technology, pushing many companies to accept cryptocurrencies. Since they are also open to using decentralised finance (DeFi) platforms, many fintech companies now offer crypto-related services.
Due to their demand for instant gratification, convenience and quick solutions are two key aspects of a product they consider. This demand has driven the development of instant payment options, real-time transactions, and faster processing times in fintech applications, tailoring services to their specific needs and preferences. Fintech companies have responded by leveraging data analytics and artificial intelligence to offer personalised financial advice, budgeting tools, and investment recommendations.
Generation Z’s entrepreneurial efforts are from their desire to create meaningful change and address pressing global challenges. They are reshaping industries through their digital prowess, social consciousness, and passion for purpose-driven work. As these young innovators continue to make their mark, their influence on various sectors will be transformative and lasting.
Characters of Generation Z that make them Thrive
Generation Z, born roughly between the 1990s to 2010, brings a unique set of workplace expectations shaped by their experiences and values.
One defining characteristic is their emphasis on work-life balance, seeking greater flexibility and time off to avoid the burnout seen in previous generations.
Additionally, due to growing up amidst economic uncertainty, Gen Z has higher salary expectations and is more likely to switch jobs for better opportunities and higher wages if they find their current employment unsatisfactory.
Environmental, social responsibility and corporate governance are vital values for Gen Z, making them inclined to work for companies that prioritise these aspects and hold themselves accountable. Their motivation runs behind a strong sense of purpose. They also strongly desire to positively impact the world, prompting companies to clearly communicate their mission and values to resonate with Gen Z’s aspirations.
Diversity and inclusivity are also crucial for this generation, and they are drawn to workplaces that genuinely commit to diverse hiring practices and foster inclusive company cultures. Being digital natives, Gen Z is comfortable with digital tools and platforms, and they expect to utilise these resources in their professional lives as well.
Moreover, they place a significant emphasis on mental health and well-being, expecting employers to offer resources and foster a supportive culture in this regard. They also value autonomy and trust in the workplace, preferring flexible work environments that allow them to work independently and at their own pace.
A constant need to upskill is evident among Gen Z. They are open to learning and prioritise continuous changes and development opportunities to enhance their skills and knowledge. Such characteristics are of great help in today’s dynamic world, as tech is continuously evolving. So, this group of you employees position themselves for long-term success in the ever-evolving job market. Understanding and adapting to these workplace expectations will be crucial for businesses and organisations seeking to attract and retain talent from this generation.
How to Attract Gen Z Entrepreneurs
Businesses can implement the following strategies to become Gen Z-ready and attract this new generation of workers:
- Adopt digital tools and platforms for improved collaboration and efficiency.
- Provide remote work and flexitime to support work-life balance and autonomy.
- Create a culture of belonging and equity through comprehensive programs.
- Demonstrate sustainability and corporate responsibility.
- Offer training for continuous learning and career growth.
- Foster a collaborative work culture with open communication.
- Maintain honest communication and showcase authentic stories.
- Communicate the company’s mission and values for motivation.
- Be agile and proactive in decision-making and communication.
Generation Z’s entry into the workforce marks a transformative moment. Their unique perspectives, digital fluency, and demand for inclusivity are reshaping industries and the future of work.
If businesses are to succeed in this new landscape, they must understand and adapt to the changes brought about by Gen Z’s influence in this new landscape. By embracing their values and aspirations, your company can attract and retain the talent of this generation of workers, ensuring collective success and growth for the future. Industries that align with Gen Z’s expectations will thrive, with the latest generation of entrepreneurs at the forefront of innovation and progress.
