There’s a new generation hitting the workforce and the marketplace – Generation Z. This is the true tech generation, young people who don’t remember a world without cell phones or the internet. According to SocialMarketing.org and the New York Times, the oldest Gen Zers (or post-millennials) were born in 1995. That means that this new generation is beginning to graduate from college and head out into the workforce.
On the other hand, this generation has been a target demographic for all kinds of businesses for many years now. From Snapchat to the local frozen yogurt shop to Target, these young people are buying goods and services across the board.
The question is, has your business prepared for this new generation of employees and customers?
What You Need to Know About Gen Z
With the next generation joining your diverse workforce of Millennials, Gen Xers, and Baby Boomers, you may be concerned about how to prepare your business. Here are a few facts every business owner, HR executive, and marketing professional should know about the latest generation to hit adulthood.
While money means a lot to Gen Z, they aren’t as traditionally frugal.
This may sound like a contradiction, however, many people who fall into generation Z are more focused on making money than traditionally idealistic Millennials. At the same time, most people in this age group aren’t bargain-hunters. They also aren’t brand-focused and are less likely to click on ads than Millennials. So, while they may not seek out deals, they are purchasing fewer expensive, brand-name items.
Expect heavy multi-tasking.
Although Millenials are usually called “tech natives,” Generation Z was born into a high tech world. This means that they have become used to the multi-tasking necessary to live in today’s society, switching from their phone to the laptop to a presentation with ease.
As employees, this means younger individuals are more likely to be doing multiple actions at once. Whether this increases productivity remains to be seen.
As consumers, this generation will skip through or ignore your ad if it doesn’t capture their immediate attention or doesn’t instantly connect with a need.
Young adults from Generation Z are already light-years ahead of Millenials when it comes to technology.
Again, this is the first generation which has never experienced life without technology. That means that Gen Z picks up on new tech quickly, but it also means that this demographic expects the rapidity that technology provides our everyday world. If your product-based business doesn’t offer immediate, next day shipping or have a phone app, you are likely going to miss out on this consumer base.
You may have fewer traditional college grads in the workforce, but more self-starters.
Business prognosticators believe that many potential employees belonging to Generation Z may skip the expense of college altogether and instead use online training to jumpstart their careers. If your company is already getting resumes from young people who have only done online training, don’t discount them. Instead, consider testing applicants and provide on-the-job training for their specific functions.
Many of these youngsters are seeking stability.
Gen Xers and Millennials are known for changing jobs frequently. The average worker will change jobs ten to fifteen times in his or her career, switching companies an average of every 4.2 years.
This next generation may challenge that curve. Many members of Generation Z are hoping for stability in the workplace with room for growth both within the company and financially. If you can capture these young employees, you may have hired the rare employee for life.
If you are just starting your own business, you may see an eighteen-year-old as your biggest competition.
One study from 2016 showed that 72% of teens want to start a business someday. With some of those teens now graduating high school or wrapping up their college careers, they may now be your competitors.
Finally, don’t assume you know someone from this generation just because you’ve read this article!
We have based our knowledge on studies and interviews, but that doesn’t mean every person in the younger generation is as stated above. Treat all employees and customers on an individual basis. If you aren’t sure what your target demographic wants from you, get out and survey them to find out!
Are you working to expand your business? We are ready to assist you! Contact Business Success Consulting Group today.