PART 4: Gen-Z in the Workplace
As part of an ongoing research project into trends, our intern from High Point University in NC, Gianni Pellegrini, has written a series of articles, with this being the fourth in the series.
By the year 2020, Generation Z is projected to represent 25% of the population in the United States and most of them will have either graduated college or will be nearing the end, which means they will be flooding the job market before you know it. While some will go the traditional route of getting an internship and working their way up to a full time position, most Gen-Zers will choose to be their own boss and become entrepreneurs. Millennials were the generation to start the trend, and a BNP Paribas report says that they are leading the rate of entrepreneurial ventures over any previous generation 1. More millennials are turning towards
entrepreneurship for freedom and flexibility over a regular job, but Gen-Z is taking it a bit more seriously.
Generation Z is not driven towards entrepreneurship because of the benefits of being your own boss, rather they are deciding to skip higher education all together to get the most immersive and debtfree experience possible. With 61% of high school students and 43% of college students saying that they would rather be entrepreneurs than regular employees 2, they are willing to take higher risks to learn the trade and start their own business.
Both Gen-Zers and millennials are going to be hard to attract as potential employees, so companies need to appeal to their new sets of needs. A study done by Millennial Branding and Randstad US found that only 28% of Gen-Z is motivated by a paycheck, compared to 42% of millennials 3. Instead, they are more inclined to accept a position that offers career advancement opportunities and a good working environment while giving them a chance to learn new skills and better their skillset. Jonah Stillman, coauthor of GenZ@Work: How the Next Generation Is Transforming the Workplace, said, “We don’t fear failure, we fear not getting to try, so give us that project you think we can’t do” 4 .
Gen Z are those born in and after 1996.
1 Cheryl Cran, SiliconRepublic.com, 2018
2 Dan Schawbel, Entrepreneur.com
3 Caitlin White, Linkedin.com, 2016
4 Dona Dezube, Monster.com