You’ve no doubt heard about Millennials (also known as Generation Y, born after 1980) for years now. But recent reports indicate a new generation (dubbed Generation Z or simply Gen Z) is growing up behind the scenes, and is set to emerge as the incoming workforce.
Born after 1995, members of the emerging Gen Z are expected to become the dominant business influencers of tomorrow. Thanks to social media, these teens of today are accustomed to engaging with friends all over the world, which means they are well prepared for a global business environment.
Generation Z, Business Influencers of Tomorrow
According to a timely whitepaper on managing generations in the workplace created by Accounting Principals, a finance and accounting staffing firm headquartered in Jacksonville, Fla, the American workforce today is more diverse than ever. This is, in part, thanks to the fact that four different generations (Traditionalists, Baby Boomers, Generation X’ers and Millennials) are all working together.
And now the first group of Generation Z graduates from college is primed to enter the workforce starting this year, reports a worldwide workplace study by Millennial Branding, a Gen Y research and consulting firm, and Randstad, a HR services and staffing company.
Apparently, Gen Z has a clear advantage over Gen Y in the workplace.
“Gen Z has a clear advantage over Gen Y because they appear to be more realistic instead of optimistic, are likely to be more career-minded, and can quickly adapt to new technology to work more effectively,” said Dan Schawbel, founder of Millennial Branding and Author of ‘Promote Yourself’ in a press release. “Additionally, since Gen Z has seen how much Gen Y has struggled in the recession, they come to the workplace better prepared, less entitled and more equipped to succeed.”
Gen Z, Better Prepared for Success and Less Entitled
While the youngest members of the Gen Z cohort are still toddlers, and it is easy to be skeptical of the efforts of researchers who shoehorn millions of adolescents into a generational archetype, understanding this emerging generation will be critical to companies that want to succeed in the next decade and beyond.
By now you are probably aware that the oldest Millennials are 35. They are still a youthful workforce. Getting the two young generations to work together effectively can set your business apart. For small businesses interested in tapping the full potential of Millennials and the emerging Gen Z workforce, it is necessary to learn some of the key contrasts differentiating the two generations.
Accounting Principals conducted research into the generational differences between Millennials and Gen Z in the workplace, and put together a useful infographic that highlights the key differences. Some of the main contrasts you might want to keep in mind include:
- Gen Z wants to change the world; 60 percent want to have an impact on the world compared to 39 percent of Millennials
- Gen Z-ers multitask across at least five screens a day and spend 41 percent of time outside of school/work with computers or mobile devices compared to 22 percent of Millennials 10 years ago
- One in two Gen Z-ers will be University educated, versus 1 in 4 Millennials
- Gen Z is 55 percent more likely to want to start a business and hire others.
Infographic, Millennials vs Generation Z Stats
Check out the full Millennials versus Generation Z infographic below:
Image: AccountingPrincipals.com
Aira Bongco
So the time of the millenials are soon over and here comes Generation Z. It is interesting to see how their behavior change based on the times.
Ed Murray
This is just more of the same tosh written about millennials. As a veteran IT consultant, once again I see the elder Luddites stand in awe of the supposed grasp on technology of those kids. Listen, they’re not that great. They use leisure software designed by my fellow Gen-Xers to be idiotproof. Using it a lot still doesn’t make them skillled. In the end, talking doesn’t get the job done – there still needs to be guys there to do the heavy lifting, the actual work.
Steve
Right on my point my friend. Im a Gen Xer myself, served in the USAF, and run an IT company; therefore I know exactly where you are coming from. Our generation built the systems these kids are using. And while they are good at using them, it doesnt make them engineers..
Joe Glose
As a 40 something now i see the generation Z in my children and realize they have lost needed social skills because they are in the phones texting , tweeting and on social media rather than carring on real two way conversations that build relationships in the business world.
I would add that while this points out some differences, remember that both generations have far more similarities than differences. Think tweak, not reinvent.
Kenneth Hubbard
I believe that generation-Y are these mindless clowns running around; these texting, entitled, brainwashed, celebrity loving, and incapable of human interaction. It’s impossible to categorize a whole generation HOWEVER a large percentage of these punks are a lost cause. I hope that the next generation is better equipped to cope with reality AND I hope these GENERATION-Y ass clowns grow up in time so their remaining life isn’t tortured and pointless.