By Ashley Stahl, Originally Published in Forbes
When you hear the word “millennial,” you probably think of people in their 20s eating avocado toast and dominating social media. However, the oldest millennials are now actually in their late 30s, with Pew Research Center defining the generation as anyone born between 1981-1996. With most millennials now well into adulthood and transitioning into leadership roles, a new, younger generation is now taking over the workforce: generation z.
Pew Research Center has now turned their focus to generation z after over a decade of research dedicated to millennials. But why is generation z suddenly so important?
The generation is defined as anyone born from 1997 onward, which means the oldest members of generation z are graduating college this year. While millennials still dominate the market, outnumbering any other generation, we will soon see an influx of generation z workers entering the workforce. And generation z are made up of approximately 61 million people in the U.S. So what can we expect from this new generation in terms of the job market?
Generation z’s life experiences affect the types of jobs they seek, and what’s most important to them. They highly value success, with professional and academic achievement ranking as most important. Generation z is perhaps even more success-oriented than any other generation, due to the shifting demographics over the years. Baby boomers were more likely to cite family and religion as “central to their identity,” whereas generation z is all about that personal success.
You may have heard the stereotype that millennials are chronic job-hoppers who can’t stay settled down in one job. Don’t look to generation z for similar habits. They’re interested mostly in “future-proof” jobs and job stability, according to studies conducted by Indeed.com. Having grown up in a tumultuous time for economics and politics (they were only four when 9/11 occurred, and grew up during the Great Recession), gen zers are incredibly focused on finding stable jobs, mostly in tech and health-care.
And they’re learning from previous generation’s pitfalls… Only 11% of gen zers said they’d take on debt in order to cover the costs of higher education. In fact, they aren’t even that focused on higher education to begin with. 75% said they didn’t consider college the only path to a strong education, and many are choosing to go straight into the workforce. After watching their parents deal with the Great Recession, and seeing the student loan issue play out, it’s no wonder gen zers are determined to find stable jobs as quickly as possible, while getting into as little debt as possible.
But companies will still have to put the effort in to hiring this new generation. Studies show generation z workers are invested in positive work environments, with 77% saying a company’s diversity would be a deciding factor. Company marketing and branding is also crucial, as 70% of prospective employees look at company reviews on sites such as Glassdoor, and 69% are more likely to apply for a specific job if the company manages its brand well.
As the workforce changes, so will the ways in which companies seek out and hire employees, and how these employees engage with the job market. With fewer gen zers prepared to shell out for higher education, we can expect a surge of new employees sooner rather than later. We can also expect a new sort of generation, one more interested in workplace atmosphere and job fluidity (75% of gen zers expressed interest in inhabiting numerous roles within a company).
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