I mean, have you seen Euphoria?
We're not here to talk trash about Generation Z or Millennials. We know—it's shocking. So leave behind all of your quips about TikTok (RIP?) and avocado toast. We're not here to negatively generalize either group.
We simply want to talk about a few generations—and what they might bring to the workforce over the coming years.
Here's a cool fact. In 2020, for the first time in history, there are five generations in the workplace.
- Traditionalists: born 1925-1945
- Baby Boomers: born 1946-1964
- Generation X: born 1965-1980
- Millennials: born 1981-2000
- Generation Z: born 2001-2020
Generation Zers have lived a much different life from their parents and even their "older siblings", Millennials. One huge difference between Generation Zers and—everyone else—is that they don't know (or don't remember) a world without smartphones and social media.
Can Generation z Save The World?
Umm, we sure hope so.
We said we weren't going to generalize, but we are—sort of. One huge important differentiator between Generation Z and other generations is that they exist—and have pretty much only existed—in a global world.
While it's a popular argument to call younger generations "technology-obsessed", their formative access to technology is actually what connects them to the entire world. They're empathetic, acutely aware, and change-oriented.
Generation Z is on track to be the most well-educated generation ever. They are also more racially and ethnically diverse than any other previous generation. Similar to Millennials, Generation Zers tend to be progressive and pro-Government. In fact, Gen Z is more likely to look to the government to solve problems, to acknowledge global warming, and to recognize that Blacks are treated less fairly.
In short, we stan Generation Z—which is why March of 2020 was such a devastating hit for Gen Z in particular.
Up until 2020, the outlook was as bright as can be for Generation Z. While Millennials came of age during the Great Recession, Generation Z was poised to inherit a solid economy with record-low unemployment. Then, COVID-19 happened.
What's Next for The Generation Z Workforce?
Members of Generation Z only recall 9/11 from history lessons. They were not likely to remember the Great Recession, although they may have grown up hearing their parents discuss money problems as a result of it.
Because many Gen Zers grew up in the wake of the Great Recession, they may have been more prepared for the economic fallout from COVID-19. According to a 2019-2020 report on Gen Z by The Center for Generational Kinetics, 91 percent plan to buy their own home someday, 69 percent think saving for retirement should be a priority, and 66 percent are worried about accumulating or not being able to pay off debt.
Before the pandemic, Generation Z already had a reputation for being "thrifty". They are the most likely to use the internet to thoughtfully comparison shop before buying. They are also known to be fervent thrift store shoppers.
As the economy struggles and their visions of the future are being rewritten, Generation Z can be expected to open themselves to different opportunities they may not have considered. A recent report by Gusto found that workers under age 25 experienced a 93 percent higher rate of layoffs that those over age 35. While Generation Z may not be able to land their intended job, they might take jobs to help their grow their skill sets, specifically their soft skills.
They are also going to enter a workforce that is increasingly remote—where they will undoubtedly be able to show their technology-based strengths.
WHAT ABOUT YOUNG GENERATION Z?
We've heard the sympathetic echoes resound. "Those poor kids—they aren't able to socialize with their peers."
Yes, this is true. At the time of publishing, COVID-19 has essentially stolen seven+ months of social interaction for kids, which is crucial for learning and development. But, here's the good news. According to Jason Dorsey, author of Zconomy: How Gen Z is Going to Change the Future of Business, our young Gen Zers are likely to thrive.
High school and college kids might take on way less debt than the Millennial generation. As schools are increasingly digital, Generation Z might be less likely to pay cumbersome tuition—opting instead to take a gap year or attend a comparatively less-expensive school.
As for the young, young Generation Zers, Dorsey thinks we needn't worry too much.
“By the time they enter the workforce, they are going to have seen employers adapt, the education adapt, the credit system adapt. They are going to be the beneficiary of what that change is.”
As we are older Millennials writing this, we hope Dorsey is right—and we think Generation Z might just save the world.
