Understanding Gen Z and Mapping the Future of Business

The age of millennials is gone. The phrase, “kids these days”, is now shifted to the new generation- Gen Z. If millennials brought in a revolutionary change with them, Gen Zers will leave the current scenario in boundless haywire. This is the generation that was born in the mid-‘90s and ahead, the oldest of whom are now being graduated and ready to enter the business world. Gen Zers are completely immersed in the technology, so much that they cannot imagine the world without it and view it in a positive light. They have been accustomed to unlimited, free information and instant feedbacks. Social media is not just a platform for them, it is a community, and they know exactly how to use it for the good. They are not just privileged; they are hyperaware of their privileges and are thriving to make their own path.

Gen Z, considered fluently honest, cause-motivated, and cause-driven, will constitute most of the workforce in the future while the businesses need to challenge their old ways and make way for the new generation. This fiercely independent, highly tech-savvy, and creative army of people is motivated by the idea of financial stability and have grown up multitasking. To leverage their potential and grow further, corporates have to bring about drastic changes in their workplaces and the way of working. They won’t just be the future of workforce, but also the future of consumer market, and who will understand them better than they themselves. Hiring youngsters, instead of being reluctant about it, is a clever step to secure the future of one’s business.

Technology and Gen Zers Go Hand-in-Hand

With technology being a significant part of their lives, Gen Zers are more inclined towards tech-ventures. They can spot technological opportunities with greater ease and more quickly as technology has always been a natural part of their everyday routine. They are digital natives and have built-in abilities to leverage the digital world for bettering the business strategies. Social media is an integral part of their daily routine. Using this platform to connect with the entire globe, they can make the best of marketing professionals in the coming years. Most of them are known to think that they can convert their hobbies into a profession and they are not wrong. The world is witnessing very young social influencers on various social-media platforms who are connected to the larger circle of people than any business ever has, having followers who completely trust in them.

They are Driven by a Cause and Impressed by Honesty

Gen Zers are aware of the world around them and are highly enthusiastic to address the social problems. They are even known to use social platforms to talk about global issues as well as their own struggles openly, which is a way different approach from what the millennials are used to. For this generation, it is important to work for an organisation that have a cause and they are attracted by heart-warming stories. According to a prominent source, sixty per cent of them want jobs that can impact the world for better. Having known this, companies have to change their aims from increasing capital to being a part of a bigger change.

Even as a consumer, they are more attracted towards the businesses that have integrity and quality. They are reportedly attached to brands that are connected to a cause, be it a small non-famous brand, than the ones that use clever branding strategies solely for the purpose of propaganda. Knowing the power of social media, this may force companies to be more honest and transparent to earn loyal customers.

They Prioritize Passion and Crave Freedom to be themselves

Gen Zers are contended to do what they love. Passion is another priority for them, which makes them good at the job they choose. Being passionate also develops more creativity and innovations. One more thing that they crave is an environment where they can be themselves, freedom to be something more than just a part of the group. This is not triggered due to the reasons like seeking attention; it is because they believe that they have as much say as anybody else. Growing up with outlets, like internet channels and social stages, where they have shared everything and are being heard by the world, how will they not? Making the workplace that supports the culture that does not require them to lose their individuality, is a step the companies may have to take for the newly recruited Gen Zers.

Natural Entrepreneurs

Digital entrepreneurship is already built-in, in the Gen Zers. Along with their careers, this generation can be seen doing some side hustles over the internet. Being ambitious enough and with technology at their fingertips, nurturing and developing an idea has been a continuous inherent practice for them. Looking at the young entrepreneurs today and seeing what they have already achieved at a very small age, it cannot be denied that they are natural entrepreneurs. Exploiting these traits, businesses can take the route to further growth.

The challenges that the Gen Z brings, are actually opportunities for businesses. The corporate world needs to bring changes in their policies and workplaces to accommodate this new clan of people who think very differently. Qualities like ambition, passion and independence should be considered while making these changes. Valuing individualism, encouraging innovation, learning to coach instead of micromanaging, and efficiently communicating company goals and values are some of the characteristics the companies should start adopting. As Gen Z is the future consumer, brands have to think beyond profits and better salaries. Quality over quantity, transparency about the company’s intensions and honesty is more valued by this generation. The Gen Zers have a lot to learn from the previous generation and a lot to offer them as well. It looks like this generation of highly ambitious techno-freaks is about to mould the future of businesses in a way that cannot be entirely comprehended yet.