Born between approximately 1996 and 2012, Generation Z makes up nearly a third of the global population and will make up more than a quarter of the workforce in OECD countries by 2025.
Many of this generation will be just be getting started in their professions, planning their education and career options. In fact, according to the Graduate Management Admission Council (GMAC) 2023 Prospective Students Survey, Gen Z now comprises more than half of the candidates applying to graduate management education (GME) programmes too.
Gen Z has had a unique experience that has set them apart from previous generations. Their upbringing alongside advanced technology and social media, as well as their experience during a global pandemic, has greatly impacted their values and attitudes. And climate change has left Gen Z to prioritise issues of social and environmental justice and seek to create diverse and inclusive environments. These values also influence their career aspirations, as evidenced by GMAC’s ‘Gen Z in the GME pipeline’ report which reveals five key things that Gen Z workers are searching for in their careers.
Nalisha Patel is the Regional Director for Europe at the Graduate Management Admission Council. Patel heads up GMAC’s overall European strategy for research, market intelligence and engagement with the sector from schools, prospective students and alumni to media, commerce and advocacy bodies.
Financial security and freedom
In light of the COVID-19 pandemic and ongoing challenges, Gen Zers prioritise stability in their careers and future goals. Financial security is a crucial aspect of this stability, with Gen Z statistically more likely than millennials to be motivated by money. This may be due to the current cost of living crises and global inflation, which make this generation more concerned with securing a stable career that supports their families and allows for a better lifestyle. Overall, Gen Z workers feel anxious about the future and see financial stability as a way to alleviate this worry.
Job security and stability
This stability in their finances also translates into Gen Z wanting to have security and stability in their job roles too. In GMAC’s 2023 Prospective Students Survey, Gen Z GME candidates expressed more interest in the typically stable finance and accounting sector than millennials and less interest in the often more volatile tech sector. According to Adobe’s Future Workforce Study, about half of new and upcoming graduates from undergraduate institutions said they wanted to work for a large company compared to only 16% of respondents who indicated they would pursue a career with a startup or small-sized company; they cited more job security, better opportunities for growth, and more shelter from broader economic conditions for their choices.
FlexibilityÂ
Though Gen Z want to have job security and stability, they still want to find roles that allow them to have flexibility too, whether that be in terms of the hours they work, the location they work or even the opportunities for further learning and development alongside working.Â
In fact, according to a McKinsey study, both Gen Zers and millennials cited workplace flexibility as their number one reason for staying with a company, compared to Gen Xers and Baby Boomers who cited adequate total compensation. This desire for flexibility corresponds to the idea that Gen Z prospective students have a sense of what they want but don’t quite have the details figured out.Â
Good work-life balance
This flexibility in their work also corresponds with having a good work-life balance, something Gen Z massively values. Mental health is top of mind for Gen Z. According to the participants in GMAC’s qualitative study, mental health, wellness, and work-life balance were essential components of their future success, and a Deloitte Gen Z and Millennial survey, almost a third of Gen Z say poor work/life balance contributes significantly to their stress and anxiety.Â
Gen Z view work/life balance as both an element of their overall well-being as well as a way for employers to demonstrate their individual contributions are valued and respected by the company.Â
Giving back and having an impact
To Gen Z, an employer that’s driven by ethics provides support and opportunities for belonging, values diversity, equity, and inclusion, and encourages ambition. A company that sets clear goals, and seeks to innovate while delivering results, is highly desirable.Â
Gen Z also want values making a personal contribution and impact, taking great personal pride in both peer recognition, as well as making their families and themselves proud. They strive to be collaborative and supportive coworkers, believing that this contributes to a more inclusive workplace and allows them to have a positive impact in their jobs.
Bio:
Nalisha Patel is the Regional Director for Europe at the Graduate Management Admission Council. Patel heads up GMAC’s overall European strategy for research, market intelligence and engagement with the sector from schools, prospective students and alumni to media, commerce and advocacy bodies.
