While we’ve all been busy talking about Millennials in the workplace (and rightly so, considering they are now the largest generation in the workforce), another generation has been coming of age. Yes, change is creeping up on us - once again.
This year, Generation Z will surpass Millennials as the largest living generation, meaning that a huge 32% of the population fits into this demographic.
Forbes describes Gen Z as:
“Raised in the era of technology and economic upheaval, Generation Z – born in 1995 and onward – are marked by their work ethic, practical approach to education, and embrace of technology.”
Let’s look at some key ways that Gen Z differs from its predecessors, the Millennials:
Source: Vision Critical
What this generational shift will mean to you
Make no mistake: this up-and-coming cohort, with its unique attitudes and aptitudes, working styles and consumption habits, will disrupt your market – whether your business is focused on travel or technology, financial services or entertainment. Business leaders should already be thinking about new ways to connect with and engage Gen Z – or risk being left behind their more-nimble competitors.
When I advise clients, discussions frequently turn toward adapting to generational shifts in the marketplace and workforce and marketplace. In my next article, I’ll explore approaches and strategies to ensure that your business is poised to build loyal relationships with the burgeoning Gen Z customer base - which is just coming into its years of “buying power.”