Coming of age in a new world has shaped Gen Z’s values and hopes for the future, setting them apart from other generations. Born into a world where a job for life and buying a home are no longer a given, Gen Z is more focused on achievement, having a sense of purpose and being creative and agile. Many dream of being entrepreneurs and leveraging the power of social media to make their career dreams come true.
In a recent report released by NAB, which was based on surveys with more than 2,000 people aged 16-70, it says Generation Z (those born between the mid-1990s and early-2000s) has “a distinctly different mindset to other generations in Australia when it comes to how they think about success”.
The findings have important implications for how to recruit and engage this generation as they begin entering the workforce.
Generation Z’s concept of success is underpinned by a desire for personal fulfilment, passion, learning and wanting to make a difference in the world. They’re more willing than everyone else to be creative and take risks to get there.
How Gen Z defines Success
When it comes to career, Gen Z’s expectations set them well apart from everyone else. For Gen Z work is about much more than just making a living. Feeling passionate about what they do and having a sense of purpose in their work is very important to them. So too is the opportunity to continue to learn new things along their career path.
Gen Z’s take on work and career
The report notes that Gen Z “appears to be entrepreneurial by default”, as a result of growing up in an uncertain world where they are “compelled to take success into their own hands”.
One in ten Gen Z’s aspires to be an entrepreneur or to launch a start-up, and 44% believe that having their own business is the best pathway to success and making money. One in 2 (49%) believes that a social media based business is the best way to go.
Some 77% of Gen Z say success is important to them (compared to 62% across all generations), but they also report more pressure to be successful and make money (67% compared to 46%).
Gen Z also feel more strongly about being passionate about what they do at work and having a sense of purpose, the report says.
Gen Z may be more focused on success than other generations, but at the same time they are also the most anxious about the future – particularly about job security.
Concerns for Generation Z
Generation Z, success their own way, NAB, December 2016