Harnessing the power of Gen Z
The first digital native generation now entering the workforce is being shaped by the unique world events they’ve lived through in their young lives – economic crises, the current climate change emergency, and of course Covid-19. Generation Z’s coming of age is happening during one of the most turbulent times in modern history.
This presents challenges and opportunities for employers large and small, in both the public and private sectors.
Capturing the unique views of 9,000 18 to 25-year-olds around the world, our new report with the International Federation of Accountants (IFAC) reveals the hopes, ambitions, and deep concerns of this age group.
Called Groundbreakers: Gen Z and the future of accountancy, the feedback of these smart, connected, ambitious yet realistic young people reveals a generation worried about their job security, and their wellbeing and mental health. These concerns are something of a wakeup call to employers who need to show they care.
They also question the motives of business and how it operates. Globally, while 69 per cent of Gen Z are broadly convinced that businesses have a positive impact on wider society, they also think there is significant room for improvement from business leaders.
Sixty-six per cent of respondents believe businesses continue to prioritise the maximisation of returns to investors. Forty-one per cent are also less convinced that business leaders have integrity and do what they say, and slightly fewer believe businesses are currently fighting climate change at 39 per cent. In the UK, just 26 per cent believe climate change is being tackled by business, one of the lowest scores behind those of our respondents in China, Malaysia, Ireland and Pakistan.
Meeting this generation’s career aspirations and addressing their concerns will be essential for business and organisations to thrive.
The findings are also a clear call to action for the accountancy profession looking to recruit new talent. Essentially, the profession’s central purpose to create sustainable value for organisations, while acting in the public interest, places it in a unique position to harness the opportunities of recruiting Gen Z. Encouragingly, many Gen Zs see accountancy as an attractive career – 46 per cent agreed it provides long term prospects and 38 per cent think it offers portability with access to jobs that span internationally and across industries.
From this research, what we see ahead is a decade of opportunity for business and Gen Z, especially as organisations look to position themselves for future recovery in the face of the extraordinary social and economic change brought about by Covid-19. We are seeing – and will see more of – business models being transformed, value chains reassessed, markets reshaped, and capital reallocated.
Gen Z have a huge role to play in this transformation. And as employers, regardless of the fields in which we operate, we all have to play our part in attracting and retaining new young talent into the modern world of work.
Groundbreakers: Gen Z and the future of accountancy offers employers 10 ways to harness the potential of Gen Z
The full report can be downloaded here:
Ground-breakers: Gen Z and the future of accountancy | ACCA Global