Gen Z’s Shift from Money to Meaning is Reshaping Workplaces

Generation Z – those born between 1997 and 2012 – will soon make up almost 30% of the global workforce, according to estimates from the World Economic Forum. But while these youngsters are slowly making their presence felt in the workplace, their work priorities and motivations are distinctly different from those of generations before them. 

Gen Z Workplace Trends

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There are a few key differences between Gen Z and the older generations, but crucially, it’s their view of money that is making waves in the workplace.

Ethical Pursuits Over Paychecks

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Unlike their elders, Gen Z doesn’t chase paychecks. Instead, they chase careers that are in line with their ethics, values, and passions.

Gen Z’s Job Selection Criteria

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Partly, this is due to them growing up in an era without resource shortages, allowing them the privilege to pick and choose jobs to their liking.

Social Media Impact

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But that’s not all – social media has fueled the generation’s consciousness and their desire to free themselves from the rat race of chasing a paycheck and instead go for job opportunities that really mean something to them.

Job Satisfaction

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Recent market research has shown that 80% of Gen Z were more satisfied in jobs that deal with societal issues – like environmental activism, social work, nonprofits and community outreach roles.

Work-Life Balance

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Rather than chasing a well-paying job that requires them to be always on, Gen Z separates their work.

Gen Z’s Career Preferences

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It’s a part of their life, not their entire life, and as such, they go into companies that offer flexible working hours and remote work and promote a good work-life balance with a focus on their workforce’s mental health.

Gen Z’s Growing Influence

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Companies that offer these options easily attract and retain Gen Z staff, and it’s causing a lot of companies to rethink their hiring processes and their workplace ethics to cater to this growing generation – which will soon outpace Millennials as the biggest generation on earth.

Fearless Career Choices

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And unlike millennials, Gen Z isn’t afraid to quit their jobs and start training again in an all-new industry. They’re fearless and don’t place the same sort of importance on their work as previous generations did.

Switching Industries

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If it means getting access to more learning and professional growth, Gen Z will leave their career at the drop of a hat.

Importance of Mentors

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91% of Gen Z believe that having a workplace mentor is crucial for their career, although only 76% stated they had a mentor at work – which could indicate a few new roles opening up!

Catering to Gen Z’s Career Growth

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Companies nowadays are having to create all-new strategies to retain their younger workforce.

Skills-Focused Approach

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Gen Z still like benefits – bonuses, discounts and the like – but there’s a growing shift from companies towards marketing their roles as having intrinsic value, that will scratch a Gen Z-ers itch for meaning in their work life.

Internal Skill-Building Programs

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More companies are also embracing a skills-focused approach to career progression to cater to Gen Z’s desire for personal and professional growth. Many places have started offering internal skill-building programs to drive efficiency and foster innovation in the workplace.

A Trend Among Gen Z-Friendly Firms

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This focus on continuous skill development helps employees with their career growth and also enhances workplace productivity and morale. A win-win all around for these firms.

Vocal Advocacy

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Gen Z are also more vocal than previous generations. If something happens in the office that they don’t agree with, they’re more likely than any other cohort to voice their opposition, and to take matters up with HR.

Gen Z’s Demand for Fair Pay

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And when it comes to talking about salaries Gen Z are also at the front of the line, demanding pay transparency and sometimes requesting salary data from their workplaces.

Casual Communication Style

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Unfortunately, Gen Z are also the most casual when it comes to conversing. By that, we mean slang and acronyms are a constant part of their in-office dialogue.

Gen Z’s Influence on Office Conversations

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It’s not uncommon for formal office communications to have a few bits of Gen Z jargon thrown in – and watercooler conversations can be like talking to an alien.

Pandemic Impact

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As the generation that entered the workforce in the middle of the pandemic, when tech made it possible to work from home and yet keep up with office banter, it’s no surprise that they’re changing the way workplaces operate.

Adapting to Gen Z

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Companies that want to keep their businesses successful and well-staffed would do well to adapt to this generation’s changing workplace habits.

The post – Gen Z’s Shift from Money to Meaning is Reshaping Workplaces – first appeared on Wealthy Living.

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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.