“Most of the major trends we see in sustainability and innovation are fueled by youth culture, by Gen Z, by young people.” – Jeff Fromm
The combined effect of the two generations will drastically change the workplace as Millennials approach an overwhelming majority in the job market (75 percent by 2025) and Gen Z closes in as more people join the workforce. While Millennials have led the way and made great advancements thanks to the pandemic and Great Resignation, Gen Z is teaming up with people who share many of the same beliefs and goals in order to keep the forward momentum going.
Although leaders have been warned for years about Millennials and potential changes in the workplace, there hasn’t been much talk about how the next generation would support Millennials’ efforts to forge an unparalleled synergy in the workplace.
Many individuals and organizations think that purpose and profit are competing ideals. This may have been true in the past and may still be effective in the near future. However, when done effectively, purpose and profit do not contradict. People are more than prepared to pay a tiny premium when brands have an authentic mission, share it with the world, and sincerely adhere to it. Both Gen Z and Millennials can attest to this.
Gen Z is therefore pushing brands to focus more on their values and purpose. Young people are buying from companies whose ideals are similar to their own. With this money, they are supporting the company’s mission and motivating them to keep moving forward.
Young people identified three factors in a recent Moonshot Pirates Panel discussion when it comes to trusting a company. Its primary component is purpose. As was already mentioned, successful companies have a mission that their clients can relate to. Success is practically certain if they are also truthful and transparent.
The current generation still heavily relies on product packaging when making purchasing decisions. The ingredients are more significant than ever before, in addition to the exterior’s vibrant hues. A product must deliver on its promise to be clean if it makes that claim. It is not acceptable to “greenwash.”
Gen Z represents both the present and the future of consumer behavior, therefore it will be extremely difficult for huge firms to ignore them. The businesses that understand how to incorporate the next generation early into the innovation and leadership cycles will be the ones that succeed in the future. Even if many businesses have gone through changes, they may only be the beginning because a new vision for the workplace is emerging. It is now crucial for corporations to deliberately reorganize their industries in order to capitalize on the combined strength of two burgeoning generations.
Leadership should focus on the following areas:
1. Shifting Demographics: Leaders should thoroughly comprehend the effects of changing demographics as they look for methods to restructure their companies to stay profitable and relevant.
2. ESG Practices: The importance of environmental, social, and governance principles in the business world has grown significantly as social issues take center stage on the international scene. Adopting ESG principles is one of the best ways to restructure an organization because they are crucial to Millennials and Gen Z, both as consumers and employees.
3. Robust Technology: As company leaders restructure their organizations, all facets of technology, including tablets, mobile devices, wearables, and platforms, should be optimized. Millennials and Gen Z typically choose businesses who provide the newest technology and tools to improve their performance in the job because they have a greater intrinsic aptitude to use technology.
What else is Gen Z saying?
“The future I want to live in is one where everyone all over the world has equitable access to opportunity. The SDGs are fundamental to our success. And if we can achieve those Sustainable Development Goals, then we are moving towards a future that has equal opportunities for everyone. And that’s one that I would really love to live in.” – Charlotte Chang – Panelist
