Generation Z, Gen Z, Post-Millennials, or Zoomers are the most technologically advanced and diverse generation. They were born in the internet age and are thus called digital natives; they are more risk-taking and have the fastest growing economic power globally. Business and Gen Z share an exclusive relationship, as all the technological advances, internet knowledge, passion, economic power, diversity, values, education, and daring actions make them not only the most suitable entrepreneurs but also the improvisers for previous businesses set up by millennials or Gen X.
As the world is on a spree of transformation with technical and digital development, businesses are no more limited to making just a profit, but with more emotional intelligence, core values, societal challenges, mental health awareness, and a diverse environment, the future of business and the workplace is evolved and became complex at the same time.
Why is Gen Z important for Business?
When we talk about Generation Z, our imagination goes to a person sitting with his phone and scrolling through social media, which further makes us presumptuous about how this will make them self-centered, rebel, non-entrepreneurial, and uncultivated. On the contrary, Gen Z is aware, educated, accepting, passionate, and kind, they would love to work in an environment which interests them and pay less, rather than working somewhere boring and getting paid more. Their inclination is towards self-development while accepting the progress and development of others at the same time.
The future of work is inclining more and more toward human-machine collaborations, the global market is running on digital tools, and the workplace requires more creativity. Gen Z is the internet generation, they have digital expectations and the tendency to fulfill them. In the upcoming time, they are going to be the largest consumers, and the most loyal employees if work hours and workload remain flexible. Some points on why this generation is important for business-
- Better communication skills
- Prioritize mental health
- Work-Life balance
- Technical knowledge
- Radically diverse
- Independently working attitude
- Promote Inclusion
- Rejection of unfavorable norms, and acceptance of new standards
- Favors freedom of expression
- Economic power
Future of Businesses and Workplaces-
The world is becoming more technical, more digital, and more diverse. Having a job, running a business, or working in an office is no longer limited to making chunks of money and exhausting oneself, rather it has shifted more towards passion, interests, and a flexible work environment, even if it pays less, it’s the better option among two.
Gen Z is constantly in search and realization of the truth, at both personal and societal levels. They would opt for a brand or company which align more with their values, instead of the one which is cheap & affordable. This puts businesses, brands, and companies under constant impalpable surveillance from their customers, which would incubate businesses to work more towards societal challenges, such as climate change, sustainability, etc. Gen Z knows their worldwide options, they don’t desire to earn and settle down in a big house with a big car, but rather they invest in digital currency and explore new possibilities. The pandemic has surged a new work-from-home environment that suited the tech addicts best and thus a rapid increase in a home-grown entrepreneurial environment can be seen.
American Capitalist Aileen Lee coined the term ‘Unicorn” in 2013. Unicorns are private venture-backed start-ups that have reached the value of $1 billion. Unicorns’ valuation doesn’t depend upon their current financial status, but rather on how and at what rate they will grow.
According to a report by the “National Investment Promotion and Facilitation Agency”, India has seen the birth of the maximum number of unicorns from the year 2019-2021 and has recently reached the landmark of 100 unicorns. Indians are gradually moving towards ‘Decacorn’ from ‘Unicorn’, Decacorn has a valuation of USD10billion.
To sum up, Gen Z is revolutionary and would be a changemaker in the socio-economic situation of the world. Most Gen Z entrepreneurs and founders had supportive, established parents, which worked as a catalyst for their otherwise risk-taking, life-livingpersonalities. Gen Z’s role in business is rapidly increasing and changing the narrative, they are not afraid to make decisions and would agree to retire at 40 instead of 60 if they are willing to and have the sufficient to lead a content life.