Just how much has the pandemic affected Generation Z and what impact can we expect to see in the marketplace as businesses reopen? On today’s show, we welcome Jason Dorsey, President and Lead Generational Researcher at The Center for Generational Kinetics, Speaker, and Author, his latest book titled “Zconomy: How Gen Z Will Change the Future of Business- and What to do About it.”
Dorsey begins the conversation on how the pandemic has been a defining moment for Generation Z. This group is being impacted in more ways than one. They are now trying to work virtually, live with their parents, and compete with other generations in the workforce. Dorsey believes this generation could possibly have three to five years of economic delay. He says this is their ‘9/11’ but it’s now lasted a year and we can only imagine the impact it will have.
In the next 12 months, Dorsey predicts that Generation Z will continue to save and invest their money, along with buying experiences and not just stuff. They will also attempt to enter back into the workforce with better working environments. Dorsey also predicts Gen Z will want to work longer and harder because they are serious about their credit and retirement.
When it comes to digital retailing, Gen Z doesn’t know life without it. They want payment options to be easier while being rewarded without even being a loyal member of the company. When it comes to businesses being successful, positive online reviews from Gen Z about products or services can go a long way on digital platforms.
Generation Z naturally goes to platforms, where they hang out and like to communicate, which is why going to TikTok, for financial advice, including how to buy a car, was easier for them. But, Dorsey says to be careful. Some people they may follow for advice aren’t experts and may have ulterior motives. Keep going to other sources to make better decisions.
Dorsey says, when it comes to recruiting, there are two things you should do to get in front of potential applicants: be in the right place at the right time and get them to start the application. If you want Gen Z to apply for your job, you have to be able to text them the application. You have to make the application process easier for them and create flexibility for an interview time.
In conclusion, Dorsey says Generation Z wants 3 things: competitive pay, flexibility, and great benefits. Bonus points if you have a social cause or mission because it’s never just about making money.
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