America’s youngest adults prioritize salary and advancement over other factors when job hunting. Is that setting them up for misery in their career?
Are Gen Z Workers Entitled, or Do They Just Know Their Worth?
It’s unsurprising that young adults from Generation Z have a different outlook and set of priorities than their predecessors.
Some of their older colleagues blame entitlement, but is the economy to blame?
Priorities in the Workplace by Generation
Studies show that members of Gen Z care most about the salary they’ll earn and the opportunities for advancement that a prospective job offers.
This is in stark contrast to their baby boomer and Gen X colleagues, who mostly just want to be happy and feel satisfied at work.
Millennials, it seems, are just burned out altogether.
A Major Development in Career Advice
Compared to when Gen X and millennials entered the workforce, the advice on starting a career has shifted significantly.
Older Generations Were Taught to Value Loyalty to Companies
While their older counterparts were told to find a great job with great benefits and ride it out until retirement, Gen Z has been advised of the benefits of exploring new opportunities periodically.
Are Loyal Workers Punished for Staying Put?
In fact, employees who stay put in their roles for years may just be making less than new folks hired on to do the same job.
Employers have gone from rewarding loyalty to essentially punishing it by piling on the workloads and skimping on the pay.
With Age Comes Less Concern About Salary
Recent research has pointed to the fact that as the working population ages, salary is less of a sticking point for them in their career.
That’s not to say that older Gen Xers and Boomers don’t care at all about money, but it’s not their top motivator when job hunting.
Older Workers Just Want to Be Happy
A study from Bain & Co. revealed that by the age of 62, people started placing enjoyment at work in higher esteem. The same study showed that Gen Z’s focus was salary.
Age Groups vs. Generations
Experts warn against conflating age and generation, however. While some of the preferences surrounding careers are impacted by generation, age group is actually more important.
Many Gen Z employees who care most about salary today will shift their opinions as they get older.
Understanding Gen Z’s Priorities
But is there a bigger picture to consider? As inflation soars and wages have stagnated, Generation Z adults have entered the workforce at a tumultuous time when salary isn’t just important – it’s critical to survival.
Cost of Living and Its Impact
The cost of living has risen to the point that minimum wage doesn’t support anyone over the poverty line, so is it any wonder why Gen Z is worried about what their paychecks look like?
Show Gen Z the Money
So naturally, Gen Z workers go where the money takes them. Between skyrocketing rents, student loan payments that have recently resumed after a government pause, and increasing food costs, they’re left with little choice.
Inflation’s Effect on Gen Z
While most of their colleagues from earlier generations could dive into a comfortable life on humble salaries, that isn’t the reality for today’s young adults.
One study showed that 39% of Gen Z consider financial insecurity to be the source of most of their anxiety.
Access to Information Changed the Game
Gen Z’s priorities are also affected by their ability to learn inside information about their careers before they even clock in for their first day.
They have been able to glean tips from seasoned workers in their fields through internet forums and social media, which has given them more than just an advantage in interviews.
Job Hopping: A New Normal
83% of Gen Z adults in the workforce identify as “job hoppers,” going from employer to employer to follow money and opportunities for advancement.
Is Loyalty a Thing of the Past?
And while millennials and Gen Xers were told to avoid that strategy, Gen Z has embraced it as the best way to gain momentum in their careers.
Strategies for Attracting Gen Z Workers
For employers looking to hire recent Gen Z graduates, there are ways to attract these dynamic go-getters authentically.
Salary Transparency
First, salary transparency is key. In some states, there’s a legal requirement to disclose the salary range of a position when advertising the opening.
But even when it’s not mandatory, Gen Z is more inclined to inquire about a position if they know the salary range going in.
Advancement Opportunities
Second, employers who are open to promoting talent from within who show promise – especially those who would do so relatively quickly – will see the most interest from Gen Z.
The Bottom Line
They want to know that the time they put into their jobs will lead somewhere, and upward mobility is important to them.
23 Steep Taxes Adding to California Residents’ Burden
California: a place of sunshine, innovation, and, unfortunately, some of the nation’s highest taxes. From LA’s beaches to Silicon Valley’s tech hubs, residents grapple with a maze of state taxes. Here’s a glance at 23 taxes that might surprise both Californians and outsiders. 23 Steep Taxes Adding to California Residents’ Burden
Cash in on Nostalgia: 21 Toys Now Worth a Fortune
Time to dust off the boxes and find that once-cherished toy from your childhood. For collectors and enthusiasts, they items have become valued objects and they can be worth big bucks – are there any of these in your attic? Cash in on Nostalgia: 21 Toys Now Worth a Fortune
Millennials Don’t Buy These 19 Products Anymore
Millennials are changing consumer habits, quietly replacing once-staple products and traditions. Often criticized for their disruptive preferences, this generation is reshaping the marketplace with digital expertise, ethical buying, and a taste for the unconventional. Millennials Don’t Buy These 19 Products Anymore
10 Reasons Firearms Are Essential to America’s Fabric
Americans’ strong attachment to guns is influenced by constitutional rights, historical context, and cultural traditions. This article explores the cultural perspective driving their unwavering support for gun ownership, revealing the key factors shaping this enduring aspect of American life. 10 Reasons Firearms Are Essential to America’s Fabric
California’s 16 New Laws Raise Red Flags for Prospective Residents
California, celebrated for its beaches, tech prowess, and diversity, is now gaining attention for its recent legislation, prompting some residents to reconsider their residency. Explore the new laws of 2024 and the controversies and migration they’re stirring. California’s 16 New Laws Raise Red Flags for Prospective Residents
The post Generational Showdown: Gen Z Battles Boomers Over Work Ethic and Finance first appeared on Thrift My Life.
Featured Image Credit: Shutterstock / YAKOBCHUK VIACHESLAV.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.