Gen Z is a ‘catalyst for change’ in the workplace, but doubts the role of companies
NEW YORK, May 5, 2021 / PRNewswire / – The first digital native generation entering the workforce is shaped by the unique global disasters they experienced in their young lives, according to a global report from ACCA (Association of Chartered Certified Accountants) and of the IFAC (International Federation of Accountants).
The opinions of 9,000 young people between the ages of 18 and 25 are published in Pioneers: Generation Z and the future of accounting and reveal that their main concerns are job security, well-being and mental health, giving a wake-up call to employers who need to show they care. The full report can be downloaded here: https://www.accaglobal.com/gb/en/professional-insights/pro-accountants-the-future/gen-z.html
While survey respondents are generally convinced that companies have a positive impact on society as a whole (69%), they believe that there is significant room for improvement on the part of business leaders. They see accounting as an attractive career – offering long-term prospects and portability with access to jobs that span internationally and across industries – but it’s also clear this generation is questioning corporate integrity.
They believe companies continue to prioritize maximizing returns for investors (66%) over caring for customers (53%) and employees (47%). They are also less convinced that business leaders have integrity and do what they say (41%) and fewer believe that companies are currently doing their best to tackle climate change (39%) .
ACCA and IFAC say the findings of this global research are highly relevant to employers across all industries and that meeting the needs of this generation and addressing their concerns is essential to thrive. For the accounting profession in particular, its central focus of creating lasting value for organizations while acting in the public interest places it in a unique position to exploit this opportunity.
“This generation Z 18 to 25 age group is smart, connected, ambitious but realistic – but they have concerns about the future and how businesses operate,” said Mark Helen, Executive Director of ACCA. “What we see from this research are young people at the start of their accounting careers who want to play their role in economic renewal. They will bring their talents and aspirations to the workplace and, through them, transform the future of accounting for modern society. Employers of all sizes need to be aware of the hopes and ambitions of this generation and the value they can bring. “
“Shaped by economic crises, the current climate emergency and, more recently, the global pandemic, Generation Z is coming of age during a very difficult and difficult time in world history,” said Kevin dancey, Director General of IFAC. “Leaders of professional accountancy organizations (PAOs), global network companies and industry have the opportunity not only to welcome this new generation of accountant leaders to our organizations, but also to actively learn from them. While no one knows exactly what the future holds, one thing is certain: Gen Z professional accountants have a vital role to play in our future. ”
Pioneers: Generation Z and the future of accounting offers employers 10 ways to harness the potential of Gen Z:
- Leverage the digital mastery of Generation Z: Smart companies see Gen Z as great ambassadors and trailblazers to encourage the rest of the business to digitally transform.
- Think “intrapreneurship“: To create a culture in which young people can realize their entrepreneurship and abilities within the framework of the relative safety of an organization.
- Use social media to recruit and recognizeze the power of peers: Beyond social media, activities such as using Gen Z ‘brand ambassadors’ who are authentic and credible on college campuses to encourage peers to take an interest in organizations can pay off.
- Be authentic and listen to Generation Z: Gen Z values authenticity and sees it as a key factor in making initial decisions about joining an organization.
- Focus on well-being: Generation Z is concerned about their well-being, so employers should support them.
- Align organization goal with individual development needs: Organizations must articulate what they represent, their purpose and their impact on society at large. Generation Z is keen to understand how the organization is making a difference and what its contribution could be to the company’s vision.
- Create opportunities for collaboration within the workforce: To help Gen Z move forward, bring them into the big picture.
- Reward on results and not on inputs: Employers need to focus on results and results, rather than hours spent on a task.
- Give continuous feedback: Create a culture of continuous feedback and recognition – this is essential to engage Gen Z as they have grown up in a world of instant communication and digital scoring opportunities.
- Rethinking learning: Keep it short and visual to encourage learning for Gen Z.
About Generation Z: The current generation between 10 and 25 years old is 1.8 billion people and represents 24% of the world’s population. These “digital natives” grew up using mobile, social media and, of course, the Internet. They are the world’s most peer-connected generation in human history, fully accustomed to a wealth of information accessible with the push of a button or a voice command to Siri or Alexa. Their physical and online relationships are continually blurring, and this “ scrambled life ” phenomenon is increasingly reflected in the workplace, further amplified by the COVID-19 pandemic and working from home. This connectivity gives this generation the opportunity to influence and shape our future like no other, in different ways.
About ACCA: ACCA is the Association of Chartered Chartered Accountants. We are a thriving global community of 227,000 members and 544,000 future members based in 176 countries and regions which respect the highest professional and ethical values.
We believe that accounting is a fundamental profession of society that supports both the public and private sectors. That is why we are committed to developing a strong global accounting profession and the many benefits this brings to society and individuals.
Since 1904, being a force for the public good has been embedded in Our goal. And because we’re a not-for-profit organization, we’re building a sustainable global profession by reinvesting our surplus to create value for members and grow the profession for the next generation.
Through our world-renowned ACCA qualification, we offer everyone, all over the world, the opportunity to live a rewarding career in accounting, finance and management. And using our respected research, we lead the profession in answering questions today and preparing for tomorrow. Learn more about us on accaglobal.com
IFAC (the International Federation of Accountants) is the global organization of the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.
Comprised of more than 175 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government services, industry and commerce. For four decades, IFAC has represented the global profession and supported the development, adoption and implementation of international standards that underpin the contributions of today’s global accountancy profession.
IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable and sustainable organizations, financial markets and economies. More info here www.ifac.org
SOURCE ACCA (Association of Chartered Chartered Accountants)