What do you call an economy that has emerged from recession and is showing signs of strength but still isn’t making many people happy? The new word for it is “vibecession” – a combination of “vibe” and “recession.” Generation Z in particular has low feelings about today’s economy. according to Factor “Productivity anxiety” is higher among Gen Z, with 30% experiencing it daily, and 58% experiencing it several times a week.
According to Marcy Merriman, Americas cultural insights and client strategy leader anyThe “shaking” explains the lack of excitement or confidence on the part of American consumers and people in general, despite strong market indicators such as record highs in the stock market and low unemployment. But among Generation Z, 17- to 27-year-olds who are either in the workforce or preparing to enter it, “negative sentiment” is nothing new, Merriman says.
Employment implications for Generation Z workers
“We’ve been following their concerns for more than a decade, and long before the unknown of the pandemic and the rising interest rates of the past few years, I was continually surprised by Gen Z’s financial concerns that often seemed disconnected from market realities,” says Merriman. “Their fears and concerns are multi-faceted and have many causes, including hearing cautionary tales about millennial debt and the challenges it creates, social media making financial literacy more important, experiencing first-hand rising education costs and increasing financial transparency by those already working on the job.” .market (i.e. more willing to share financial data and provide insights into their struggles). Generation Z’s concerns are characteristic of this generation and, in general, they are more financially pragmatic as consumers, employers, and citizens.
According to Merriman, the difference between Generation Z and other generations is that their current employers have adapted and accepted policies or procedures that are no longer relevant. “For Generation Z, it will be like entering another planet. Examples include traditional ways of working, demands within the office, strict schedules with fixed hours, and the expectation of being exclusively committed to one employer. She predicts that ‘shaking’ will create three reactions on the part of American workers:
- Employees will look for job opportunities that provide a greater sense of security and stability.
- Employees will seek and maintain multiple sources of income. In reality, 52% Generation Z currently has two or more sources of income.
- Employees will continue to experience anxiety and financial concerns as they move into life stages that require more independence (e.g., off of parents’ health insurance at age 25).
Implications for employers
Merriman stresses the importance of realizing that Gen Z is already living what comes next for all of us. She believes that if employers ignore the career ambitions of the new generation, it will come at a cost, with 44% of Gen Z workers saying they plan to quit within the next six months because their companies lack career development support. Another recent report from Even work It reveals that Generation Z is ditching traditional nine-to-five jobs in favor of freelancing.
Merriman expects the “shake” to affect employers in several ways:
- Employers will and will continue to see employee loyalty diminish unless employees feel it is reciprocated.
- Employers will see salary transparency continue to become increasingly important, especially among younger employees.
- Employers will need to accept multiple incomes as the new norm and build intellectual property safeguards.
Merriman acknowledges that some executives adapt to Gen Z’s habits and expectations better than others, noting that the best of the best put more effort into learning from Gen Z, while also guiding them on how to be more successful.
She predicts that executives who actively engage Generation Z in the problem-solving process could enjoy an automatic competitive advantage. She insists that both employees and employers can make “vibration” work for them. “First, we must realize that this is nothing new, but part of a battle that employees and employers may have been unknowingly fighting for years. Second, make communication a two-way street,” she concluded. “Employers can learn from their employees as much as they learn from “The opposite, and they must continue to do so as the economy progresses.”