With the decrease in oil prices, there is a need for new ideas, products, and services. Countries are measured by their output and innovation. This all leads to the need of the new generation to innovate and lead; this generation is known as ‘Generation Z‘, also known as ‘iGeneration‘, ‘Post-Millennials‘, or ‘Homeland Generation‘, which is the demographic cohort following Millennials.
This generation does not only think outside of the box, this generation has no box. They have new products, services, ideas, and concepts. Currently, Generation Z has unique characteristics and limitations. This generation will need to guide the complexities of the present and the future that has become increasingly dependent upon robots, artificial intelligence, Bitcoin, Fintech, social media, and technology. Generation Z is the first cohort to have internet technology readily available at a young age.
According to The Daily Telegraph, Generation Z is keen to look after their money and make the world a better place. In a quote by journalist Harry Wallop, he states, “Unlike the older Gen Y, they are smarter, safer, more mature and want to change the world. Their pin-up is Malala Yousafzai, the Pakistani education campaigner, who survived after being shot by the Taliban, and who became the world’s youngest ever Nobel Peace Prize recipient.“
According to Public Relations Society of America, the Great Recession has taught Generation Z to be independent, and has led to an entrepreneurial desire, after seeing their parents and older siblings struggle in the workplace.
The development of technology gave mobility and immediacy to Generation Z’s consumption habits. The on-demand economy, defined as “the economic activity created by technology companies that fulfill consumer demand via the immediate provisioning of goods and services”, has made changes in the way goods and services are delivered to consumers. Only the generation that grows up in the center of this transformation period will establish themselves as an immediacy demanding consumer.
According to Hal Brotheim in ‘Introducing Generation Z’, they will be better future employees. With the skills needed to take advantage of advanced technologies, they will be significantly more useful to the typical company in today’s high tech world. Brotheim argues that their valuable characteristics are their acceptance of new ideas and a different conception of freedom from the previous generations.
In India, a 2016 survey by jobbuzz.in, an employee engagement and employer rating platform, showed Generation Z professionals started out better in the job market compared with the older Generation Y.
In the United Kingdom, Generation Z will be the first to enter the labor market following the UK’s departure from the EU. They will be the first to have little experience as adults living inside the EU.