Business View Magazine | February 2020

13 BUSINESS VIEW MAGAZINE FEBRUARY 2020 E mployers and business leaders take note: a one-size-fits-all approach to defining a generation will cost talent and customers. As Gen Z, the generation of those born between 1997 and 2007, begins to enter the workforce and flex its newfound spending power, connecting with them is critical. To do so, it is important to identify and acknowledge the differences within the generation — something many employers and business leaders failed to do with Millennials, to their own detriment. Recently, Ernst & Young LLP released the Gen Z Segmentation Study, which confirms bucketing the most diverse generation to date into one simple type, despite their individual characteristics, goals and values, would be a costly mistake. Don’t assume anything —Gen Z contradicts many expectations Gen Z is a walking contradiction to society and past youth when it comes to social media usage, core values, and politics. Employers and business leaders should get to know the generation before basing plans on stereotypes. Social media: Today’s youth are perceived to be obsessed with their social media activities, and while 84% of Gen Z say they have a social media account, they use it more for communication than for public sharing like past generations. When asked to choose their top reasons for using social media, EY research found: • 80% of Gen Z use social media to connect with family and friends • 72% use it to satisfy boredom NEW GEN Z DATA BRINGS BUSINESSES A CRITICAL QUESTION: WHAT’S YOUR PLAN Z? OPENING L INES