By Ayush Pant

Millennials, the driving force of the current global environment have played their part and their successors, Generation Z, are ready to infiltrate the 21st century market.Generation Z, a generation that never experienced the world without smart digital technology and the Internet, tends to follow the principle of collaboration over competition. Technology plays a pivotal role in determining the characteristics of the generations, and the technology advancements in last 20-year bracket has been momentous.

The collaboration of Generation Z with the last two generations can turn out to be the era that revamps the contemporary business culture. The newest players of the market are entrepreneurial in nature. A telephone survey from Gallup pointed out that 45 percent of students from fifth grade and above wanted to invent something that can change the world while the rest of them wanted to become entrepreneurs. The millennials carved the market of entrepreneurship, and the new generation is ready to address this new born culture.

Businesses today design their market strategies by incorporating the attributes of the newest generation. They are the most tech-savvy and internet influenced generation this world has ever witnessed, and they understand the power which social media holds. If Generation Z customers don’t like what you do, and even more importantly, how you do it, they will let the world know about it before you can intervene and solve the issue. To be immune and to connect with Gen Z in the future, companies need to assimilate the new generation in their workforce.

Gen Z is not inclined towards profits and financial abundance. They want to take part in a job that makes this world a better place in one way or the other. The world is moving towards sustainability, and work ethics is at an all-time high. Gen Z will look to enhance this way of personal and work life.

The most influential social media tool for millennials has been Facebook, and it might not be the same for Gen Z. The members of Gen Z prefer face-to-face communication over any other medium and are seeking for applications that give them the best communication utilities. The recent updates on Facebook and Instagram have incorporated face-to-face communication elements in order to address the outlook of the new generation. A Piper Jaffray survey shows that only 9% of teens are choosing Facebook – a decline of 4% since 2016. Gen Z is moving towards applications like House Party, Bumble, Airtime, Group Me, and Skout which give a whole new experience of communication.

Studies show us that Generation Z has high expectations for their future careers, and they are saving money at a much younger age than any other past generations. The higher the savings, the higher the “seed money” for the entrepreneurial-driven generation.

Every generation has its critics, and Gen Z has its own. The predecessors of Gen Z consider the new generation to be lazy and un-cultured, which is completely based upon their observation. It is basically a clash of culture. Gen Z spends more time with the technology around them than with people, which is a contradicting view of the world for the previous generation. Since, the world is adapting to technology, and lifestyles have altered according to it, the tech-savvy culture of Gen Z might breed higher and enhanced financial and economic environments of the globe.

Generation Z in earnings calls and investor presentations have been specifically addressed by ten major companies, which is more than the last six years combined. According to statistics, Gen Z comes prepared and flexible. Seventy-eight percent have completed an internship or apprenticeship, 19% prefer to work for a large organization, 62% expect to stay for 3 or more years at their first job, 66% believe artificial intelligence will have a positive impact on their jobs, and 88% of new grads considered job availability before selecting their major. Sixty-one million Gen Z members are gradually entering the American market as digital natives who are socially responsible and tech-focused. They have a side hustle mentality, and they strive to do what they love. The new generation will bring a new dynamism in the American market and can be the catalyst to boost the American economy and change the outlook of international relations.