Source McCrindle Group => http://mccrindle.com.au/the-mccrindle-blog/tag/population/page/5/
One of the biggest challenges Australian workplaces face is the growing complexity around managing multiple generations at the same time. At present we have 4 generations working within Australian workplaces. As you can see from the Australian generational Profile conducted by McrCrindle in 2015, the number of Millennials and Gen Z’s we have working is set to increase massively over the next 10 years.
According to Jason Dorsey from the Centre of Generational Kinetics, based on their research generations are getting shorter and shorter, with “micro” generations now emerging. This is due to many factors.
In the past generations were defined biologically by the average interval of time between parents and their offspring, so about 20-25 years. However, as society has evolved and changed this definition no longer works. For example the average age of first parents is now somewhere between 30 -31, and this time span is definitely too long. Coupled with this technology, life choices and values and beliefs are evolving much more quickly in the modern age we live in.
So now researchers are defining generations sociologically, as a group of people who are a similar age, who share similar experiences. These experiences including technology, diversity, parenting styles, world events, will and do shape the generational behaviour, values, beliefs and attitudes.
For example, the much talked about Gen Y’s or Millennial generation used to be classified as anyone born between 1980 and 2000, they were coined Millennials because they were to come of age in the new millennia. After much debate Gen Y has extended to now include those born between 1980 and 1996. Following on from this researchers have defined a new generation of Gen Z or iGens. This generation is aged 8-22 so anyone born between 1995 and 2010.
Basically for the haters of Millennials out there if you find Gen Y’s hard to manage wait until you meet Gen Z! They are a completely new breed. In fact, they are so different that what researchers are seeing now is that the younger generations are influencing the behaviour of older generations. (It used to be the other way around). Think about it, how many Grandparents are now on Facebook? Heaps.
Gen Z’s are basically the most educated (1 in 2 will hold a University degree) on record. They are the true digital natives, they grew up being able to use an iPad or iPhone before they could talk. They actually speak using Slanguage… Think; LOL, ROR, YOLO, Selfie, Onesie, Cray Cray, defo to name a few.
They literally live online, some experts say they are going to evolve with cricks in their necks from constant screen in front of face time. This obsession with screens is actually having a massive health impact and between 65 and 77% are set to be obese! Holy Crap.
This generation also has the potential to put whole industries out of business. They are not up for speaking face to face, or getting advice from older people. They base purchasing decisions solely on online peer reviews. So, if your business has no online presence then you could be serious trouble. If you are not utilising social media platforms then for Millennials and Gen Z you pretty much don’t exist. And mark my words you should care. In 2016 this lucrative group was worth 7% of Australian food and grocery retail market and by 2021 their market share will jump to 17%. This 10 percentage point rise over five years means Millennials will account for retail growth of $6.1 Billion, demonstrating their immense future buying power. (2017 Nielson Report, Millennial Myths Busted)
These two groups are much more likely to try and access services online, they fully believe in the credibility of online advice so experts are predicting that all service based business are at risk. In particular law firms and legal advice, outplacement or any service that can be replaced with artificial intelligence programs. WOW.
So there you have it. If you want to hear more about how to Manage Millennials or Gen Z’s then get in touch.