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What Events Majorly Influenced & Shaped-Up the Generation Y and Generation Z Workforces

Working as a blogger & writer for the last 3 years and have great experience in the same. I am always eager to learn new things.

Ever heard about Generation Y and Generation Z? Do you know the difference between the above two? Before delving deeper, let's get acquainted with these two.

Generation Z or the Centennial Generation consists of individuals born between 1997 and 2012. Recently, added data classified anyone born after 1996 in the Gen Z generation. Gen Z better known as iGeneration, Plurals, Gen-Tech, Gen Y-Fi, Gen Z’ers, Post-millennials or Homeland Generation currently fall in the age group of 9 to 24 years old. All these people constitute the Generation Z Workforce.

Gen Z and Millennials

Gen Z and Millennials

On the other hand, Millennials, Echo Boomers, or members of Generation Y were born between 1981 and 1996. This means anyone that lies between the age band of 26 years to 41 years in 2022 will fall in the millennials category. All these individuals together make up the Generation Y Workforce.

Nicknamed as Zillennials, the Limbo generation are those people that happen to land on earth between the years 1993 to the year 1998. They can easily relate to and familiarize themselves with both of them. Gen A full form Generation Alpha starts with children born in 2012 and will continue at least through 2025.

The detailed chartered breakdown of Generation Y and Generation Z seems somewhat like this:

1. Gen Y is also known as Gen Me, Gen We, Millennials, Gen Yers or Regeneration Generation were born between 1981 and 1996. They are currently between 25 to 41 years old. {Generation Y Workforce}

  • Gen Y.1 = 25-29 years old
  • Gen Y.2 = 29-41 years old

The major difference between the two is - Gen Y.2 or Older millennials are still recovering from the recession while the Younger millennials or Gen Y.1 have more time to plan financially and gain experiences.

2. Gen Z or the Centennial Generation was born between 1997 and 2012. These newest and the youngest ones, fall in the age group of 9 to 24 years old.{Generation Z Workforce}

People Continue to Grow but their Birthyear remains the same regardless of the week or month they were born in. Acknowledging this fact and keeping this in mind, let’s proceed further -

In this article, we are going to have a detailed discussion about the Gen Y and Gen Z Workforce. Finally, a comparison will be drawn between the Millennials and the Centennials.

Generation Y or Millennials

There is a wide difference in the approach of Gen Y vs Gen Z. Opportunities, experiences, and threats in the changing times have strengthened their respective perspectives towards life.

Like it or not Gen Y will dominate the workplace, shape changes, and lead us into the future.

Generation Workplace

Generation Workplace

Generation Y Attitude

Millennials believe in the ideology that you "live only once"! They try to make the most out of everything. Their motto - is "Empowering Others to Succeed".

  • Gen Y prefers booking a cab v/s buying a car.
  • They are more skeptical about security and immune to most traditional marketing techniques and sales pitches.
  • They prefer to rent a house and live with their parents instead of searching for or buying a new home.
  • They love to travel abroad, learning and experimenting with the new, soaking in the vibes of different places and their cultures.
  • Millennials travel more in comparison to any other generation and like including others in their trips.
  • They take up a new hobby or skill just because they enjoy doing it or they want to.
  • They believe in pursuing their passions.
  • They are quite comfortable and equipped with using credit cards or EMIs to fulfill an immediate requirement or urgency at hand.
  • They are keen to turn entrepreneurs and start their own businesses for greater rewards and job satisfaction in life. Status symbols do not attract them.
  • They tend to be more motivated by purpose than by a paycheck.
  • Gen Y supports reforms and holds more progressive political views than previous generations.
  • Love reading Books and Newspapers.
  • They are open and will share personal information if it gets them access to special offers, discounts, and deals.
  • They take an extremely long-time to get married and have kids. The financial crisis has put Millennials behind hence they are delaying major milestones of their lives.
  • Millennials are often seen as more idealistic and more motivated by purpose than a paycheck. They firmly believe that money cannot buy happiness.
  • They also have been regarded to be collaborative and teamwork-oriented. They prefer to work in an environment where inclusion is given utmost priority. They wish to work with others purposefully to achieve advanced goals and for the overall development of the companies, they work for.
  • They’re culturally aware and fit in the extended family culture.
  • Many of them have traveled to foreign countries for advanced studies perspectives and have experienced the diversity in their peer groups.
  • More risk-taking and rebellious by nature. They want to enjoy life and are ready to take risks for the sake of vivid impressions and lifelong memories.
  • They give high weightage to work ethics and moral values.
  • There is a noticeable revolution in the way Gen We work including widespread acceptance of flex-time, overtime, work from home, freelancing apart from full-time regular jobs.
  • They donate large sums of money to charitable organizations.
  • A BlackRock survey found that 45% of millennials are more interested in investing their money in the stock market today than they were just five years ago.
  • They are more likely to rely on online reviews, articles, and peer suggestions than advertisements.
  • They are habitual to consuming a lot of content.
  • Millennials all over the world consider environmental protection, addressing climate change, resolving resource scarcity, and biodiversity loss as their no.1 priority. They are fighting for animal rights and social justice as well.
  • They have smaller savings accounts than prior generations. They have less money invested in their education and other endeavors. They are highly disciplined financial planners and managers.
  • Inequality of income and wealth and unemployment are the next concerns many Millennials raise.
  • Millennials search for creative ways to earn more money through side hustles besides their regular jobs.

Majorly Influenced By

Life experiences of an individual shape up an individual’s personality, character, and choices. Some incase of Gen Y have been mentioned down below -

  • Shaping Events

    Millennials were born in a time frame when fertility rates were going down across the globe. This is regarded sometimes as the reason why Gen Y have comparatively fewer progeny than their ancestors.

    Millennials grew in conflicts and the shadow of wars which sharpened and created a broader divide in their views about the various political parties and organizations. All of this has led to an intense political polarization among people of this generation that has shaped the current political scenario nationally as well as internationally. Altogether, most of the millennials’ life choices, entrance to adulthood, future earnings, and life experiences are mostly influenced by the Great Recession, The Technological Explosion of the Internet and Social media, and the 9/11 terrorist attack that shook the world.

    Covid-19 pandemic is among the latest ones! Most Millennials use their right to vote. Recession and other occurrences like global warming, energy crisis, wifi leaks cum cyberattacks have affected them in a way that may not be the case for their younger counterparts.
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  • Media Consumption

    Most of the Millennials have multiple social media accounts, are computer literate, and are tech-savvy. They still prefer watching Television though Netflix and its series edge out the traditional cable service provider. Cutting the cord and streaming video services on demand have become the most popular choice of the masses. This generation is extremely comfortable with handy laptops and other mobile devices but the computer still tops the priority list. Though they have multiple social media accounts they are less crazier and less dependent on smartphones than the next generations.
  • Banking Habits

    Millennials are less brand loyal than their predecessors. The first shop products and features, then check for the durability and efficiency of a product. Also, they have less patience for inefficient or poor services. Gen Y trusts those brands that have superior products and efficient services history. They seek digital tools to help manage their expenses, debt and use banks for transactions, not for making relations.
  • Educational and Vocational Choices

    Women belonging to Gen We are more likely to participate in the workforces than prior generations. Gen Y is better educated and wants to earn a living. A factor that is often associated with employment and financial well-being. Most of them value degrees and opt for ternary education i.e. have already passed and have completed their graduation and post-graduation from reputed colleges and universities. They opt for vocational courses. Gen, Me is far better at analyzing the information they procure from the Internet than iGeneration. They can also handle a lot of work in the given time interval.
  • Shopping Habits

    They always plan shopping in advance. They also want to get special offers from the brands they select. They are less brand loyal. The Internet has become this generation's companion. They are flexible to changing fashion, dressing sense, and style-conscious too. They know what to wear where and how it gets communicated to other people.

    Millennials have higher expectations when it comes to customer services. This doesn't mean they are not brand-conscious. They are more aware of current trends and options circulating in the market.
  • Technologically Sound

    Gen Y kids are known as incredibly sophisticated, technology-wise. They grew up with these machines and electronic gadgets. They have seen it all and also have first-hand learning experiences since they got exposed to gadgets since their early childhood days.
  • Experience

    Most of the Millennials were raised in dual income or single-parent families. They have been more involved in family purchases as compared to the next-gen. They know and have purchased everything from groceries to new cars. One in every nine Gen Yers has a credit card co-signed by their parents. Briefly, Gen Y is all about the experience economy.
  • Communication Style

    Gen Y has a strong attention span cum a stronger information focus. Their demographic background does not influence their way of working and communication style, a common characteristic in this generational cohort. A highly liberal generation.

Strengths of Gen Y

  • Millennials are the most independent workers among all the generations currently featured in the workforce.
  • Millennials work with ethics and take social responsibility for the organization they work for.
  • Millennials have grown up sourcing information. Hence, they need to be left to create their own processes rather than being told exactly what to do. Believe in doing by hook or by crook than complaining.

Weaknesses of Gen Y

  • Due to their independent nature, they sometimes don’t club their tasks with others. Millennials prefer working alone in a manner that doesn't affect the quality of the output.
  • This generation is impatient when it comes to career growth. They are likely to leave their current jobs and look out for more opportunities if they feel their skills are not getting developed or there is no scope for professional growth within the company.

Generation Z or First Global Generation

Generation Z is the first global generation that will bring about drastic change and will further shape up the new upcoming civilization.

Generation Z Attitude

Ambitious and Pragmatic. These multitaskers are Masters of Technology and Rule the Internet.

  • They are less interested in "in-person" and "face-to-face" contact. They spend the majority of their time connecting via smartphones.
  • Generation Z has a strong inclination toward security and money. They ultimately get motivated only when promised a secure land tension-free life outside their sphere of work.
  • Gen Z's are habitual to heavy use of gaming with less reading of books and newspapers.
  • They may stay up till 2 AM using smartphones and be active on social media. Dependent on internet applications and their smartphones to a larger extent.
  • Post-millennials grew up more supervised, directed, aided, and more protected than any of the prior generations.
  • They have less experience in earning money during their high school and teen jobs as well.
  • They feel more lonely, not needed, and left out. Possibly more depressed than prior generations with a higher suicide rate.
  • Gen Z favors working more for an international company or well-reputed ones than starting their own businesses.
  • Gen Z will spend less time in shopping malls and are less likely to go out to see a movie. Gen Y is more proactive in these terms.
  • Gen Y-Fi is more likely to use Instagram than Facebook.
  • The homeland generation is much more tolerant of others - different cultures, sexual orientations, races, socio-economic backgrounds, and so on.
  • They support and embrace individuality, tossing aside definitive labels made standard by past generations. As their identities are so fluid and individualistic, this fact makes them the first generation with no clear majority.
  • iGen is more cautious and less risk-taking.
  • They are more likely to think for themselves than others.
  • Gen Z is clearly marked out by its competitiveness and tends to be more competitive in every other field you might think of.
  • Gen-Tech values skillset building. They understand constant skill development is needed to stay relevant.
  • This generation is willing to work hard but they expect to be rewarded for it. They have high expectations and want to get everything immediately. Such a stark change in their attitude has been fostered by the digital era they currently thrive in.
  • The homeland generation is less likely to go to church or worship any idol for that matter.
  • They also do not place their trust in authority figures present in the houses of worship or the government.
  • Gen Z's mastery of technologies may make them neglect their interpersonal relationships to a greater extent, but they are the ones who participate and are more vocal to social causes on the Internet.
  • Less rebellious and Less Happy.
  • Very much interested in Virtual Reality (VR).
  • They regard diversity as an asset.

Majorly Influenced By

Life experiences of an individual shape up an individual’s personality, character and choices. Some incase of Gen Z have been mentioned below -

  • Shaping Events

    Gen Z was born with smartphones in their hands and trends floating on social media. Most of them grew up playing games and surfing the internet on their parents' mobiles or tablets. They have no memory or experience of war i.e they don't know what being at war is like! Gen Z grew up during the recession and saw the financial struggles of their parents and communities. Covid-19 pandemic is the worst thing that has happened to them.
  • Media Consumption

    An average Gen Zer received their own first mobile at the age of 10 to 10.3 years. Grown-up in a hyper-connected world using smartphones is their preferred method of communication. Well-versed and acquainted with every social media platform, YouTube is their favorite one. They are leaders in this overwhelmingly mobile era of YouTube, TikTok, and whatever content consumption platforms are about to come next. Social media and gaming platforms have a huge impact on this generation's changing lifestyle and opinions towards other people.
  • Banking Habits

    This generation has seen the struggle of Millennials and thus have adopted the modern fiscal conservative approach i.e. the efficiency of delivering services by finding innovative ways to handle finances. They avoid debt and appreciate those accounts creation services that aid their every endeavor. They prioritize debit cards followed by mobile banking. Gen Z is here to shape the future of financial marketing and is all the more focused on long-term and smart investments.
  • Educational and Vocational Choices

    Individuals of this generation are great multitaskers but they have a short-lived attention span. They are thoroughly trained, independent, and quite demanding consumers. They will have jobs in the future that do not exist in today's era. While millennials are creative, the centennials on the other hand are familiar and more welcoming to use intuitive tools for completing tasks. Post-millennials love creating content of their own. Most professionals in Generation Z are popular video bloggers and dream about making a career via YouTube.
  • Shopping Habits

    Gen Z’ers carry out impulsive shopping without planning in advance. They all the more prefer spontaneity. They are ready and willing to meet new brands and pay fewer visits to shopping malls.
  • Technologically Sound

    The youngest generation is most technologically advanced. They always have a tablet and a smartphone under their arms. Gen Z is redefining the world we live in. They have an ingrained sense of technology in their behavior mechanism and accept it the way it was passed on to them. They are developing a fluid sense of where technology or the crafted devices will fit into our lives and what else we can do with them. They have grown up with access to all the information at their fingertips so are quite confident in themselves as long as they have Internet Connectivity.
  • Experience

    Gen Z’ers realize that getting a college degree doesn't guarantee a job. They are frank and realistic enough to constantly indulge in skillset developments for making a promising career that guarantees them stability. Due to the recent economic slowdown, not many entry-level or part-time jobs are there for them to broaden their horizons and gain experience when compared to Millennials. Our recent analysis says newer graduates are mostly underemployed in their first job and half of them are underemployed a decade later as well.
  • Communication Style

    Plurals practice style-flexing while talking as they try and fit in the target group they are communicating with. Younger generations and newer technological innovations continue to shape up many businesses, “making change the only constant”!

Strengths of Gen Z

  • The most tech competent of any prior generation, all members of Gen Z pick up the new developments in technologies quicker than other employees faster than anyone else.
  • This generation is full of achievers. Two-thirds of highly ambitious Gen Z individuals say their goal in life is to make it to the top of their profession.
  • Unlike any other generation, Gen Z can multitask and use up to five screens at a time. The need of the hour is to ‘reinvent learning’ for this “Always-On” generation.

Weaknesses of Gen Z

  • Gen Z is regarded as more cynical, cautious, and less trusting than all the prior generations.
  • Gen Z doesn’t know how to keep a count of time before social media and easily accessible tech. This makes them highly rely on technology and gadgets to solve their day-to-day problems.

How Does Gen Y (Millennials) Differ from the Gen Z (Centennials) Workforce?

  • Members of Gen Z are more concerned about the cost of education compared to Millennials.
  • This youngest generation is the highest user of technology as compared to Gen Y.
  • More Gen Z'ers are under the influence of their parents when compared to their Millennial counterparts.
  • More millennials than Gen Z’ers will pay extra for a satisfactory customer experience.
  • Gen-Tech is expecting more innovation from companies. They are looking forward to translating the existing products and services into digital experiences. Gen Y is not thinking in that direction.
  • Gen Z is less likely than the millennial generation to trust companies but they can be swayed to an extent.
  • Gen Z’ers are realistic while Millennials are idealistic.
  • iGeneration focuses on saving money while millennials prefer getting first-hand experience.
  • While Y is enjoying life, Z is building and changing the world around us.
  • Millennials like authenticity but Gen Z looks for brands that mirror their ideology or the trendsetters they already respect.
  • Y is interested in traveling and Z lives without borders through the Internet.
  • While Y is watching content on YouTube, Instagram and Facebook, Z is creating
  • New Y Technologies will become Z Daily Gadgets.
  • Millennials want flexible schedules and prefer additional vacations or leisure time. Centennials prefer cash and bonuses.

Contribution of Both Gen Y and Gen Z in Empowering the Workforce

Every generation adds something unique and valuable to the development of a community while enabling its workforce.

Millennials (Gen Y) are powering and developing the next generation workforce but have huge amounts of students debt catered to their names. This is a major factor that is delaying their marriages and setting up homes. Their financial instability is forcing them to choose access over ownership. They want a supplier that fulfills their need for on-demand services. They want partners that help them make big decisions and guide them through purchases. In other words, they ask for assistance and seek approval before making big decisions in life.

Gen Y & Z Social Networks

Gen Y & Z Social Networks

Gen Z has always had a strong appetite for financial education since the very beginning. Their open savings accounts at younger ages contrast to the prior generations. This generation has suffered from a lot of continuous academic pressure, peer competition, and workplace stress. There are many hidden health issues surrounding them like anxiety, depression, and more.

The COVID-19 pandemic has raised the mindfulness of youngsters and has significantly amended their purchasing habits. They are in and accepting the moral conduct and sound ways of leading one’s life. While Gen Z is overcoming school terminations and new developments in their regular lifestyle, numerous millennials are facing the pressure of telecommuting or how to work from home. They at the same time are focusing on their families and are trying to help out or self-teach their youngsters. Both generations are proficient at turning out irrelevant information.

Understanding each generation's attitude, strengths, weaknesses along with advancements in technology and their contribution to the overall development of our society will help implement development strategies in any workplace or organization. This will help in accessing each employee's needs, judging parameters that need to be further polished and trained. This will indirectly or directly develop opportunities that will align with an employee's unique strengths and fill the skills gaps between the current and the upcoming generations.

© 2022 Lilly James

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