My Thoughts On Leading Gen Z In Finance
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Have you noticed the fresh faces in your finance team lately?
Yes, I’m talking about those tech-savvy, socially conscious, and adaptable youngsters we fondly call Generation Z or Gen Z. They’re not just filling up our Instagram feeds with their viral dance trends; they’re also rapidly joining the finance sector, ready to make their mark.
If you’re a leader in this sector (or aspire to be one), you’ve probably realized that guiding and mentoring this new generation is both a responsibility and a privilege. It’s like being handed the baton in a relay race—it’s up to us to ensure a smooth handover and set our Gen Z colleagues up for success.
Don’t worry, though. You’ve got this, and I’m here to help. So, grab your favorite cup of coffee (or tea, no judgment here), and let’s dive into understanding Gen Z and how we can effectively lead them in the finance sector. Here’s to empowering the leaders of tomorrow, today!
Key Takeaways
- Embrace the strengths of Gen Z: Gen Z employees are not just hardworking and innovative; they actively contribute to improving business processes and thrive in leadership roles, proving that their fresh perspectives can drive significant positive changes within a company.
- Inter-generational balance is crucial: Successfully integrating and managing diverse age groups within a team involves understanding and respecting the differing work styles and preferences, from the command-and-control approach favored by some older generations to the autonomy and work-life balance prioritized by Gen Z.
- Effective communication bridges gaps: Open, respectful communication and a willingness to compromise are key to resolving conflicts and finding a middle ground that accommodates the needs and expectations of both older and younger generations, ultimately fostering a more cohesive and productive work environment.
What Is Gen Z?
Before we discuss leading Gen Z in finance, let’s first understand who they are. Generation Z refers to individuals born between the mid-1990s and early 2010s, between the ages of 9 and 27. They grew up in a world of rapid technological advancements, economic instability, and social media dominance. They will soon become the most populous generation surpassing Millenials or Gen-Y.
The Unique Blend of Skills and Values of Gen Z
Did you know that finance is the number one industry Gen Z wants to work in? Yep, it’s true! According to CNBC, our sector beat out tech, health care, and education as the top choice for these young go-getters. Now, isn’t that something?
But what makes Gen Z so enamored with the finance sector? And more importantly, what unique skills and values do they bring to the table?
Digital Natives
As digital natives, Gen Z has grown up in a world where technology is as ubiquitous as air. They’re comfortable with it, they understand it, and they know how to use it to their advantage. This fluency gives them a unique edge in the finance sector, which increasingly relies on digital tools and platforms. Remember when we struggled to figure out those new banking software updates? Yeah, Gen Z probably had it figured out before their morning coffee.
Innovative Thinkers
Moreover, Gen Z is not just about technological prowess. They are innovative thinkers who aren’t afraid to challenge the status quo. According to EY, banks attuned to Gen Z’s innovative perspectives stand to gain a wealth of opportunities. They’re the ones who will ask “why not?” when presented with a traditional approach, and then proceed to offer three alternative solutions.
Social Responsibility
Equally important is their commitment to social responsibility. Gen Z cares deeply about the impact their work has on society and the environment. They value transparency and ethical conduct, which aligns well with the increasing emphasis on ESG (Environmental, Social, and Governance) factors in finance.
Adaptability
Lastly, let’s talk about adaptability. In a world that changes faster than you can say “blockchain,” adapting is crucial. And Gen Z, having grown up in such a world, is naturally equipped to roll with the punches. They’ve navigated the shifting landscapes of social media, online learning, and even international crises with remarkable resilience.
Leading Gen Z in the Finance Sector
Alright, folks, let’s get down to business. We’ve talked about the unique blend of skills and values that Gen Z brings to the finance sector. Now, let’s explore how we as business leaders can adapt our leadership style to meet their unique needs.
Diversity And Inclusion
First off, remember that Gen Z grew up in a world that celebrates diversity and inclusivity. So, it’s only natural they expect the same from their workplaces. A study by Deloitte showed that Gen Z prioritizes diversity and inclusion more than any previous generation. So, let’s make sure our teams reflect the wonderful diversity of the world out there.
Embracing Technology
Next, let’s talk about technology. We already know that Generation Z are digital natives. But it’s not just about them being comfortable with technology; it’s about us embracing it too. Let’s be open to new tech and digital tools that can make our work easier and more efficient. And remember, if you’re stuck, there’s probably a Gen Zer nearby who’d be happy to help!
Professional Development
Now, onto professional development. Gen Z employees are eager to learn and grow. According to LinkedIn, they value opportunities for career advancement, leadership development, and continuous learning. So, let’s provide them with ample opportunities to hone their skills and expand their knowledge. This could be through training programs, mentorship, or even simply encouraging them to take on new challenges. Remember, these are the future leaders of our companies!
Mental Health
But it’s not all about work. Gen Z also highly values a good work-life balance and mental health. They’ve seen the toll that overwork and burnout can take, and they’re not here for it. As leaders, we need to respect this and create a culture that prioritizes wellbeing. This could mean flexible working hours, mental health days, or simply promoting a culture where it’s okay to switch off after work hours.
Meaning And Purpose
Lastly, Gen Z wants their work to be meaningful. They want to know that what they do makes a difference. So let’s make sure we communicate the bigger picture and how their role contributes to it.
My Experience With Gen Z Employees
Despite what you may read online, I have been very impressed by the Gen Zers on my team. They are hard workers, ask great questions, and challenge the status quo. They also bring a much better balance of working styles into teams when business leaders embrace diversity.
As an example of challenging the status quo, my team was struggling with a certain business process, and one of my Gen Z employees suggested a new solution that saved us time and resources. I have also noticed that when allowed to take on leadership roles, Gen Zers excel in taking charge and bringing everyone on the team along.
The biggest challenge I have faced isn’t with the younger generations; it’s balancing the work styles of baby boomers and Gen X employees with Gen Z employees. Of course, there are many exceptions, but previous generations tend to have a higher tolerance for long hours and a command-and-control management style. I have encountered a bias against Gen Z employees that can make it hard to manage up and down successfully.
As an example, I had a baby boomer manager who assigned tasks at 6 p.m. for the following day and expected them to be done immediately. He also had a tendency to micromanage every step of the way, which didn’t sit well with my Gen Z team members, who valued their personal time and preferred autonomy in their work. It took some communication and compromise on my part, but we were able to find a balance that worked for both parties.
Have any questions? Are there other topics you would like us to cover? Leave a comment below and let us know! Also, remember to subscribe to our Newsletter to receive exclusive financial news in your inbox. Thanks for reading, and happy learning!
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