– the future
In the rapidly evolving world of work, as organizations strive to adopt business practices that are more inclusive, sustainable, and recognise environmental and social impacts, how they engage with and respond to the Generation Z workforce will be critical to their success.
Jamie Lyon ACCA shares some introductory thoughts on the impact that Generation Z will have on the future workforce, following one of the largest research studies of Generation Z across the accountancy profession. Download a transcript of the video dialogue (PDF, 23kb).
Gen Z are the most globally peer-connected generation in human history entirely used to accessing a wealth of information at the press of a button or a voice command. Their online and physical relationships continue to blur as they enter work.
This report, jointly undertaken by ACCA and IFAC (International Federation of Accountants) discusses the strategies organisations can adopt to help Generation Z thrive. It provides advice for Gen Z on how to plan their careers to make the best use of the opportunities that the world of work offers.
The findings from the research cover the following:
- Employer views of Covid-19 pandemic, and it’s impacts on the evolving “transformation of work” on human capital.
- Career aspirations, barriers and levels of satisfaction of Gen Z already in the profession
- Practical insights for employers on leading practices to hire, develop and retain the younger generation of talent
- Recommendations for Generation Z on planning their own careers
*This research includes a survey of over 9,000 responses across the globe from 18–25-year olds, further supported by employer roundtables and third-party research.
Gen Z aspirations, expectations and concerns
The covid-19 pandemic delivered a systemic shock to the global economy. The economic fallout, which could last for years, is the backdrop which Gen Z career decisions and choices will be made.
The image below illustrates the concerns, aspirations and expectations.
Gen Z career opportunities in accountancy
The report outlines five exciting career zones of opportunity in accountancy emerging for Gen Z in the future, all contributing to building businesses for the long run in which Gen Z may develop their careers, or indeed navigate across as their careers develop. It suggests career paths will become more diverse and working lives will be reimagined as technology blurs the work divide between humans and machines.
An opportunity for the accountancy profession
The report also outlines the opportunity for the accountancy profession. As businesses reframe their goals to become more resilient to meet the growing demands for accountability and transparency, there is an opportunity for accountants to transform the profession, playing a role in creating a better world, as they help organisations to survive and thrive.
Key to this will be communicating the breadth of opportunities that the accountancy profession offers to young professionals eager to shape the world around them.
Three critical waves reframing the future of Gen Z careers
The report identifies three critical waves of change that will reframe the future of accountancy work and shape the careers of Gen Z:
- Smart technology
- Skills & education 4.0
- Careers transformed
Gen Z will be at the heart of this change bringing their talent and tech know-how to the profession and change it, pursuing careers with purpose and doing jobs that make a difference.
"This is a generation that had expected to inherit a stable work environment with record unemployment. But instead what’s happened during a very formative stage of their careers is an international catastrophe, the kind of crisis that none of the previous generations that are actively working today have faced. So, they will definitely be stressed and scared."ASEAN and ANZ roundtable participant
– the future
"This new generation comes with different skills set[s] that will form the bedrock for the new normal, especially after we come out of this pandemic. So, businesses should be able to stand with this cohort of people and harness their skills. We can lay emphasis on their multitasking ability and their entrepreneurial skills."Ghana roundtable participant