Now is the time for financial institutions to prepare for a Gen Z workforce
By 2020, Gen Z will be a major factor in the workplace. These workers are far different from their predecessors, already comfortable with digital technologies, yet unsure of how they fit into organizations that have not kept pace with their expectations. Bank and credit union leaders must find ways to stimulate and satisfy this important segment as part of the digital transformation process.
Generation Z, roughly defined as people born during or after 1997, represents a very significant workforce change. This generation is comfortable with new technologies, bringing new skills, high expectations and a desire to shake things up. As this group matures, a flood of technology-savvy talent will enter the banking industry, able to supplement or complement a less tech-savvy workforce.
The challenge and potential of the Gen Z worker is unlike anything the banking industry has experienced in the past. While Millennials helped the banking industry understand and deploy new digital technologies, Gen Z workers have never known anything but digital technology. Gen Z workers don’t want to have to digitally transform banks or any other employer — they want new digital technologies and automated solutions already in place.
The Gen Z worker wants insights available in real time to make decisions or to build new solutions seamlessly. They expect immediate reinforcement of their efforts as opposed to the traditional monthly, quarterly or annual feedback and they expect AI and data analytic solutions to be in place or in process.
The good news, according to Dell Technologies, is that 77% of this generation is willing to be technology mentors to others in the organization. The challenge is that this generation is less confident that they have the non-tech skills needed by employers.
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