Generation Z (Gen Z), also known as “True Gen”, “IGen” or “zoomers”, refers to the generation born from 1996 to 2010. While older managers, even millennials, may have thought that Gen Z is “entitled”, “uncommitted” and are like “fragile and sensitive strawberries”, Gen Z is fast becoming a generation of entrepreneurs, activists, and conscious consumers.

Gen Z as entrepreneurs

According to a survey conducted by Entrepreneur First (EF) Singapore, Gen Z did not think that having a unique idea will help their startup to become successful. 57 percent of Gen Z entrepreneurs mentioned that having suitable co-founders is the most important factor for a successful startup. This is in contrast to millennials who reported that having a good business model is most important (43 percent) while 16 percent felt that having a unique idea is a key factor for success.

Gen Z entrepreneurs are also more realistic than their predecessors as “passion” has been relegated to the least important trait in building a startup while Millennials ranked passion as the 4th most important trait. However, 76 percent of millennials and Gen Zs did agree that problem-solving is the most important trait in a founder, followed by vision and risk-taking.

Nearly 9 in 10 Singaporean founders are first-timers and two thirds have spent less than 4 years in the working world before launching their startups. These Gen Z entrepreneurs are building their companies in clean technology, entertainment, education, finance as well as the food and agriculture industries.

Gen Z as employees

In a 2021 Multigenerational Workforce Study conducted globally with 1200 professionals, 32 percent of baby boomers( born between 1946 to 1964) and Gen X (born between 1965 to 1980) consider Gen Z to be the most challenging generation to work with, and a further 18 percent even reported feeling intimidated by them. Millennials (born between 1981 and 1995) are also intimidated (12 percent) and challenged (26 percent) by Gen Zs similarly.

Gen Z may hold uncompromising attitudes towards practices that do not reflect their values and prioritise personal ambition and ideals ahead of the corporate good. Gen Z are also perceived as better learners with high confidence and ease in learning new technologies which make their predecessors fear that they may be made obsolete as they struggle to keep up. In particular, Millennials felt that they are sandwiched between older generations with set ways of doing things and having to manage younger colleagues who expect to advance quickly.

Bridging the intergenerational gap in the workplace

In order to leverage the various skills and strengths of different generations in the multigenerational workplace today, companies can work on these 3 things.

1) Level the playing field by helping employees become more generationally aware.

Employees across different age groups should be trained on how different generations think and work and provide a platform for your staff to learn and become more constructive with their interactions with one another. Having such two-way conversations would help improve working relationships across generations as different generations have their own concerns and priorities regarding their roles.

2) Create a culture of lifelong learning.

Being a lifelong learner in this age of disruption is essential regardless of age. For instance, DBS launched programmes to build confidence in learning amongst mature workers by using appreciative inquiry to leverage past positive experiences to motivate them to take up new responsibilities. Employees are also encouraged to adopt digital learning behaviors, pick up new skills and connect with colleagues from different generations through the exchange of knowledge and experiences via its Learn Share Teach Together Festival.

3) Ensure generations can learn from one another through two-way mentoring.

Traditionally, mentoring is usually top-down from senior employees to junior staff. However, two-way mentoring ensures that both generations can take turns being mentors and mentees with flat multigenerational project teams formed to encourage them to rely on each other’s expertise. Young top-performing employees could also be the sounding board of the executive committee in pursuit of a shared vision.

How would you leverage Gen Z’s strengths and manage an effective multigenerational workforce? Do you think Gen Z entrepreneurs will set a fresh tone for the local startup scene?