The emergence of Artificial Intelligence (AI) in the business world has raised many questions about the future of work and commerce. Some argue that AI will dominate the marketplace in the future. But could young Generation Z emerge as the dominant force? Let’s evaluate current statistics and trends that could illuminate who could have the edge.
WHERE GEN Z HAS THE EDGE
- Gen Z Has Buying Power: Gen Z is the largest generation, making up around 32% of the global population. According to a study by Bloomberg, Gen Z is set to become the largest consumer demographic by 2030, with an estimated buying power of $33 trillion. This means that Gen Z will be a significant driving force behind consumer trends, and businesses will need to adapt to meet the needs and expectations of this generation.
- Gen Z is the Most Diverse Generation in History: Gen Z has the widest range of skills, experiences, and backgrounds of any generation in history. According to a report by Deloitte, 63% of Gen Z believes that diversity is essential in the workplace. This means that businesses that prioritize diversity and inclusivity will be more attracted to Gen Z employees and will benefit from their wider range of perspectives and talents.
- Gen Z Thrives on Human Connection: The future workplace will always value a certain level of human connection and interaction and Gen Z thrives in this area. According to a survey by the Harris Poll, 77% of Gen Z prefers in-person communication at work. This means that Gen Z employees will bring a personal touch to their work and will be better suited for jobs that require human interaction, such as customer service, sales, and healthcare.
- Gen Z is Entrepreneurial: Gen Z desires autonomy and creativity. According to a survey by The Center for Generational Kinetics, 72% of Gen Z wants to start their own business one day. This means that Gen Z employees will be better suited for jobs that allow for autonomy and creativity, such as entrepreneurship, design, and content creation.
- Gen Z is Adaptable: Gen Z is proving they have the willingness to learn and adapt to new situations. According to a study by Randstad, 69% of Gen Z is willing to learn new skills to succeed in their careers. This means that Gen Z employees will be better suited for jobs that require adaptability and agility, such as project management, consulting, and engineering.
WHERE AI HAS THE EDGE
- AI is a Master of Data Processing and Analysis: AI will be better suited for jobs that require data processing and analysis. According to a report by McKinsey & Company, AI can automate up to 45% of work activities, including data collection, data entry, and data analysis. This means that jobs that require data processing, such as accounting, finance, and insurance, could be better suited for AI than Gen Z.
- AI Doesn’t Mind Repetition: AI will be better suited for jobs that require repetitive tasks. According to a report by Deloitte, 22% of jobs in the United States involve repetitive tasks that could be automated. This means that jobs that require repetitive tasks, such as manufacturing, assembly line work, and inventory management, will be more and more at risk of being assumed in the future by AI.
- AI Understands Patterns and Trends: AI will be better suited for jobs that require decision making based on data analysis. According to a report by PwC, AI can analyze vast amounts of data and make decisions based on patterns and trends. This means that jobs that require decision making based on data analysis, such as supply chain management, logistics, and operations, will be ones that more companies could turn over to AI.
- AI Offers More Precision and Consistency: AI is capable of performing tasks with a high degree of precision and consistency, which is difficult for humans to achieve. For example, in industries such as healthcare and manufacturing, AI can perform tasks such as identifying patterns in medical images or performing quality checks on products with greater accuracy and consistency than humans. This not only saves time but also reduces the risk of errors and improves overall efficiency.
- AI is More Cost Efficient: AI can perform certain tasks at a lower cost than humans. This is particularly relevant for businesses operating in industries such as manufacturing, logistics, and customer service, where repetitive and routine tasks are common. By automating these tasks with AI, businesses can reduce their labor costs and increase overall efficiency. This can lead to cost savings that can be reinvested in other areas of the business, such as research and development or marketing. This is a factor that will continue to tempt organizations as AI continues to advance.
SO…HOW CAN GEN Z PREPARE THEMSELVES TO OBTAIN THE JOBS THEY ARE GOING TO BE BEST SUITED FOR AND AVOID LOSING THEIR JOBS TO AI IN THE FUTURE?
As we have discussed, Gen Z is poised to be the driving force for future jobs due to their diverse skills and experiences, human touch, technological proficiency, entrepreneurial spirit, and adaptability. However, with the increasing integration of Artificial Intelligence (AI) into the workforce, it is essential for Gen Z to prepare themselves to obtain the jobs they are going to be suited for and avoid losing their jobs to AI. Here are some ways Gen Z can prepare themselves for the future job market:
Firstly, Gen Z can focus on developing skills that are difficult to automate. This includes skills such as critical thinking, creativity, emotional intelligence, problem-solving, and leadership. According to a report by the World Economic Forum, these skills will be in high demand in the future job market, and they are difficult to automate. Gen Z can develop these skills through education, training, and practical experience.
Secondly, Gen Z can embrace lifelong learning. The rapid pace of technological change means that new jobs and new skills will emerge constantly. Gen Z must be willing to learn and adapt to new technologies and new ways of working. They can do this by attending courses, workshops, conferences, and other learning opportunities.
Thirdly, Gen Z can build a strong personal brand. With the increasing use of social media and digital technologies in the job market, it is essential for Gen Z to build a strong personal brand that showcases their skills, experiences, and values. This can include creating a professional online presence, networking with industry professionals, and seeking out mentorship opportunities.
Fourthly, Gen Z can gain practical experience through internships, volunteering, and part-time jobs. Practical experience is essential for Gen Z to demonstrate their skills and gain valuable work experience. They can seek out opportunities in their desired industries and take on projects that demonstrate their skills and abilities.
Finally, Gen Z can prioritize their mental health and well-being. The fast-paced and competitive nature of the job market can be stressful and overwhelming. Gen Z must prioritize their mental health and well-being by seeking support, maintaining a healthy work-life balance, and taking care of their physical and emotional health.
Without a doubt, Gen Z is going to face competition in the workplace unlike any generation has seen before them. It’s essential they remain proactive and intentional about the steps they’re taking in their careers. By doing so, they can position themselves for success in a rapidly changing job market and make valuable contributions to the future of business.
If there’s a Gen Z young adult in your household that you want to help equip with the resources to be successful in a workplace that’s growing more and more artificially intelligent, check out our CareerPRO Pathway career coaching program. We’re committed to arming Gen Z with the knowledge and skills they need to thrive in this new world of work.