No sooner have we got our heads around Generation X, along comes another Generation, and in this case it’s Generation Z, or ‘Gen Z’.

Gen Z will have an impact on business and society, as they represent the newest entrants into the workforce and are the leaders of the future. Also, as we know from all the evidence, this is a Generation that has really suffered as a result of the covid-19 pandemic, in terms of well-being and lack of job opportunities.

Therefore, it’s crucial that we know what their concerns and motivations are, and that employers are equipped with strategies for managing those concerns and meeting their expectations and using their skills. Failure to do so can have several consequences –including an inability to recruit new staff, failure to retain staff and the impact this can have on an organisation’s long term performance.

ACCA’s recent research report ‘Groundbreakers: Gen Z and the Future of Accountancy’ surveyed over 9,000 18-25 year-olds from all over the world – including  in Wales – and explored their aspirations as they enter the workplace, in the context of a rapidly-changing world of work, and as they struggle with the impact of covid-19. The research revealed that their primary concerns are employability, job security, well-being and mental health.

One of the biggest findings was that Gen Z workers demand much more of their prospective employers than was perhaps the case previously. Generation Z want to do work that means a lot more than just a pay packet. According to the research, they want to feel as though they are working for people and businesses that share their values, and are more accountable and transparent, including a concern for employee welfare, a healthy work-life balance and opportunities to pick up new skills. However, only 41% believe that business leaders have integrity and do what they say. Sustainability is also a key concern for this generation, but fewer than half of respondents – 39% – believe businesses are currently pulling their weight in fighting climate change.

As work transforms, Gen Z will bring their digitally connected lives into the workplace and help change businesses for the better. Employers of all sizes and in all sectors need to be aware of this generation’s hopes, concerns and ambitions as well as recognising the huge range of skills and knowledge that they can bring.

Good businesses are the lifeblood of a sustainable economy, thriving communities and a sustainable planet, and young people entering the accountancy profession have a big role to play in helping organisations be sustainable and resilient in the long term. However, interestingly, the research showed that there is more work to be done in highlighting the breadth of roles that accountants can perform across a business or organisation, in creating business value, in sustainability reporting or in ensuring ethical governance – so there remains work to be done in promoting the attractiveness of the profession; something I’m sure to return to in future columns.