Sorry, these are the options for “Gen Z” stock photos.
As an industry publication that started out as a voice for millennials (and cool Gen Xers), we’ve never bought into the “Gen Z is lazy” stereotype because that stereotype was pinned on our generation too when we started entering the workforce at the turn of the millennium. It’s clear the root of it is less that an entire generation is lazy — some are, no doubt — but that the old guard couldn’t understand why young people were not interested in taking shit from their employers like they did back in their day. See, in their day they paid less than $5k for college and could afford a house and a couple kids on a single salary. We, the 40-something and unders, know we have to job hop to get good salary increases and learned early on that unless you really like the work or have eyes on a corner office, there’s very little incentive to stay with the same employer for too long. That’s all that is.
Alas, the lazy stereotype persists. And the 433 interns across tax, audit, and advisory service lines KPMG surveyed for its Intern Pulse Survey are over it.
You’ll notice none of these key takeaways say anything about TikTok or Fortnite.
- Gen Z talent is seeking stability amid a tight labor market and is pushing back against the notion that they are lazy.
- Gen Z is fully embracing GenAI – both in their personal and professional lives – and the availability of AI-related trainings is an important factor when considering a future employer.
- Gen Z strongly values a positive culture and working environment with opportunities to engage coworkers in-person and up-level their soft skills, but don’t forget salary.
- Gen Z values home ownership most when it comes to their long-term financial goals and most plan to vote in the U.S. presidential election this year.
Bonus points to KPMG for that “but don’t forget salary.” Gen Z, like all of us, doesn’t want to work in a hellhole staffed with actual demons, power-trippers, and Machiavellian managers who mentally torture you for sport. But their desire (or ability) to avoid such an environment is trumped by the bottom-most sections of Mazlow’s hierarchy of needs — that is to say food, shelter, sleep. You know, the basics. Basics that have grown increasingly expensive just in the past few years. Corporate leadership loves saying Gen Z values purpose as if that’s the only thing they value but let’s be honest, the rent’s got to get paid above all else. And the rent is obscene right now.
Here’s what KPMG says about their interns’ opinions that third bullet:
“Purpose, culture, sustainability and opportunity are all important factors as Gen Z talent consider job opportunities, but this generation is more confident talking about what they need – from salary to work-life-balance. It’s important that employers continue to actively manage these expectations,” said Derek Thomas, National Partner-in-Charge, University Talent Acquisition at KPMG U.S.
- When asked for the top three factors they value most in a future employer, respondents identified salary as most common (25%), closely followed by a positive culture and working environment (24%) and opportunities for advancement (20%). Scheduling flexibility (15%) was an additional factor, followed by learning and development as well as benefits—such as good options for paid time off, healthcare/dental/vision coverage, and mental health benefits and programs.
- 78% agree or somewhat agree that an employer’s ESG efforts (e.g., prioritizes environment/sustainability; is committed to DEI and social equity; and demonstrates ethical business practices) is an important factor when considering a job/employer.
- 89% agree or somewhat agree that access to trainings on “soft skills” or professional skills (e.g., presentation skills, executive presence, client etiquette, interpersonal skills) is an important factor when considering a job/employer.
- 82% believe a hybrid work model will provide the most opportunity for growth as they start their career. However, the survey does not find a significant desire for fully in-person or remote work. 14% believe that fully in-person will be most conducive to career growth, and only 4% think that fully remote is best.
Also of note: Nearly half of all respondents (48 percent, and mind you these are current KPMG interns) believe that 20 percent of their future full-time job as it exists today will be automated by AI. 39 percent are using ChatGPT frequently, 14 percent say they’ve never used it. A little more than half (51 percent) use generative AI for work-related purposes (or claim to be doing so), be it for administrative tasks not detailed in the survey results of project-based tasks. Almost three-quarters (72 percent) agree that being offered AI-related training and tools is an important factor when looking at potential employers.
And here’s an interesting footnote on salary they stuck in there:
A KPMG 2022 survey found alumni who stayed with KPMG for an extra year saw an 18% increase in their annual compensation value. Projecting this accelerated earnings potential over a nearly 40-year career period could potentially yield millions in extra lifetime earnings.
So you’re saying there’s value in loyalty after all?