The next generation of accountants is Generation Z and they’re different in many ways from their predecessors – Baby Boomers, Millennials and Gen Xers. As the Baby Boomer generation of finance professionals retires and accounting firms and CFOs look to broaden their teams amidst a talent shortage, embracing this new generation of young professionals — born from 1997 to 2012 — is a way to introduce fresh perspectives.
Just as millennials stepped into the business world in the middle of a recession, Gen Z faces a challenge in finding career footing alongside the coronavirus and the popularity by many employees of a remote workforce. However, Gen Z and millennials are not two sides of the same coin.
Unlike their older counterparts, this new generation of employees questions the outdated way of doing things and forges their own path, especially regarding office politics and work hours. Gen Z workers want their voices heard and to challenge the status quo. For instance, an accountant’s use of the common phrase in preparing a workpaper “same as last year” does not fly with Gen Z workers.
As many of these older Gen Z employees seek careers in accounting, CFOs should study their desires and the benefits they bring to the business world. By understanding the needs and aspirations of this emerging employee pool, CFOs can tap into their vast potential and help their companies stay relevant.
UNLOCKING GEN Z’S FINGERPRINT
As the U.S. population becomes more diverse, Gen Z is leading the way. It is the most ethnically and racially diverse generation in history.
They represent a generation entirely consisting of digital natives — most can’t remember a life without social media, and all of them have never known the world without the internet.
However, Gen Z is coming of age during a profound socioeconomic upheaval. After watching their parents face financial challenges during the Great Recession and now facing a possible new recession, they take a more critical eye to a prospective employer’s behavior than their predecessors.
As a generation of changemakers, Gen Z is passionate about causes they believe in and unafraid to speak up for what they believe is right. They care deeply about their mental health and well-being and are not afraid to stray from traditional workplace norms to prioritize these aspects of their lives.
WHAT DOES A GEN Z EMPLOYEE WANT?
For Gen Z, the ping pong table can stay in the storage room; office perks have taken a back- seat to companies that support work-life balance and apply flexibility to the nine-to-five mentality. Valuing the freedom to shift the places they live and work, they often seek positions where flexibility will allow them to work remotely. They’re also seeking organizations with a social conscience — those committed to making a positive difference in the world. In other words, they don’t just want a job; they want a purpose.
Studies are already showing that many Gen Z adults think that accounting could offer that purpose, with more than one-fifth already committed to pursuing a career in accountancy, according to the International Federation of Accountants.
In addition to stability, Gen Z is an ambitious group craving fast career progression, a diverse workplace, and stability.
HOW TO WELCOME A GEN Z WORKFORCE
As this new wave of accountants sets their sights on the C-Suite, it’s time for accounting firms and CFOs to embrace this new generation of workers. And they can take that first step by strengthening the company culture.
Company leadership should encourage open communication, embrace diversity and give employees the freedom to experiment and take risks. These philosophies may be a challenge for baby boomers who remain in senior executive roles to accept, but failure to do so will exacerbate the challenge for a firm to find and retain qualified employees in today’s very tight labor pool.
Other suggestions for working with Gen Z include:
• Tap into their technological know-how
• Boost work-life balance
• Prioritize well-being
• Promote diversity, equity, and inclusion
• Show the bigger picture
Paul Rosenkranz is a managing director at CBIZ & MHM.
Learn more at CBIZ.com.
