They arrive today on the labor market, stressed with regard to their finances. However, in the wake of the generation that precedes it, the “GenZ” will be able to count on a favorable balance of power on the job market which could change the situation.
First the stress. A recent study conducted by Interac Corp. indicates that Generation Z (GenZ) feel stressed (42%) or anxious (37%) about their financial situation, the highest percentage of all cohorts. And when it comes to financial literacy, more than elsewhere in Canada, Quebecers of this generation are the most likely to say that they are afraid (21%) or that they feel confused (20%). But the will is there: 68% say they want to improve their relationship with money.
Moreover, we learned in March that people working a second job, or even working in the economy of “odd jobs”, were always more numerous. Thus, 20% of respondents to a survey by tax specialist H&R Block said they had accepted on-demand work in the past 12 months, with this percentage rising to 35% among those aged 18-34. In another survey, conducted for TurboTax, we observe that 23% of Canadians add a small job to their main job, the majority of them being young people. ” More than half [52 %] of Canadians with a second job belong to Generation Z and 34% are millennials,” says the online tax specialist.
But for the future, not even so distant, the anxiety should turn into a certain confidence. At least on the job market which, moreover, is trying to adjust to a labor shortage. Statistics Canada recalled from the 2021 census data that the younger generations, such as millennials and generation Z, are more educated and diversified than previous generations. “They grew up in a technological and interconnected world that has a significant impact on their values and their way of life. These generations now make up a considerable share of the working-age population, leading to transformations in the labor market. »
(It should be noted that, for the federal agency, millennials are people born between 1981 and 1996 and that the term “Generation Z” refers to those born between 1997 and 2012.)
Millennials are the fastest growing generation. The number of people in this generation increased by 8.6% between 2016 and 2021, compared to 5.2% for the population as a whole, due to the greater contribution of immigration. In the meantime, Gen Z grew by 6.4%, posting the second-highest population growth among all generations.
According to demographic projections made by the federal agency, millennials could become the generation with the largest number of people in the country by 2029, ahead of baby boomers for the first time. “In 25 years (i.e. in 2046), there could be 2.2 times more millennials than baby boomers. People in these generations would then be aged 50 to 65 and over 80 respectively. Gen Z follows, which could outnumber baby boomers in 2032 and millennials in 2045.”
Labor market rebalancing
Today, the latter form the generation with the largest number of people in the working-age population (15 to 64 years old). The Business Development Bank of Canada adds that millennials and members of Generation Z will account for nearly three-quarters of the workforce in 2030. This is not without modulating the labor market, particularly in the form of rebalancing work-family-leisure and the importance of professional development and the purpose associated with work. This is the case for loyalty at work, for employee retention and for flexibility or flexibility in working hours. “According to studies, these younger generations no longer find work as rewarding as older generations, and also seek fulfillment elsewhere than in a professional activity,” says Statistics Canada.
Studies recently published in The duty are intended to be even more enlightening. A survey conducted by Angus Reid for Indeed Canada indicates that working from home is not a panacea. Only 21% of Gen Z respondents find that “working in an office is outdated.” And “the 9 to 5” is “exceeded” for 46% of them.
The balance between work and personal life is at the top of their requirements. They are 76% in Quebec to affirm that it is about “an essential element as for [leur] loyalty to an organization. Half of the respondents (51%) are even ready to make “a compromise on a more advantageous salary to have a better balance” of life, we read in the text.
In Léger’s study commissioned by the Conseil du patronat du Québec and the Order of Chartered Human Resources Advisors, mobility and its corollary, difficult retention, stand out clearly. While 90% of 16-34 year olds believe that it is “possible to have a fulfilling career by progressing within the same company”, just over 30% of them still think that “changing frequently jobs” is “important” to “having a fulfilling career and continuing to learn.