Today, the world looks a lot different for young professionals in the workforce than any previous generation. New technological developments like artificial intelligence are evolving so quickly that it’s creating a corresponding global shift in cultural and social dynamics. Millennials and Gen Z, born between 1981 and 2007, have grown up in a globally interconnected digital world influenced greatly by technology. They have a new way of looking at what defines success and are setting new financial expectations and professional standards.
For organizations to keep pace with shifting workforce perceptions, they must understand the people responsible for driving this change. The recent EY generational dynamics study explores what drives young adults in a rapidly changing world shaped by global interconnectivity, AI, and both converging and diverging cultural dynamics.
The work narrative and perception of young adult professionals has changed; success isn’t a measure of money, material gain or status. Organizations must begin to reinvent themselves to align with this group who are making deliberate choices about their future and challenging traditional norms set by previous generations.
The impact of AI on young professionals
AI is a major contributing factor to societal and cultural evolution, with even more profound implications than the internet and mobile phones. Nine in 10 (92 percent) of Fortune 500 companies have adopted generative AI, which not only shapes business processes and operations, but also means it’s integrated into all facets of everyday life and interactions across the globe.
Organizations must consider the human implications of AI and its transformative societal impact. Technology must strike a balance with human connections and experiences, and businesses must prioritize creating meaningful, authentic and personalized experiences.
Even though there are global commonalities and connections, unique regional cultural distinctions remain. According to the study, those in technologically advanced regions might be unimpressed with technology as the novelty wears off, whereas emerging economies correlate technology with new possibilities and opportunities. These cultural dynamics will have a significant impact on the way organizations around the world adopt and implement emerging technologies.
Measuring success in a new era
Rather than embracing status symbols, younger generations value well-being, work-life balance and personal growth even more than they do salary. More than half (51 percent) rate their mental and physical health as the most critical measure of future success, the top global metric for every country surveyed. There is also a clear movement favoring authenticity, with 84 percent saying being true to themselves is extremely important.
Finances are still an important factor, but financial attitudes are evolving to prefer money as an enabler of success, rather than success being a measure of how much money you make. Nearly nine in 10 (87 percent) believe it is still important to be financially independent versus becoming rich. They also share that their biggest worry is financial instability, which was the top concern across all countries.
With so much variance on what success means, and the concept of wealth and luxury and preferences towards materialism vs. minimalism differing significantly by region and culture, organizations will have to consider how to strike the ideal balance between purpose, people and pay.
Responding to generational change
Maneuvering through the most intense era in human development is a complex undertaking for any organization, especially for enterprises operating on a global scale. Understanding the viewpoints of all generations provides businesses with behavioral insights that can help them anticipate the needs of future workers.
Leaders must continuously adapt their value propositions over time to keep up with shifting perspectives and events. They can provide stability amongst technology and social disruption by fostering a flexible culture and supportive work environment to help talent feel valued.
Businesses can leverage tools that enhance collaboration and productivity while being mindful of their impact on work-life balance. Implementing flexible work schedules and remote work models will appeal to the top talent among younger professionals.
Human experience at the forefront of innovation
Studying the perspectives and experiences of future generations in a quickly evolving world offers leaders a perspective of the shifting dynamics in our global society that affect the way businesses operate.
People’s financial attitudes and mindset are shaped by the economic experiences of their youth. Success is an ever-changing landscape that encompasses more than just monetary gain. Human experience should be at the forefront of innovation and leadership must strive to deeply understand and anticipate the needs of younger generations to drive real business value and competitive advantage.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.
