Generation Z, composed of those born between 1995 and 2010, will account for one-third of the US population by 2020. Gary Amos, chief executive officer commercial finance Americas at Siemens Financial Services, looks at how best to engage the new digital natives.
The first true group of digital natives, the Gen Z demographic makes up 25.9% of the US population.
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In February, I had the unique opportunity to spend the day in Washington DC with the Equipment Leasing & Finance Foundation for our 2018 Industry Future Council Meeting.
This experience got me thinking about how we can effectively connect with this future generation.
Showcase the value add of digital and how your organizaton integrates it every day
Digitisation is defined as the integration of digital technologies into everyday life.
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By GlobalDataCurrently, 92% of Gen Z-ers have a digital footprint. For this population, smartphones and social media are not seen as devices and platforms, but rather a way of life.
Companies that showcase how and why they embrace a digital mindset and apply it in day to day business will be at the forefront of emerging talent’s minds. That’s why internship programs are critical.
Our Siemens Financial Services Program will involve students in value-driven work, from launching a new internal app for employees, to supporting digital projects managed by our teams.
Position how our industry offers entrepreneurial opportunities, growth and security
Being born into an environment where many watched their elder family members struggle in the Great Recession, Gen Z may lean more toward security and money.
Though idealistic and entrepreneurial like their millennial predecessors, Gen Z is also motivated by assurances of a secure life outside of work (Source). For equipment leasing, many signs point to strong business confidence and increased investments as our key markets grow. The industry is a $1tn sector well positioned for the future.
In terms of the entrepreneurial agenda, Equipment Finance 2.0, as coined by Dexter Van Dango, is not our father’s leasing company. The new equipment and leasing market is rooted in data-driven processes and blockchain technology, and offers this new generation an opportunity to come in and further ‘digitise’ this cultural shift.
Encourage your hiring managers and employees to connect with potential talent digitally
Gen Z is the first generation to grow up where the idea of becoming a social media influencer makes just as much sense as going to school and getting a business degree.
They spend hours each day watching influencers online and studying the art of establishing a digital identity. Now more than ever, our employees’ online personas
serve as both an employer branding and a talent acquisition tool to engage this newest
workforce demographic.
According to Forbes, 60% of Gen Z-ers want their career and everyday work to impact
the world. Employees that share the positive societal impacts that equipment leasing
can provide will have a higher chance of establishing an authentic connection. What
better way to do this than working for an organization that applies financing solutions
to improve healthcare, upgrade infrastructure and even revitalize our manufacturing floor?
The time has come to reinvent our industry to attract a new generation of talent. Through showcasing the value add of integrating digital, positioning the security and opportunities for growth, and encouraging our employee networks to establish genuine connections with this new demographic online, we have the ability to both attract and learn from our newest addition to today’s workforce.
