Each subsequent workforce generation has its own changes and challenges. Gen Z's views on work, particularly in finance, are much different than those of their older counterparts. Although some young people still thrive, some attitudes toward work can be head-scratching at times. For example, a report by information and data provider Intelligent from earlier this year found that out of a survey of 800 U.S. managers, directors, and executives, nearly one in five (19%) had a Gen Z applicant bring a parent to their job interview.
Finance executives still need to rely on younger applicant pools to acquire affordable talent, but it should be worrying for those in dire need of good talent as to what strings may be attached to these candidates. And this is on top of the challenge finance leaders face in a declining talent pool due to the AICPA’s 150-hour rule.
Gen Z’s Unique Struggles
Whether it’s the responsibility of higher education, parents, or both, younger employees are not showing up to their entry-level jobs prepared to work. Fifty-eight percent of respondents labeled Gen Z as unprepared in their jobs, and just under half (47%) said that they’ve had to fire a recent college graduate.
Effective communication, which is increasingly necessary for CFOs, is not manifesting in younger talent pools. More than half of respondents (53%) said recent college graduates struggle to maintain eye contact during an interview. Half (50%) say candidates request unreasonable compensation figures, and just under half (47%) have said these candidates have shown up to an interview dressed inappropriately. On top of those who are including their parents in the interview process, over a fifth (21%) have refused to turn their camera on for a virtual interview.
Behavior and Attitude Problems
A majority of survey participants also labeled younger workers as entitled. Nearly two-thirds categorized Gen Z workers as such, with 58% also adding they are offended too easily. Lack of professionalism (57%), not responding well to feedback (55%), and poor communication skills (52%) were also feelings held by the majority about Gen Z’s attitude.
Sixty-one percent of those surveyed said their Gen Z employees are frequently late to work, nearly six in 10 (59%) said they often miss deadlines and assignments, and just over half (53%) said they are frequently late to meetings.
Workload management is also a significant issue for young employees. Two in three (66%) say recent college graduates cannot manage their workloads. For Gen Z employees who are entering corporate finance, this lack of time management and workflow process management skills can raise significant challenges and lead to errors.
Adding Retention Benefits for Older Staff
Thirty-nine percent of employers said they would prefer to hire an older worker over a Gen Z candidate, but indicated that it may require preferential treatment. Strategies around attracting this type of talent include offering more benefits to attract older workers (60%), offering higher salaries to older workers (59%), allowing older employees to work more flexible schedules (48%), and being willing to hire an older employee who is overqualified for the position to avoid working with someone younger (46%).
Eight hundred U.S. managers, directors, and executives who are involved in hiring were surveyed. Demographic criteria were used to ensure qualified respondents. This criteria included age (25+), household income (>$75,000), organizational role (C-level executive, HR manager, director, president, owner/partner, senior management, and middle management), and company size (>10).