The Next Generation: Business Performance

Next_Generation

Generation Z is made up of individuals who were born from the year 1995 to date. It makes up about 25.9% of the total population of the United States, and also contributes a total of about $ 44 billion to the economy of America (Carrington, 2016). Generation X, on the other hand, comprises of people who were born between the year 1966 to 1976, while those in generation Y, commonly known as the Millenniums, were born between the year 1977 and 1994. There is a big difference between generation Z (post-millennium) and the millennial (Combi, 2015). The difference between those two groups is very important especially in the preparation of business to shift marketing, compete favorably and adjust leadership (Koulopoulos & Keldsen, 2014).

Generation Z is mainly made up of young and innovative individuals (Nissen, 2014). For this reason, among others, most entrepreneurs have realized that having employees from this generation will enable their organizations to achieve competitive advantage (Dörrenbächer & Geppert, 2017). Most of the young generation are realists, and they believe in having room for more knowledge. No one can be able to know too much or be too prepared (Mattox, 2016). Hence, they are the best generation to utilize the professional development opportunities and career-focused perks with higher education and training courses to always stay ahead of the curve (In Williamson et al., 2013).

Generation Z is known of being a generation of people who speak to their independent nature (Stillman & Stillman, 2017). When it comes to the workplace, they have the tendency of taking things and actions into their own hands (Chilton & Bloodgood, 2014). They value their opinions, and always want to set their own personal goals (Tromblay & Spelbrink, 2016). Entrepreneurial companies need this mentality to compete favorably in the market (Kalling, 2005). Large companies, on the other hand, can take advantage of the same by increasing the number of entrepreneurial opportunities in their operating business model (Levy, 2001).

According to research, the older an employee gets, the more important it becomes to achieve a work-life balance for both genders. Generation Z understands the fact that life priorities matters (Al-Hakim, Pan & Wei, 2016). For them, suggestions of better balance opportunities is not enough. Most of the employees in the past were reluctant to grab such opportunities with the fear of what their coworkers and management might think of them (Bhaduri, 2016). Nowadays, employees from Generation Z have magnified the importance of priorities outside work (Tatachari, Manikandan & Gunta, 2014). A business culture that acknowledges balance will lead to a more confident and well-rounded workplace (Kong, 2014). This increases the work output and efficiency of employees.

It is only through Generation Z that the gender equality code will be cracked. Most companies have realized the competitive advantage of leadership diversity (Bergh, Behrer & Maeseneire, 2016). Only women from Generation Z can take the leap. Companies which will realize and make it through imposing or perceiving barriers, which will earn the loyalty of women, will enjoy both the short-term and long-term competitive advantages (Joseph, 2005). Most women from Generation Z are erudite and innovative just as men, which was not the case ages ago (Scase, 2007). Nowadays, women have been empowered, and can compete favorably just like men (Davidson, Keegan & Brill, 2004).

References:
Al-Hakim, L., Pan, Q., & Wei, J. (January 01, 2016). The Effect of Organizational Slack on Innovation Performance.
Bergh, J. ., Behrer, M., & Maeseneire, P. . (2016). How cool brands stay hot: Branding to generation Y and Z.
Bhaduri, S. N. (2016). Advanced business analytics: Essentials for developing a competitive advantage.
Carrington, V. (2016). Generation Z. Springer Singapore.
Chilton, M. A., & Bloodgood, J. M. (January 01, 2014). Competitive Advantage and Automated Sharing of Tacit Knowledge.
Combi, C. (2015). Generation Z: Their voices, their lives. London: Hutchinson.
Davidson, J. H., Keegan, W. J., & Brill, E. A. (2004). Offensive marketing: An action guide to gaining competitive advantage. Amsterdam: Elsevier Butterworth-Heinemann.
Dörrenbächer, C., & Geppert, M. (2017). Multinational corporations and organization theory: Post millennium perspectives.
In Williamson, P. J., In Ramamurti, R., In Fleury, A. C. C., & In Fleury, M. T. L. (2013). The competitive advantage of emerging market multinationals. Cambridge: Cambridge University Press.
Joseph, R. L. (2005). New millennium “mulattas”: Post-ethnicity, post-feminism, and the mixed-race excuse.
Kalling, T. (January 01, 2005). ERP Systems and Competitive Advantage.
Kong, E. (January 01, 2014). The Role of Social Intelligence in Acquiring External Knowledge for Human Capital Development, Organisational Learning, and Innovation.
Koulopoulos, T., & Keldsen, D. (2014). Gen Z Effect: The Six Forces Shaping the Future of Business. Brookline: Taylor and Francis.
Levy, N. (2001). Being up-to-date: Foucault, Sartre, and postmodernity. New York: P. Lang.
Mattox, J. R. (2016). Learning analytics: Measurement innovations to support employee development.
Nissen, M. E. (January 01, 2014). Harnessing Knowledge Power for Competitive Advantage.
Scase, R. (2007). Global remix: The fight for competitive advantage. London: Kogan Page.
Stillman, D., & Stillman, J. (2017). Gen Z @ work: How the next generation is transforming the workplace.
Tatachari, S., Manikandan, K. S., & Gunta, S. S. (January 01, 2014). A Synthesis of Organizational Learning and Knowledge Management Literatures.
Tromblay, D. E., & Spelbrink, R. G. (2016). Securing U.S. innovation: The challenge of preserving a competitive advantage in the creation of knowledge.

About Roque Adrada

Roque Adrada is Director of Business Development and Ph.D Candidate in Talent Management at Deusto Business School. Before joining Deusto Business School, He worked as Associate Director in the Career Services Department at IE Business School. In addition, Roque worked in the Embassy of Spain in Sweden and in the United Nations Institute for Training and Research in both Switzerland and Peru. His educational background includes a Case Method Teaching (level I) from Harvard Business School, a Global Leadership Program from Harvard University, a Master in International Management from the IE Business School, a Juris Doctor from the University of Zaragoza and two exchange programs at ESSEC Business School and University Nova of Lisbon
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