Gen Z, the newest generation to enter the workforce in large numbers, brings fresh attitudes and perspectives to the world. They are, quite literally, the future. Growing up in a fully digital environment, they have experienced a constantly connected world where technology is always within reach. This new way of living and working has created a world that is both different and continuously evolving.
Most of Gen Z will eventually find themselves in the business world, with nearly all entering the workforce. So, what skills do they need to succeed as businesspeople and entrepreneurs in this transformed and still-transforming world?
Already, Gen Z has gained a reputation for distrusting the status quo, feeling disconnected, and being impatient, while also demanding immediate action on the issues they care about, according to Jenny Fernandez, Kathryn Landis, and Julie Lee in the Harvard Business Review. Growing up alongside the often-draining effects of social media, they have become known as an anxious generation.
The Youth are Doing Alright
Isabelle Chevalier, Director of NEOMA’s Talent & Career Department, notes that her students frequently express a fear of boredom. The antidote to boredom is passion. By tapping into their passions, Gen Z can avoid this fear. Their passionate and proactive approach, especially when faced with significant challenges, will help them generate new ideas, inspire others, and make improvements.
Gen Z is eager to learn. A study by the London School of Economics shows that this forward-thinking generation wants to gain the practical skills necessary for their future careers. But what specific skills will Gen Z leaders need to drive change in the world?
Bold Creativity
In a rapidly changing world, the ability to come up with new ideas and create in completely innovative ways is crucial. By developing brand-new concepts, Gen Z will be able to address and solve major issues. This is especially important for future leaders, says Nana Salin, Director of Alternative Funding at Aalto University Executive Education and Professional Development.
“Bold creativity involves creating a future that isn’t limited by past traditions. For businesses, the goal is to unlock new potential, regardless of their field. The best part is that anyone can develop this skill,” she explains.
Generative AI, a technology that Gen Z is quickly adopting, will be a valuable tool in this effort. Ville Eloranta, a senior lecturer at Aalto, believes that “generative AI isn’t about replacing human creativity but enhancing it. We should view generative AI as a creative partner that can generate new ideas by analyzing vast amounts of data and identifying trends that humans might overlook.”
By learning and applying bold creativity, and using tools like generative AI, Gen Z will be well-positioned to make a positive impact on the world.
Critical Thinking
New entrepreneurs often ignore wise financial advice in pursuit of their dreams. While optimism is important, a realistic outlook and the ability to critically evaluate their own decisions will benefit Gen Z.
Research by emlyon business school and ESC Clermont Business School found that many entrepreneurs experience anxiety due to poor financial results but often ignore warning signs to continue with projects that have little chance of success. These entrepreneurs try to overcome poor performance by making unrealistic sales forecasts and enduring financial difficulties, believing they are showing an “entrepreneurial spirit.”
Professor François-Regis Puyou of emlyon emphasizes that financial figures are crucial and should not be overshadowed by hope or stories of successful comebacks. He suggests that entrepreneurs remain objective and assemble diverse teams to provide balanced perspectives, helping to avoid pursuing doomed ventures.
Fortunately, innovative thinking is becoming more integrated into education. Bradford School of Management’s MBA in Innovation, Enterprise, and Circular Economy, the world’s first and only MBA focused on the Circular Economy, teaches students how to use resources and energy more efficiently and recycle products and materials. This program is built on the belief that technological and environmental literacy will be essential for future business leaders. For those highly skilled in technology, Bradford offers an MSc in Applied Artificial Intelligence and Data Analytics.
Avoiding Burnout and Boredom
Finding ways to avoid burnout and boredom at work will help Gen Z maintain consistency, especially as many full-time workers find their jobs boring, frustrating, or stressful.
Research indicates that the blending of work and personal life has increased stress levels, with Google searches for “signs of burnout” spiking by 24% in early 2021. Burnout not only affects workers’ mental health but also costs the U.S. economy over $500 billion annually and leads to 550 million lost workdays each year.
Professor Lotta Harju of emlyon business school studied more than 2,700 workers in Finland and the UK over 18 months and found that around 50% experienced boredom or exhaustion. These feelings often worsened over time due to demanding job requirements.
To prevent burnout and boredom, Gen Z should advocate for the reduction of unnecessary corporate processes that hinder productivity. Managers should also be vigilant for signs of burnout and boredom, ensuring that workloads are manageable and tasks are engaging to improve overall workplace well-being.
Mastering Digital and Technological Skills
In today’s highly digital world, Gen Z must become proficient in digital tools, social media marketing, and emerging technologies like AI and blockchain to lead the future with innovation and agility. These skills can unlock new opportunities and even create entirely new industries.
Data analysis, programming, applied statistics, and artificial intelligence (AI) are so critical in our technological era that NHH Norwegian School of Economics has launched a new bachelor’s degree in Business, Economics, and Data Science. This program allows economics students to specialize in technology, reflecting the ongoing innovations in the business world. “The skills taught in this program are in high demand in today’s business world, and our goal is to provide students with a solid foundation to address current and future challenges,” says Øystein Thøgersen, the Rector at NHH.
Navigating a Multigenerational Workplace
Learning to work effectively in age-diverse workplaces is more important than ever. “This is the first time in history that we’ve seen so many generations working together,” says Lily Bi, president of accreditation body AACSB International, in the Financial Times. “But schools are also seeing more students from different generations in the same classrooms. This can only help students develop the interpersonal skills needed to navigate a multigenerational professional environment.”
In response to this need, courses are emerging that address generational differences and support intergenerational communication in business. At BI Norwegian Business School, staff noticed this trend, leading Professor Øyvind Kvalnes from the Department of Leadership and Organizational Behaviour to teach an executive education course on intergenerational communication and leadership.
Strong Communication Skills
In a world that is increasingly connected and communicative, Gen Z will need to develop strong leadership, teamwork, and communication skills. While they are comfortable interacting in fast-paced digital environments with brief and informal communications, their in-person and long-form communication skills have been found lacking, with 70% of business leaders highlighting poor communication skills in this generation.
Reflecting this, INSEAD’s executive education offers courses in Leadership Communication with Impact, which focuses on effective communication in professional settings. Their flagship Lead the Future executive education program, launched in March 2023, teaches “macro leadership,” or how to influence people you don’t directly work with to achieve change, says Charles Galunic, Professor of Organisational Behaviour Responsibility at INSEAD, in Poets & Quants.
“If you’re in charge of hundreds or thousands of people, you can’t speak to each one individually,” Galunic continues. “But you have to impact their lives and how they work. Knowing how to orchestrate that is a process where you shape the context that shapes behavior, ultimately leading to the outcomes you want as a leader.”
Shaping the World
Gen Z is poised to make a significant impact on the world, and in many cases, they already are. The more they refine their skills, the faster they will shape the world into what they envision.
