According to the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC), the digital-savvy young generation Z – people born between the second half of the 90s and the second half of the 00s – is the main catalyst for change in business, but as to the role of business itself, there are great doubts.
According to a joint survey of about 9,000 young people 18- to 25-year-old, the main fears of this generation are for job security, well-being and mental health. Not surprisingly, these fears were shaped by unique global catastrophes, including natural ones. All respondents generally agree that business has a positive impact on wider society (69% believe so), but Generation Z representatives also believe that there is room for improvement for business. They expect this from the leaders, but do not see it yet.
Today's young people find their accounting careers attractive because they offer long-term prospects, opening access to work in various industries and geographic locations, but at the same time clearly questioning the integrity of management. Young people believe that business leaders put returns of investors higher, rather than caring for customers and employees. At the same time, when they get a job in a company, they themselves become employees and expect management to make changes according to their needs (otherwise they are consumers, customers, and also expect to be treated according to their needs).
In addition, despite all the public statements of environmental leaders, just over a third of respondents (39%) believe their words and that business does make a significant contribution to preventing irreversible climate change, and this topic is of fundamental importance because they live in this world.
ACCA and the International Federation of Accountants believe that the findings of the research should be taken into account by employers regardless of the industry, as the voiced requests are universal. This is especially true for the accountancy profession in terms of creating the long-term sustainable value for organizations they work for, while acting in the interests of the general public.
“This 18–25-year-old age group of Gen Z is smart, connected, ambitious yet realistic – but they have concerns about the future and how business operates,” said Helen Brand, chief executive of ACCA. “What we see from this research is young people at the outset of their accountancy careers keen to play their part in economic renewal. They’ll bring their talents and aspirations into the workplace and, through them, transform the future of the accountancy for the modern world. Employers of all sizes need to be aware of this generation’s hopes and ambitions and the value they can bring.”