Sector News

68% of Gen Z workers would take an unwanted job for good pay: Report

April 20, 2024
Diversity & Inclusion

Being able to understand and work with Gen Z employees is a requirement for any CFO who envisions long-term growth. Finance leaders should be prepared to deal with young professionals who have graduated into an economically harsh, technology- and social media-driven environment.

Gen Z, those born between 1997 – 2012, are slowly taking a closer look at accounting careers, according to recent data from the job platform, Handshake. The survey found about 2.5% of Class of 2025 bachelor’s degree students on the platform are majoring in accounting, up from 2.1% of the Class of 2023.

Young accounting prospects face career barriers to entry that, while ensuring the integrity of the profession, have also resulted in a decline in matriculating talent. When considering new research from Gen Z consulting and research firm dcdx, these factors will deter young people from pursuing accounting and further exacerbate the shortage among qualified professionals.

Dcdx research found that Gen Z is looking for compensation relative to their costs of living. Since those costs have been increasing due to persistent high inflation, a career in finance and accounting, although not the most desirable to many Gen Z’ers, may be an answer to their problems. Dcdx data found that 68% of Gen Z workers said they would accept a job they didn’t like in exchange for a higher salary.

A desire from younger workers to earn high salaries early in their careers is a desire based on needs and not wants, data suggests. When asked about the main reasons for compensation increases, 31% said to pay for all their bills and expenses and 25% said to save money for the future.

Why Gen Z wants a raise
Younger employees want more money to combat rising prices and make ends meet, according to dcdx data.

While a fifth (20%) said they want to feel properly compensated for their work, presumably feeling underpaid, the desire to earn more to upgrade their lifestyle isn’t prevalent. Only 10% said they want more money to “splurge on things.”

Professional purpose and happiness
Happiness and purpose at work are elements that both reports credit as important to Gen Z workers when it comes to workplace connection and longevity.

Accounting job ads increasingly mention social impact
Over the past few years, more accounting roles have mentioned how their employees can have a social impact through their work, presumably to attract Gen Z candidates.

According to dcdx research, 36% of Gen Z employees said they would be happier if they had a feeling of purpose from their work. Those looking for accountants may already be aware of this, at least slightly according to Handshake, whose data projects a 6% rise in accounting roles mentioning social impact keywords in their job posts.

This, Handshake suggests, may make their role more appealing to a worker looking to find purpose within their accounting duties.

Flexibility and work-life balance, something CFOs have credited with the expansion of their personal and professional lives, is another extremely important factor to Gen Z workers.

The most important element of work environment flexibility is the autonomy to choose work days. While those surveyed were somewhat split, the most popular answer was the ability to choose the days on which they worked (37%), followed by choosing the hours worked (33%) and work location (25%).

With initiatives like a four-day work week and the controversial push for right-to-disconnect laws in the realm of possibility, desired workplace flexibility, at least to Gen Z standards, may be more than just a pipe dream for entry- and mid-level workers.

by Adam Zaki


comments closed

Related News

May 17, 2024

How to create a formula for owning the inclusive leadership journey

Diversity & Inclusion

Many are still searching for practical solutions to excel as inclusive leaders. Approaching the solution from a formulaic perspective can be empowering. So, what exactly would a pragmatic formula for excelling in inclusive leadership include? This article will explore and provide insights into crafting a personalized formula to support growth as an inclusive leader.

May 11, 2024

Job security, work-life balance remain biggest challenges for women in revenue-generating roles

Diversity & Inclusion

Women in revenue-generating roles — such as sales, marketing, revenue operations and customer success — pointed to job security as their top challenge amid a tight economy, elevating it over compensation concerns, according to a May 2 report from Women in Revenue.

May 4, 2024

No longer ‘en vogue’? What to do when DEI has fallen out of favor

Diversity & Inclusion

Beyond compliance, workplace culture is experiencing a shift: Diversity is now a dirty word, seemingly, in corporate social responsibility reports, and some HR experts have told Monster that DEI is the first to go when budget cuts are on the table.

How can we help you?

We're easy to reach