According to a recent report from NAB titled Rethink Success, Australian Gen Zs are entrepreneurial and see creativity and taking risks as key drivers of success – particularly in the workplace and their careers.
While other generations define success by being happy, having good family relationships and personal wellbeing, the younger generation are underpinned by a desire for personal fulfillment, passion, learning and wanting to make a difference in the world. The research reveals they’re more willing to be creative and take risks to get there.
In an age of innovation and disruption, this is an important insight for the Australian startup community – as we see more young entrepreneurs starting their own businesses. For existing businesses, these insights are powerful when considering how to recruit and engage this generation as they enter the fulltime workforce.
There are many reasons why Gen Z’s will drive innovation, and why Australian businesses should embrace the skills and attributes of the younger generation:
1. Creativity and taking risks is a must
Gen Z’s must-have attributes for a successful person are different to other generations. They think being creative and willing to take risks is important. With increasing global competition, greater creativity will help business differentiate from competitors and cut through the clutter.
2. Definitively Digital
Technology is the key driver of innovation, underpinning opportunities for businesses of all sizes in the 21st Gen Z are more likely to believe the road to success should be digital or social, and are embracing new technology as it happens, presenting a great opportunity to for businesses to keep up with, and adapt to, change in the digital era.
3. Always willing to learn
Gen Z has a desire to be constantly learning new things in their jobs, and is passionate about up-skilling and expanding their knowledge. With curiosity and this hunger for knowledge, Gen Zs drive business growth by continually looking for ways to improve it, continuously adapting to face their market.
4. They’re high achievers
Gen Z are more focused than other generations on a feeling a sense of achievement, having a purpose and being agile – traits they believe to be essential in building success. Businesses finding ways to harness these attributes have a huge opportunity.
5. Gen Zs rank working hard as the top attribute of a successful person
Gen Z believe in working hard to be successful and will put in the effortto succeed. With a strong work-ethic and determination to achieve their goals, Gen Z’s can provide a wealth of resource to help businesses succeed and flourish.
There is a further opportunity for startups to disrupt and innovate within the Australian market as Gen Z’s start to enter the workforce. In a fast changing society it is crucial that businesses acknowledge and embrace the younger generation – allowing them to cut through the clutter and become relevant in a period of innovation and disruption.
Leigh O’Neill is the Executive General Manager, Business Direct and Small Business at National Australia Bank.