The influential Eurasia Group ranks Generation Z as No. 9 on its list of the 2023 top 10 risks.
As the first generation with no experience of life without the internet, Gen Z “has both the ability and motivation to organize online to reshape corporate and public policy, making life harder for multinationals everywhere and disrupting politics with the click of the button,” according to an essay by Eurasia chairman Cliff Kupchan and president Ian Bremmer.
Gen Z grew up as America’s post-Cold War dominance waned and experienced formative historical events such as the 2008 financial crisis, Arab Spring, Brexit, Trump’s election, Black Lives Matter movement, MeToo reckoning, mass shootings in the US, COVID-19 and the Russian invasion of Ukraine.
“The result is a generation radicalized by the turbulent nature of its times and the failures of leaders and existing institutions to respond,” wrote Kupchan and Bremmer. “Gen Z has broader expectations, demands and policy impulses than its predecessors, including a marked distrust of institutions and traditional channels of political change and economic achievement.”
As the most racially and ethnically diverse generation in western history, Gen Zers are “more aware of systemic racism, gender issues and economic inequality—and they accordingly lean heavily progressive.”
Gen Z will account for 27 percent of the global workforce by 2025, and push companies to “incorporate fundamental changes in how they recruit, organize, retain and develop talent; foster genuine diversity and inclusion; and reevaluate their social, political and environmental impact.”
Companies will be forced to take sides in political and geopolitical debates, whether they like it or not, according to Kupchan and Bremmer.
Baby Boomers just can’t catch a break. My generation has long been castigated for sticking around their jobs for too long, blocking career advancement for Gen Xers and Millennials.
Boomers delayed retirement to build up nest eggs needed to eventually fund their “Golden Years.”
The pandemic changed all of that.
The Bureau of Labor Statistics reports that labor participation rates for Americans aged 18 to 64 have rebounded to pre-pandemic levels.
The 65 and up crowd is the only segment that has not rebounded to the early 2020 levels.
About 900K “oldies” are missing from the work force due to what Fed chair Jerome Powell called accelerated retirements.
Those missing workers have contributed to the labor shortages that force employees to jack up wages, fueling inflation.
Blame it on the Boomers.
Bring in the ESG experts. A Morningstar Sustainalytics report finds that 61 percent of companies plan to hire outside consultants to address their environmental, social and governance concerns.
The respondents said dealing with “E” issues will be the top concern for 2023 as managing carbon emissions is the No. 1 priority for 84 percent of respondents.
The top “S” and “G” issues are occupational health and safety (58 percent), human capital management (51 percent) and human rights (48 percent).
ESG will offer plenty of opportunities for PR firms.