GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY - ACCA Global
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GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY
GROUND-BREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY THIS REPORT EXPLORES THE ASPIRATIONS OF THE YOUNGER GENERATION (GEN Z) AS THEY ENTER THE WORKPLACE, IN THE CONTEXT OF A RAPIDLY TRANSFORMING WORLD OF WORK. Building on ACCA’s global research programme, it includes a survey of over 9,000 responses across the globe from 18–25 year olds, further supported by employer roundtables and third-party research. It examines how the ambitions of younger people will help shape the next generation of work, discusses the strategies organisations should be adopting to help this generation thrive and provides advice for Gen Z themselves in navigating their careers in the next decade of work opportunity.
About ACCA About IFAC
ACCA is the Association of Chartered Certified Accountants. We’re a IFAC (the International Federation of Accountants) is
thriving global community of 227,000 members and 544,000 future the global organization for the accountancy profession
members based in 176 countries that upholds the highest professional dedicated to serving the public interest by strengthening
and ethical values. the profession and contributing to the development of
strong international economies.
We believe that accountancy is a cornerstone profession of society that supports
both public and private sectors. That’s why we’re committed to the development Comprised of over 180 members and associates in 135 countries
of a strong global accountancy profession and the many benefits that this brings and jurisdictions, IFAC represents more than 3 million accountants
to society and individuals. in public practice, education, government service, industry,
and commerce.
Since 1904 being a force for public good has been embedded in our purpose.
And because we’re a not-for-profit organisation, we build a sustainable global Over four decades, IFAC has represented the global profession
profession by re-investing our surplus to deliver member value and develop the and supported the development, adoption, and implementation of
profession for the next generation. international standards that underpin the contributions of today’s
Through our world leading ACCA Qualification, we offer everyone everywhere global accountancy profession. IFAC has maintained a long-term
the opportunity to experience a rewarding career in accountancy, finance and approach to building and strengthening a global accountancy
management. And using our respected research, we lead the profession by profession that supports transparent, accountable, and sustainable
answering today’s questions and preparing us for tomorrow. organizations, financial markets, and economies.
Find out more about us at www.accaglobal.com More information is here www.ifac.org
© 2021 Association of Chartered Certified Accountants
April 2021
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
ACCA Foreword
After an extraordinary year, the challenges we all face as we look to rebuild our lives in the aftermath
of a global pandemic cannot be underestimated.
Beyond the immediacy of driving recovery from a health emergency, work changes, this smart, connected, ambitious yet realistic generation
longer term political and social challenges must continue to be will enter the profession, exploring their career ambitions and building
addressed and collectively we must continue to respond to the climate a wide range of finance and business skills as a platform for future career
crisis, the defining issue of our age. While the next few months will success. This report, jointly undertaken by ACCA and IFAC, examines
remain difficult across the world, it is important that we also focus on those aspirations, seeks to understand the enduring appeal of the
hope and turn our attention to the opportunities that lie ahead when accountancy profession to younger people, as well as exploring the
it comes in rebuilding the global economy. As ever, we believe the views of Generation Z on a wide range of business and work-related
Helen Brand accountancy profession will play a critical role in this journey to a issues. The report also shares insights and advice from organisations
Chief Executive, ACCA brighter future, helping address major challenges, driving future around the world on the strategies businesses should be looking to
prosperity and delivering public value. adopt to best harness the talents and capabilities of this next generation
in the workplace. It also provides valuable guidance for young people
Looking forward, young people at the outset of their careers are in forging their own careers as work transforms. Through this joint
a key part of this story of renewal. They will bring their talents and publication, we hope to play an active part in ensuring that young
aspirations into the workplace and, through them, transform the future talented people everywhere have the opportunity to pursue their
of accountancy for the modern workplace. As the world of career dreams and thrive in the workplace of tomorrow.
4
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
IFAC Foreword
Shaped by economic crises, the current climate emergency, and most recently the global pandemic,
Generation Z is coming of age during a very difficult and challenging period in global history.
Seeking to be defined not by these challenges, but by their creativity with and advancement of the Generation Z workforce will be critical
and commitment to a more equitable and just world, the older members to success. Likewise, ensuring communication of the breadth of
of Generation Z’s who are just entering the workforce have sought to opportunities the accountancy profession offers to young professionals
chart their own course. Independent, resourceful and multi-dimensional, eager to shape the world around them will be key.
this emerging generation of professional accountancy thought leaders
has embraced their role and lent their voices to securing our global Whereas previous generations have seen the profession gradually shift,
economy, society and planet for future generations. Generation Z accountancy professionals will see a transformation of
the role and value of the accountancy profession. The coming years will
Kevin Dancey
Leaders of Professional Accountancy Organizations (PAOs), global bring with them the promise of accountancy professionals as trusted
Chief Executive Officer, IFAC
network firms, and industry, not only have an opportunity to welcome business advisors, stewards of sustainable management, and experts in
this new generation of accountancy leaders into our organizations, but data and technology. This enhanced role will offer Generation Z greater
to actively learn from them. Their ability to adapt to new technologies, opportunity for professional reward and personal growth.
willingness to re-imagine the world around them, and action in
the face of adversity is not only worthy of applause, but emulation. Although no one knows exactly what the future may hold, one thing is
As organizations seek to embody what it means to be inclusive, for certain: Generation Z accountancy professionals will be ready to lead
environmentally and socially aware, and impactful – engagement us into a better tomorrow.
5
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
Survey demographics
ACCA Affiliation Region of survey respondents Gender of survey respondents
(All respondents) (Total 9,111) (Total 9,111)
4% ACCA Member n North America (2%) n Male (35%)
n Middle East (1%) n Female (61%)
n Asia Pacific (44%) n Prefer not to say (3%)
n Central & Eastern Europe (5%) n Prefer to self-describe (1%)
n South Asia (21%)
n Western Europe (13%)
n Africa (10%)
n Caribbean (0.1%)
55% ACCA Student
n Central & South America (1.5%)
4% ACCA Affiliate
Sector of survey respondents Employment or study status
(Employed only, Total 2,085) of survey respondents (Total 9,111)
n Corporate sector – large (14%) n Employed in accounting /
finance (19%)
38% Not affiliated with n Corporate sector – SME (25%)
n Studying for accounting /
ACCA currently n Accounting – large (20%)
finance qualification (53%)
n Accounting – SMPs (27%)
n Studying for non-accounting /
n Public sector (9%) finance qualification (8%)
n Third sector n Employed in non-accounting /
(charity / not-for-profit) (5%) finance role (4%)
n Not currently employed /
not currently studying (16%)
6
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
cite personal say their peer
of respondents
58% cite job security
as a key concern
51% well-being and
mental health 81% group value
higher pay and a
as a worry prestigious job title
expect to update expect to have
expect to move multiple careers
57% 91% 64%
their capabilities
role within continually to in different
two years remain employable disciplines in
in the future the future
think the say they are
opportunity to worried about think a great
47% develop a broad
range of skills is the
key attraction factor
57% the impact of
technology on their
own job opportunities
48% work-life balance
is a key attraction
factor for employment
for accountancy in the future
7
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
Employer roundtables
What is the view of organisations around the world on how best to harness the potential of Gen Z in the workforce? We held roundtables in
different global locations and invited employers as well as Gen Z representatives themselves to come together to discuss the opportunities the
youngest generation bring to the workplace today.
Roundtable locations:
ASEAN Nigeria
ANZ Pakistan
Canada Russia
Caribbean Kazakhstan
China South Africa
Ghana Tanzania
Hong Kong SAR UK
India USA
Kenya Zambia
(In addition to these, we also held two ACCA Global
Forum meetings to gather further insights).
8
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
Key words from
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accountanc y South visual l
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transparency
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9
GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | FOREWORD
10GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
Executive summary
In the wake of an extraordinary 2020, what does our survey of 9,000 Gen Z respondents tell us about the issues that give
them most concern right now, how may these be influencing what they want from their careers, as well as what attracts
them to organisations, and their view on business and the impact of COVID-19?
We also summarise the implications for employers with 2. Gen Z prize organisations that provide them with 3. Gen Z are an ambitious group, those already in
insights drawn from roundtables around the world on how opportunities to acquire skills and a good work-life employment want progression fast, and many
they may best harness the potential of Gen Z, and we balance. Job insecurity may be their biggest concern, expect to have career portfolios. Across the board,
share some considerations for younger people themselves but that doesn’t mean they’re intent on accepting Gen Z want career progression quickly. They see
on how they may navigate their own careers as the just any job to ‘play safe’. Our data suggests they workplace transformation all around them and want
workplace transforms. attack these insecurities with a quite different strategy, to benefit from this. For Gen Z, the workplace is fluid
seeking organisations that can provide them with and transitional, where opportunities must be seized.
Key survey highlights: continuous skills acquisition and a good work-life 60% expect to move role within two years, almost
balance, and these factors score highly when it comes 2/3 expect their next role to be a promotion and half
1. For Gen Z, it’s personal, with worries on job
to satisfaction with employers for those Gen Z already are eyeing an external move. It seems they are quite
security and well-being highest. Generation Z
in the workplace. But other key attraction factors happy to take their talents elsewhere if they believe
are entering a disrupted workplace. At the heart of
such as high compensation, opportunities to work their needs aren’t being met. Remarkably almost
their career aspirations is the economic and social
internationally and rapid advancement are less well 2/3 suggest they expect to have multiple careers in
context they have been witness to as they come of
matched, possibly suggesting retention challenges different disciplines in the future, suggesting this is a
age, coupled with an unprecedented last 12 months,
for employers. Perhaps surprisingly the data suggests generation more open to the career portfolio.
presenting particular concerns about job opportunities
the environmental, social and ethical record of an
and security, well-being and mental health. The data
shows that personal concerns such as these rank
organisation or other issues such as the inclusive and
diverse nature of its workforce are less important in
GEN Z WANT CAREER
significantly higher for our survey respondents than
issues impacting wider society such as climate change,
the attraction stakes. This again could be a reflection PROGRESSION QUICKLY.
and inclusivity and equality. It’s possible that these
of the pandemic and a possible (all be it temporary) THEY SEE WORKPLACE
issues have been temporarily moved down the priority
reordering of priorities.
TRANSFORMATION ALL
list given the severe personal challenges presented by
COVID-19.
AROUND THEM AND WANT
TO BENEFIT FROM THIS.
11GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
4. The digital natives see tech opportunities but 6. A career in accountancy is seen as attractive and 7. Gen Z views across sectors are significantly
worry about their own jobs. The generation raised a gateway to opportunity. Today there is a brilliant different. Analysing our data by sector, it’s apparent
on digital and social media are unsurprisingly opportunity for the profession to rethink and to there are marked differences in views expressed
comfortable with technology and see a future world build on its strong heritage as a qualification for by Gen Z working in different sectors. Lack of job
of work that is connected and transformed through business. Overall our data suggests that Gen Z believe opportunities / job security is cited as the greatest
it, mostly on the upside. Most expect technology to the profession is attractive as a career providing concern by those respondents in smaller accounting
impact entry level roles in accountancy but also see long term prospects, and it’s seen as providing a firms, the public sector and the charity / not for profit
the benefits to the accountancy profession to focusing portable qualification that enables careers to span sector, but its personal well-being and mental health
on higher value work. They understand that smart internationally and across industries. But more tellingly, for those in larger accountancy firms and those in the
technology will continue to change what type of work messaging on the broader contribution accountants corporate sector. This is a particular issue in larger
is done, where it is done, and how it is delivered. can make may not always be clearly understood. Only accounting firms as respondents are much more likely
Yet they’re also a generation that has been hard hit a minority of respondents see accountants working to cite poor work-life balance as a career barrier.
economically over the last 12 months and as they have in business as playing a leading role in reporting Differences also prevail in what attracts individuals
come of age they have witnessed technology being on sustainability issues or creating business value into the profession by sector, with those in the public
adopted at scale and replacing jobs. It’s no surprise, that impacts wider society. Just over 1/3 suggest sector citing opportunities to acquire a professional
then, that they have concerns over the impact of accountants play a “leading role” in ensuring the qualification as the number one priority, but for those in
digital tech on their own job opportunities. ethical governance of business. There are more the larger accounting firms this is not even in the top 5
opportunities for the profession to message the priorities. There is also a question as to whether smaller
5. Gen Z express doubts on the role of business. attractiveness of the profession and how accountants organisations and the public sector have a greater
Respondents to our survey trust that businesses can make a real difference to wider societal issues. retention issue, with respondents in all these sectors
are using technology developments to improve much more likely to suggest their next move is external
the workplace, and whilst they see organisations compared to respondents from larger businesses.
focused on maximising return for investors, they are
less sure about the extent to which businesses are
prioritising customer needs and taking care of their
employees. Less than half agree that business leaders
OVERALL OUR DATA SUGGESTS THAT GEN Z BELIEVE
have integrity and do what they say, and less than THE PROFESSION IS ATTRACTIVE AS A CAREER
2/5 agree businesses contribute to fighting climate PROVIDING LONG TERM CAREER PROSPECTS,
change. Some of these issues have garnered greater
focus since the onset of the COVID-19 pandemic, and
AND IT’S SEEN AS PROVIDING A PORTABLE
it does suggest longer term in the minds of younger QUALIFICATION THAT ENABLES CAREERS TO SPAN
people the image of businesses in some aspects INTERNATIONALLY AND ACROSS INDUSTRIES.
remains to be improved.
12GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
OUR SURVEY RESULTS ARE CLEAR. GEN Z ARE
WORRIED ABOUT THE FUTURE, THEY CITE
WELL-BEING AS A MAJOR CONCERN AND
THEY’RE ATTRACTED TO ORGANISATIONS
THAT SUPPORT THEIR MENTAL HEALTH AND
OFFER A GOOD WORK-LIFE BALANCE.
13GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
Employer strategies: Harnessing the potential of Gen Z
#1 Tap into their digital mastery #3 Use social to recruit and recognise #5 Focus on well-being
Powerful stories have emerged through our discussions the power of peers Our survey results are clear. Gen Z are worried about the
of how Gen Z employees have already made their Organisations increasingly tap into social channels such future, they cite well-being as a major concern and they’re
mark on the organisations in which they work through as TikTok, Snapchat and Instagram to engage Gen Z, attracted to organisations that support their mental health
leveraging their technology know-how to attack particularly as part of recruitment strategies. From promoting and offer a good work-life balance. It’s an unsurprising
business problems differently or rapidly create solutions. internship opportunities to using social in gamification finding given the extraordinary impact of COVID-19
Organisations are focused on creating new roles too that recruitment activities or providing “fly on the wall” snippets over the last year. Remote working may be a particular
are tech-focused as their businesses change, and astute that showcase the fun side of the employee experience, challenge to younger people in the workforce, often
enterprises are seeing Gen Z as fantastic ambassadors these channels to market provide businesses with new ways domestic arrangements may not be ideal for working
and early adopters to encourage the rest of the business to showcase their brand and garner Gen Z interest in their virtually, or they may live alone and feel isolated with the
to use digital. organisation. Employers state how it’s crucial to understand lack of social engagement. It’s critical for organisations to
that Gen Z are the most connected generational cohort so rethink their employee engagement strategies and ensure
#2 Think “intrapreneurship” peer–peer influence is huge. Beyond social media, activities they have appropriate resources in place to help address
such as using Gen Z ‘brand ambassadors’ who are authentic concerns for their younger employees who may face
Whilst job security is a clear priority for young people,
and believable on University campuses to encourage peers particular challenges.
it’s clear from our conversations with employers that
Gen Z have a natural entrepreneurial flair. Organisations to be interested in organisations can pay dividends.
cite the obvious benefits of creating a culture where #6 Marry up organisation purpose
young people can bring their entrepreneurial thinking #4 Be authentic and listen with individual development needs
and capabilities to fruition within the relative safety of The great experiment in home working has given further When attracting Gen Z to the organisation, employers
an organisation. Working within an established business resonance to the notion of ‘bringing your whole self to work’. stress the importance of articulating what the organisation
and using interventions such as “innovation hubs” or There’s a real sense from our discussions with employers stands for, its purpose and impact on wider society. Gen
“sandboxes” to allow their ideas to fruition and take that Gen Z value authenticity and see it as a key factor in Z are keen to understand how the organisation makes a
managed risks gives Gen Z countless opportunities to making initial decisions about joining an organisation. But difference and what their contribution could be to the vision
demonstrate their different thinking and come up with authenticity plays out at different levels, from leadership of the enterprise. With Gen Z attracted to organisations
new solutions to existing business problems. There’s an approachability to a culture that values the opinions of all that can offer security through long term career prospects,
organisation benefit too, with intrapreneurship thinking employees, irrespective of grade. Gen Z want their voice to strengthening these relationships with interventions that
helping create a culture of more effective change be heard but also they want to understand what is in it for particularly support career development such as regular
management, as well as driving better engagement. It them. Developing interventions that actively ensure Gen Z career conversations or access to mentors can be powerful
may also help organisations talent spot their future stars. have access to all generations in the workplace, particularly and are made ever more relevant in a world of work
organisation leaders, affords more specific interventions where future career paths are less obvious. Identifying
such as reverse mentoring, and the benefits flow both ways. opportunities for Gen Z to grow in a way that caters to their
This affords learning benefits to leaders and gives them uniqueness is vital to engagement and retention.
new opportunities to look at business issues from a different
perspective. It’s a learning journey for all involved.
14GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
#7 Create collaboration opportunities #9 Give continual feedback
across the workforce Creating a culture of continual feedback and ‘The importance of technology in the workplace
is critical for the retention of the Gen Z talent.
Gen Z want to acquire new skills and progress their careers acknowledgement is essential in engaging Gen Z.
They want to be in progressive organisations that
fast. They want to be part of the ‘bigger picture’, and Growing up in a world of instant communication and
are enabling all of the employees with the latest
make a difference quickly. Employers cite the way Gen Z rating opportunities through digital, it’s no surprise
technology to deliver on their jobs. And [I found] the
consistently question how things can be done quicker, that employers in our study state the value of frequent
investment in technology is producing dividends,
better and more efficiently, but also suggest that doing feedback, particularly with remote working and the
where you can use technology to create a space for
the crucial ‘hard yards’ of training remains as essential as absence of in-person feedback. Identifying new ways of Gen Z to perform in a transparent way.’
ever in build those workplace capabilities. Creating recognising exceptional performance and sharing with Global Forum roundtable participant
opportunities for Gen Z to bring their talents to work and peers and across the organisation, as well as articulating
collaborate particularly on project work across functions, what their specific contribution can be, is essential to
disciplines and generations brings multiple benefits: it motivation. It’s also really powerful for an organisation ‘They start dealing with customers on technology,
helps generate new and innovative solutions, supports the to visibly demonstrate how they have listened to Gen Z and helping customers to change their ways of
development of a more energised and committed feedback by implementing ideas that help shape future working, and they’re respected for their skills.’
workforce, and critically fosters inter-generational learning strategies and policies. Global Forum roundtable participant
opportunities. Gen Z will naturally connect quickly with
their own peers when they join an organisation. But these #10 Rethink learning: short and visual ‘Technology is like an extension of themselves.
interventions will also help build relationships across other When sourcing learning opportunities, Gen Z are the It’s a given. So Gen Z’s intolerance for organisations
groups of the workforce at speed. natural self-curators, using the technology in their that do not adopt technology is significantly higher.’
hands to access information and knowledge at speed. ASEAN and ANZ roundtable participant
#8 Reward on outcomes not inputs In some circumstances they may be more inclined to a
Employers contributing to this study were clear that three-minute YouTube video than an in-depth tutorial,
‘They are disruptors, in a positive way, they come
to engage Gen Z effectively, its essential to focus on and technology is opening up new blended learning
in with different expectations, especially around
outcomes and the results achieved, rather than hours opportunities to deliver just-in-time interventions.
the adoption of technology.’
spent on a task. This is not a generation who naturally Employers also cite how ‘visual’ this generation is.
Canada roundtable participant
think ‘nine to five’, and the great experiment in working Mobile learning opportunities and new learning platforms
from home as a consequence of the pandemic has further continue to evolve, and everything from gamification
blurred the lines between our work and personal lives, to simulation, and Augmented and Virtual Reality are ‘I think the challenge will be…how we can ensure that
and specifically when and where work “gets done”. Aided becoming staple offerings for employers that understand the training that we give prepares them to become
by technology, employees switch ever more seamlessly how Gen Z want to acquire knowledge and learn. Peer-to- advisers in the end, because [that is] the missing bit…
between work responsibilities and personal activities at peer learning opportunities are also powerful. they’re not going to be going through the hard yards
the swipe of an i-phone screen, and in today’s “workplace” that we perhaps did. We’re focusing a lot more now
the concept of ‘presenteeism’ is obsolete. Employers on giving extra training in commercial [aspects].’
cite use of new technological developments to enable Global forum roundtable participant
more immediate feedback as well as continually tracking
outcome-based measures.
15GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
‘I think employers must be able to offer more ‘For Gen Z, you need to elevate the relationship from ‘Sometimes it requires just listening…and if we
opportunities and be able to offer much more financial a superior-subordinate one into one of partnership. really want this group to be a part of the organisation,
stability, especially in a situation where they’ve gone Encourage them, mentor them, help them explore and we’re going to have to break down those barriers.’
through COVID-19 and seen people lose their jobs discover what they want. We need a different mindset Caribbean roundtable participant
in blink of an eye. How are we as employers able to ourselves to build a sustained and stronger relationship
offer them something that is more financially stable with our Gen Z talents.’ China roundtable participant
and more challenging to them as a generation?’ ‘And what I was seeing over time is they became
Ghana roundtable participant much more appreciative of their contribution, and
‘They want their voices to be heard. They want to also appreciative of our leadership as acknowledging
contribute. And if they believe their voices have their presence.’ Global forum roundtable participant
‘We are trialling a new approach we call the ‘School been ignored, they will be demotivated, and they will
Run’, where we de-emphasise the reporting hierarchy disengage.’ ASEAN and ANZ roundtable participant
and form leaderless cross-functional project groups. ‘Leadership is now tested in a different way, to achieve
The focus is on alignment between individuals’ goals a positive outcome with teams that are operating
with the organisational goals. We set the boundary, ‘Gen Z are looking for the instructors in the remotely requires a significant culture shift. As a leader,
and as long as they operate within the boundary, organisation, and that really attracts them, they need there is a need to manage that shift in an environment
there’s a lot of freedom and flexibility. This promotes to have a big voice in the organisation. So from that where physical interaction is limited or non-existent.’
trust and confidence.’ perspective, the organisation must have big ears too.’ Tanzania roundtable participant
China roundtable participant Pakistan roundtable participant
‘[They] expect easy access to senior leaders of their
‘I think painting the vision of what the practice ‘If we could do anything to retain them and to organisations, a mutual level of respect and to be
is going to be in five years’ time and how they attract them, then we would need to understand on same level. Rather than reverse mentoring, they
can take the different pathways [is important].’ listening skills.’ Canada roundtable participant respond well to reciprocal mentoring.’
Global forum roundtable participant UK roundtable participant
‘We “like” and leave comments, recognising each
‘I think the areas around…mentorship, and really other’s viewpoints and show appreciation for good ‘Due to remote working and many other things
bringing them along, giving them internship work. We expect the organisation to practice the same around the work environment has changed, the way
opportunities, remain critical into the future, particularly positive culture in the workplace. Gen Z wants to be we used to socialise, (the way we need to make) a
in the African context where unemployment remains heard, we want to stand out and not just fit in. The world safe workplace….so the culture of doing things is
[high].’ Global Forum roundtable participant has changed. Success is no longer about who has the something that we quickly have to (change).’
most experience, but whoever has the best idea wins.’ Kenya roundtable respondent
Gen Z survey respondent
16GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
‘It’s putting management in a position to now have ‘Can we offer our people a day job that gives them ‘Although they have expertise on the technology side,
to rethink the way that you interact with employees stability and flexibility to do other things on the side they’re really missing developing key skills that I think
throughout the organisation. And it also poses a that fulfil their passion and purpose? If we are willing they’re going to need to continue and grow and be
unique challenge to organisations that have been to do that, I think we will have many more employees successful in any path they choose, you know, in their
accustomed to doing things a particular way.’ who will derive more satisfaction with their work and life.’ USA roundtable participant
USA roundtable participant hopefully willing to stay longer in the organisation.’
ASEAN and ANZ roundtable participant
‘[Lack of] physical collaboration is probably impacting
‘From a mental health perspective they’re finding it the way they are thinking and the way they are
very challenging, because everything’s done digitally, ‘Whether the person leaves you or does not leave you, working, right? I think [managers] have to spend far
and they don’t have [a suitable] outlet. So we’re what you are creating is ambassadors that are going more time in helping them to understand how…
spending a lot of time making sure that they’re okay.’ to represent your organisation at any point in time, you work in teams.’ India roundtable participant
Canada roundtable participant whether they are with you or they are not with you.’
Ghana roundtable participant
‘Interaction among different generations within an
‘As a Gen Z, I am concerned about politics, mental organisation, understanding of [each other’s] needs
health issues, and social problems. We have been in ‘You need to have a strong Ambassador programme and wants…so that everybody understands everybody
touch with these issues through social media when for yourself. That’s why a lot of companies these days else’s needs. People [in] higher management must
we [were] growing up, so we are going to be more are creating Campus Ambassador programmes.’ make sure that they make changes in their organisation,
concerned about them.’ Pakistan roundtable participant so that [the] needs and wants of people from [all]
Gen Z survey respondent generations are met.’ Pakistan roundtable participant
‘[There is a] heightening importance for pre-start – we
‘We have to be clear about the purpose of the firm: do listening forums with all new starts with their exec ‘We’ve now gone towards projects [that involve Gen
What our mission is; how we are making an impact on sponsor. A warm embrace from the day they accept Z]. I think that that’s probably the biggest change
our people, on the society. And we don’t just tell it to the offer is important.’ UK roundtable participant we’ve had in the last year…using gamification and
them: we invite Gen Z to tell us what they want to do, intrapreneurship is what we’ve done naturally anyway,
what kind of contribution they would like to make. but it’s become more [important] in the last year.’
And we make sure that we help them achieve that.’ ‘And then also, we realised because they are digitally Global forum roundtable participant
ASEAN and ANZ roundtable participant savvy, we need to invest in a recruitment software that
meets all their end to end needs, you know, whether
it’s testing or whether they need to upload content or
‘I think they like to work for a company that’s known to video, you know, if they have us a software that does
be ethical, that has a strong guiding sense of purpose that, for them, the you know, they’ll be attracted to, you
[and] that knows what it wants to be today and in the know, to work for you.’ Kenya roundtable respondent
future.’ Global forum roundtable participant
17GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
‘I think for young people to progress, they need ‘They expect immediate feedback as compared to ‘Education is more accessible now than ever before.
leaders, they need mentors, they need role models, traditional Performance Management systems; they For instance, [the] majority of Gen Z have been
and actually, through their collaboration, and through do not want to wait till end of year [for a] performance educated by the ‘School of YouTube.’ Gen Z
attending meetings with clients, they see how assessment…We need to also start training our leaders ASEAN and ANZ social media campaign winner
situations are handled, they see how difficult situations and supervisors to be agile in their approach [with]
are handled. You can’t learn those type of skills over… Gen Z.’ Ghana roundtable participant
a zoom call.’ Global forum roundtable participant ‘We have 21st-century learners taught by 20th-century
teachers in 19th-century classrooms. As [academics],
‘[Employers should] break a project down into smaller we are trying to solve the challenge of students
‘Gen Z work based on an outcome. And if they agree tasks and provide feedback for every milestone who may not want to take on an entire spectrum of
to produce that outcome in depth, then performance achieved.’ Hong Kong roundtable participant academic programmes based on a very fixed duration.
evaluations are completely outcome driven.’ So, we are looking at micro-credentials, basically
Global Forum roundtable participant unbundling each module, where each course becomes
‘We’re just talking to someone else the other day a stand-alone certificate. Students can pick and choose
about micro credentialing, micro credentialing…these the subjects they like, when they want to start, and
‘What matters more for us is the outcome itself – they are things in the future, you get the basic education, when they want to finish. We call it the ‘Netflix of
just want to be given responsibility, and then they but then we have small certificates or seminars that are Education’, you can ‘binge study’ whenever you want.’
deliver it.’ Pakistan roundtable participant maybe three, four or five credits, we do an hour, maybe ASEAN and ANZ roundtable participant
a weekend thing.’ Canada roundtable participant
‘We’ve seen that the deliverable is more about the ‘They had to really look at switching out their training
outputs, the recognition is more about the outputs… programmes to where that not just what they were
whether you’re in the office nine to five, or whatever training on, but the mechanism by which it was
that might be, you’re not necessarily rewarded for delivered.’ USA roundtable participant
putting long hours in: it’s actually what you can deliver.’
Global Forum roundtable participant
18GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
Gen Z and the future of work: CULTIVATING STRONG
Navigating your own careers PERSONAL RELATIONSHIPS
INTERNALLY IS KEY TO
What would our advice be for Gen Z themselves as they are about to embark on their careers ACHIEVING STRONG WORK
and as the future of work transforms dramatically? Our discussions with employers and Gen OUTCOMES AND BUILDING
Z around the world point to consistent messages about how the youngest generation in the MANAGERIAL SKILLS
workplace can become more effective, ‘future proof’ their own careers, and realise their career AND EXPANDING A
dreams as work changes. These recommendations are particularly relevant in the face of an
NETWORK INTERNALLY.
extremely challenging global work environment over the last 12 months. These thoughts may
resonate for all employees now in the workforce, but are hopefully particularly relevant for Gen Z.
#1 Bring your tech know-how This is a real opportunity. Cultivating strong personal
In a fast-changing world of work, digital know-how is key relationships internally is key to achieving strong work
for all organisations in creating competitive advantage and outcomes and building managerial skills and expanding a
transforming their businesses. Organisations are prizing network internally. Turning the video on in a call is a great
Gen Z candidates who bring their tech know-how to the starting point, even if there is a big cast list of attendees!
organisation quickly, innovating and using technology to
solve challenges differently, and more efficiently. Like no #3 Care for your health and build resilience
other generation before, you have amazing opportunities Prioritising your mental health and using techniques
to influence your organisation in technology adoption available for managing stress is important. We all know
to change their businesses for the better and help the pandemic has had a huge impact on mental health
build knowledge and awareness across the rest of the and as a consequence work productivity. Employers cite
organisation workforce. the importance of their younger employees building
their emotional resilience to help cope with work
#2 Work your brand internally particularly in the current environment with remote
There’s a risk with more remote working and a plethora working presenting risks of increased isolation. But
of Teams or Zoom calls that personal relationships suffer. resilience is also important to thrive longer term in the
It’s critical for you to think about how you can make work face of different challenges as career journeys unfold.
engagements more personal, and how you can build More businesses are identifying new ways of supporting
deeper relationships in the workplace. Employers cite the health, safety and well-being of their employees;
that as work environments democratise, Gen Z have lean on these and find support when you need it.
quicker access to senior people when joining businesses.
19GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
#4 Remember, it’s a team game provide you with essential support to help ‘fill in the #9 Build life-long networks
With technologies transforming connectivity possibilities blanks’ and give you vital knowledge and wisdom from In the world of work, ultimately, people buy people.
and changing how work gets done across the most diverse years of experience is very valuable. So too is finding Building a strong external network throughout your career
and inter-generational workforce in history, there are workplace sponsors that can support your development. expands learning opportunities and will provide access to
brilliant opportunities for you to find multi-disciplinary work Ask employers about career support mechanisms such as new career opportunities not necessarily posted on a job
opportunities to hoover up new experiences and learn career conversations and feedback processes to ensure board. Whilst it’s a given that your online profile has to
from others in the workplace. Employers cite the growing your career journey is supported effectively. be managed carefully, and platforms such as linkedin are
importance of collaboration and project work driven useful for sourcing new career opportunities and building
by fast-changing business needs and complex cross- #7 Continuously learn contacts, its also vital to build deeper relationships that are
functional challenges. Some see the COVID-19 pandemic The COVID-19 pandemic has reinforced the point that much more personal, and which go way beyond just a new
and remote working technology as having improved as work transforms and career changes intensify, there on-line “connection”. Time invested in important personal
collaborative working; others see the lack of in-personal is a pressing need for continuous upskilling across the relationships over the long term will always pay dividends.
engagement and opportunities to hide behind a screen at workforce. This fast-moving environment necessitates a
home as an impediment and see at least a partial return to rethink in how we all acquire new capabilities to remain #10 Pursue your dreams
offices as helpful in restoring teamworking and rebuilding relevant, particularly as professional education transforms
Data suggests the pandemic is making many employees
the social currency. Ultimately work is a team game. and the distance between the workplace and the classroom
rethink their career aspirations and take career turns.
collapses. This isn’t just about learning new knowledge, it’s
Jobs in accountancy are changing, offering young people
#5 Disrupt yourself. Think ‘sideways’ moves about acquiring and applying new capabilities in shifting
fantastic opportunities to contribute and make a difference.
contexts. Building additional understanding in increasingly
Adaptability is a prized trait in today’s fluid work It’s important to pursue the things that interest you, that
important areas such as sustainability will inevitably
environment. As roles transform and career paths diversify, provide purpose and career fulfilment. And even if you
complement a broad finance understanding. Having an
tried and tested career routes become less obvious. Whilst don’t have a single burning vocational cause that you want
adaptable, proactive and open mindset to acquiring new
its natural to always want a promotion and more pay as to follow in life, finding something that interests you and
skills, and tapping into different learning activities in the
you take on new roles, be prepared to disrupt yourself, at which you can become good at will reap benefits longer
workplace as technology affords new opportunities to
and to think more laterally about the skills you can acquire term. It is possible you will be in the workplace a much
acquire skills is essential to future proof your competence.
by taking different career paths or exploring “sideways” longer time than your parents. It’s a cliché because it’s true:
moves. Look at career journeys not just as a series of job
#8 Recognise the importance of the
roles, but the richer narrative of how different experiences
“early years” ‘FIND A JOB THAT
can help build a set of skills and competencies that are of
value in the longer term. The only person ultimately accountable for your career is YOU LOVE, AND YOU
yourself, and as a young person entering the workforce, WILL NEVER WORK A
#6 Seek mentors, find sponsors
its critical to recognise the importance of the ‘early years’
in work. These experiences typically lay the foundation
DAY IN YOUR LIFE!’
While technology may sometimes provide a ‘short circuit’ for a career which may span 40 or 50 years. Even as work
to better or more efficient solutions at work, employers we transforms and career paths diversify, formative experience
talked to suggest that sometimes it may come at a price. acquired in our 20s and early 30s remains critical in
They cited the challenges of career progression in a world shaping future opportunities and opening doors. This is
where some of the ‘hard yards’ of knowledge traditionally the age where it’s easier to switch in and out of careers or
acquired in accountancy have vanished. Actively seeking even take calculated risks that may not always pay off. And
mentors and colleagues from different generations to if they don’t, you have more time to recover from them.
20GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | EXECUTIVE SUMMARY
LOOK AT CAREER JOURNEYS NOT JUST AS A SERIES OF JOB ROLES,
BUT THE RICHER NARRATIVE OF HOW DIFFERENT EXPERIENCES
CAN HELP BUILD A SET OF SKILLS AND COMPETENCIES
THAT ARE OF VALUE IN THE LONGER TERM.
21GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | WHO ARE GEN Z?
Who are Gen Z?
Born from 1995 to 2010, older members of the Generation Z group are now entering the workplace. But the world of work they are entering is
changing fundamentally, with impacts that go way beyond ‘digital’ and a few shiny new tech tools to play with. This emerging generation will be
the vanguard of the future of work and the profession, in a world where expectations of professions are changing, and where careers are being
shaped by a multitude of issues, from changing expectations of individuals in the workplace, shifting social mores and values, to new types and
levels of connectivity, and demographics. Then enter COVID-19, a global economic, social and health challenge which has the potential to accelerate
and transform future ways of working at an unprecedented pace.
Silent Generation Baby Boomers Generation X Generation Y Generation Z
1928-1945 1946-1964 1965-1980 1981-1994 1995-2010
The generation currently aged between 10 and 25 years The sons and daughters of Generation X (born 1965–1980), the next 50 years (Figure 1). In Japan in 2020 12.4% of the
old consists of 1.8bn people and makes up 24% of the their lives to date are being shaped by economics and population were aged under 14. In Nigeria the equivalent
global population.1 These ‘digital natives’ have grown societal challenges as they come of age. From the global figure was 43.4%.2 This uneven distribution may shape
up with mobile, social media and, of course, the internet economic crisis in 2007–8, which reversed significant the attitudes and desires of the global Gen Z population
(Figure 2). They are the most globally peer-connected economic gains over the previous two decades to a once- in the future, with those in emerging markets possibly
generation in human history entirely used to a wealth in-a-century pandemic that the world continues to fight, witnessing high economic growth, growing consumption
of information accessible at the press of a button or a Gen Z are starting their careers at an extraordinary time. and improving lifestyles that will rebalance the global
voice command to Siri or Alexa. Their online and physical Yet all descriptions of whole generations are by definition order. Only time will tell.
relationships blur continuously, and this ‘blurred life’ broad. Across the globe there are more nuances that
phenomenon increasingly translates to the workplace too, bring further colour to who Gen Z are and what they want. ALL DESCRIPTIONS OF PARTICULAR GENERATIONS
further amplified by the COVID-19 pandemic and working In developing markets, populations are exploding, with ARE BY DEFINITION BROAD. ACROSS THE GLOBE
from home. This connectivity gives rise to an opportunity accelerating numbers of a younger population emerging THERE ARE MANY NUANCES THAT BRING FURTHER
for this generation to influence and shape our futures like who will be the powerhouse for the global economy in COLOUR TO WHO GEN Z ARE AND WHAT THEY WANT.
no other, in many different ways.
1 Deloitte Global Millennial Study 2020: Resilient generations hold the key to creating a “better normal”.
2 , 2020.
22GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | WHO ARE GEN Z?
FIGURE 1: Median Age 2015
The median age divides the population into two parts of equal size: that it, there is as many persons with ages above the median age as there are with ages below the median age
No data 14 20 25 30 35 40 45 50 >55
Source: Adapted from UN Population Division (Median Age) (2017)
Note: 1950 to 2015 show historical estimates. From 2016 the UN projections (medium variant) are shown.
23GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | WHO ARE GEN Z?
FIGURE 2: Key technology-related developments in Gen Z’s lifetime
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1998: Google 2003: MySpace | Skype 2008: Airbnb 2014: Apple Pay | Amazon Alexa
1999: MSN 2004: Facebook 2009: Whatsapp 2015: Apple Watch
2000: USB Flash Drives 2005: Youtube | Amazon Prime 2010: iPad | Facetime 2016: Tesla | Pokemon GO
2001: iPod | Wikipedia 2006: Twitter 2011: Siri 2017: Fortnite
2002: Microsoft Xbox Live Launched 2007: Dropbox | Apple TV | Amazon Kindle | iPhone 2012: Tinder 2018: TikTok
2013: 3D Printer | Deliveroo 2019: Airpods
24GROUNDBREAKERS: GEN Z AND THE FUTURE OF ACCOUNTANCY | WHO ARE GEN Z?
Understanding Gen Z – Coming of Age in the global economy, 1995 – 2019
Every generation is shaped by the environment in which they come of age. The economic backdrop for Gen Z will have a profound impact on their
expectations and desires for the future. Here’s a quick recap.
n 1995 – 2001 The ‘NICE’ period Generally benign for
the global economy with rapid GDP growth, low FIGURE 3: Understanding Gen Z – coming of age in the global economy, 1995 – 2020
inflation and low interest rates. The period was described Annual average GDP growth – 1995 to 2020 % change
as NICE – Non-Inflationary Constant Expansionary. n World Advanced Emerging
10%
While the reference was to the UK economy it applied
to much of the rest of the world too. The terrorist attacks 8%
in the US of 11 September 2001 triggered a temporary
6%
dip in US economic activity and increased financial
market volatility but broadly had no long-lasting global 4%
macroeconomic effects. 2%
n 2001 – 2007 China joins the WTO China joined the 0%
World Trade Organisation (WT0) in 2001, beginning
-2%
its integration into the global economy. Access to
Western markets triggered an export-led boom in -4%
China. Cheap labour and free trade resulted in cheap -6%
consumer goods flooding into Western markets. 1995 2000 2005 2010 2015 2020
Cue buoyant economic growth, booming housing Source: IMF
markets, the rapid accumulation of debt, and increased
risk-taking as investors searched for yield in a low-
interest-rate environment. n 2009 – 2015 The Aftermath The consequences n Emerging markets 1995–2019 Unlike developed
of the GFC were long-lasting. Economic recovery economies, a majority of emerging markets did not face
n 2007 – 2008 Global Financial Crisis the NICE decade was hampered by weak demand as households and systemic risks to their banking systems or big rises in
ended abruptly with the global financial crisis (GFC) companies rebuilt balance sheets. Sharp rises in unemployment. Nonetheless, emerging markets that relied
starting in 2007 and peaking in late 2008. Lehman unemployment rates occurred in many economies, most heavily on trade with advanced economies were
Brothers collapsed and banking systems were also close only falling back to pre-crisis levels in 2015 in many impaired by the GFC. Only a slight slowdown in emerging
to collapse. Effects were quickly transmitted through leading economies. Weaker real wage growth and market (EM) economic growth was evident in the period
the global financial system as bonds collapsed in value. a reduction in trend productivity growth afflicted after the GFC compared with previously. EMs were catching
Fears of a systemic collapse in the global banking system many economies. At the same time, the top 1% of up with advanced economies in incomes per head, driven by
resulted in a credit crunch and collapsing equity prices. earners experienced rapid wage growth, increasing globalisation, reductions in tariff and non-tariff barriers, and
Governments stepped in to bail out some large banks. income inequality. creation of global supply chains. More lately this has been
Cue dramatically tighter financial conditions, a flight to offset by US-China trade tensions escalating after 2017, and
cash and a global recession. growing concerns about protectionism.
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