While Millennials are known as a selfish generation, even dubbed the “Me Me Me Generation” by Time magazine, the generation following is the exact opposite. Generation Z has been nicknamed the “We Generation” and is purpose driven. They care about what they personally and what corporations are doing to better the world. In fact, 93% of this generation claims that a company’s societal impact greatly affects their employment decisions, and 74% say that a hiring company’s purpose is more important than the pay. While higher wages and added perks are attractive, 30% of this generation would gladly take a pay cut to work for a company with a better purpose and societal impact. Although a large portion of this generation is still within their teenage years, their purchasing power exceeds $143 billion and is projected to account for 40% of the consumer market by next year. This makes purpose and societal impact essential for companies’ long-term planning. (AdAge, 02.13.20)
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