Gen Z - the disruptive force in the start-up industry.

With their dynamism, creativity, and tech-savvy nature, Gen Z can absolutely be a game-changer, making a significant contribution to the development of startups.

Gen Z is a term referring to individuals born between 1997 and 2022 – the first generation to grow up with the development of the internet and digital and electronic devices. In Vietnam, according to the General Statistics Office, in 2019, the number of Gen Z in the working age group (15 to 24 years old) was approximately 13 million. By 2025, Gen Z is expected to account for one-third of the working-age population in Vietnam, having a significant impact on the labor market in general as well as the start-up industry in particular.

According to experts, Gen Z possesses many important characteristics that are well-suited to the development journey of startups. Because they had early access to the internet, Gen Z easily embraces technological innovations. When they enter internships or work at startups, they quickly adapt to the job, and businesses don't need to spend too much time and resources training them on technology. This will be an advantage for young businesses like startups, which are limited in both finances and human resources.

It's worth noting that many of today's prominent trends and movements are created by Gen Z. Gen Z's unique and creative content ideas can help startups achieve unexpected marketing results and strengthen their brands without incurring excessive costs.

Furthermore, Generation Z possesses significantly superior English proficiency compared to Generation Y (those born between 1981 and 1996) and Generation X (those born between 1965 and 1980). Many members of this generation even possess more than two foreign languages. A workforce with strong foreign language skills like Gen Z will empower startups to confidently work with international partners and clients, and facilitate easier expansion into international markets.

Gen Z, with their youth and enthusiasm, will bring positive energy to startups. Gen Z employees often have many ideas and are not afraid to express themselves, promising to become the driving force in fostering a culture of innovation within startups.

Despite possessing numerous advantages, Gen Z is often labeled as "not afraid to change jobs." According to a survey by Anphabe, 62% of Gen Z employees change jobs within their first year; many even change jobs several times in the first year after graduation.

To recruit and retain Gen Z talent, in a context where salaries and benefits are still limited, startups should focus on corporate culture, creating opportunities for Gen Z to contribute ideas and have their contributions recognized. When financial benefits are unclear, founders should show Gen Z other advantages of the company, such as opportunities to meet and learn from experienced staff, opportunities for development, the possibility of rotating between departments, and a clear career progression path.

In particular, businesses should consider adopting a "hybrid" work model (combining online and offline), because Gen Z is a generation that values flexibility and always strives for a balance between work and life.

Source