The Gen Z Effect summary

Generation Z. It’s been described as the last real generation, but why? Well, because generational differences such as those that separated Generations X and Y may soon cease to exist altogether.

For some, using objects made of metal, plastic and glass to order groceries or meet people is quite novel. But for members of Generation Z, they’re just mundane activities that don’t require a second thought.

Six different forces will influence business in the future. The first is demographic change, with its radical impacts on society and the way we do business. So what does demographic change look like?

In recent decades, mortality has largely decreased. More and more people are gaining access to clean water, food, education and medicine. At the same time, increased access to contraception means people are having fewer children. Ageing populations are emerging all over the world as a result.

You’re probably using a tablet or smartphone to read these blinks right now. Only a few years ago, this would have been unbelievable. Today we embrace our new, ever-online world. Our state of hyperconnection is force number two.

Some aspects of technology are really quite astonishing. Take our rapidly increasing interactions with devices, for example. Can you guess how many times you connect each day? It’s about 243 times on average, whether it’s your car’s GPS, your phone or your laptop.

There was a time when smartphones were cutting edge and reserved for a select few. But in an astoundingly short time they became affordable and accessible. Today, owning a smartphone is the norm, and excellent example of slingshotting technology. Slingshotting is force number three.

Three things determine whether a tech product will slingshot, or become rapidly and widely available. First, it needs to be simple and easy to use. Secondly, it should increase the availability of the user, allowing them to be online more often. And finally, the technology must be able to collect data from the users in order to adapt to their needs.

Through TV, newspapers, radio, the internet or on the streets, we are bombarded with ads every day. In the last century, a memorable ad needed a big budget. But in our hyperconnective world, expensive production just won’t cut it. You need force four: the shift from affluence to influence, or loyalty.

Say a company like Coca-Cola wants to launch a new line of products. Previously they might have taken a large chunk out of their ad funds to launch a campaign. But with the rise of the internet, consumers have countless opportunities to express their opinions. So the challenge of maintaining a good reputation is far greater today.

Wouldn’t it be great to have a new skill or qualification? Many of us would love the opportunity to learn but worry that we won’t have the time, or that it’s far too late anyway. If that’s the case, then you’d better think again!

Force five: Education is no longer a matter of age or location. The traditional process of completing school, perhaps moving on to college or university, then ending our education when we choose a job, may soon be a thing of the past.

The sixth and final force that defines Gen Z is lifehacking. For those who haven’t heard the new buzzword already, lifehacking refers to innovative and creative problem solving that saves time and money by departing from accepted methods.

Lifehacking means using the opportunities that hyperconnectivity presents to deal with different problems. Take fundraising. A few years back, the City of Honolulu needed a new website. The first estimate they were given by web designers amounted to $9,300,300 of tax payer’s money.