Why Gen Z are so motivated by pay

若い労働者は最初から十分な報酬を得ることを望んでいます。 より高い給与を得ようとする彼らの探求は、単にお金を掴むことではありません。(English) Young workers want to be compensated well from the get-go. Their quest to make higher salaries isn't simply a money grab.

Why Gen Z are so motivated by pay

//Summary -Level-C2//

Gen Z, born between 1997 and 2012, are highly motivated by pay due to witnessing their parents' financial struggles and experiencing economic turbulence early in their careers. As a result, they prioritise salary and stability, with many aiming for six-figure wages early on. Despite being perceived as salary-obsessed, their focus on pay is driven by a desire for financial security and fairness. Their demands for higher pay and better conditions could benefit all generations, encouraging a broader conversation about fair remuneration and equity in the workplace.

A)

1)

The oldest Gen Zers have had money on the brain since they first entered the workplace –and many have been dissatisfied with their pay packets. However, data shows that as Gen Z enter and rises through the workforce, they're highly pay motivated – and perhaps more than any other generation.

2)

The laser focus on pay is not wholly new – 2016 data from jobs site Monster showed 70% of American Gen Zers named salary as their top work motivator, along with health insurance – but several years on, experts say the economic squeeze has made these young workers even more wage-conscious.

In the past year, surveys show their salary expectations have skyrocketed: many target six-figure salaries early in their careers.

3)

This is partly because Gen Z has found themselves in a unique position among generations.

They've grown up watching their parents, largely Gen Xers, struggle with money amid economic downturns; now, they've graduated into their economic turbulence and are worried about securing their futures.

As a result, they're demanding more remuneration from their employers than ever, and at earlier stages in their career – and experts say many young workers are willing to walk for better-paying opportunities.

4)

To some people, Gen Z may seem salary 'obsessed'. But in some cases, experts say it may be hard for older generations to understand why young workers intensely focus on pay.

"At Gen Z's age, older people worked 40 hours a week and made enough money to buy a house and have barbecues on the weekend," says Corey Seemiller, an educator, researcher and TEDx speaker on Gen Z. Gen Z works 50 hours a week at their jobs, and another 20 hours a week side hustling, yet still make barely enough to cover rent."

5)

But there's more to the story than the human desire to make as much as possible. And what's more: their quest for higher salaries could benefit everyone.

B)

6)

Downturns and turbulence

Most Gen Z, generally defined as born between 1997 and 2012, grew up against a backdrop of multiple global recessions and economic downturns. Yet, for some, instability is all they've known.

7)

"They were raised around their parents' conversations about not having enough money and the bad things that happened because of that – homes were re-possessed, and savings decimated," says Seemiller.

Although money stress may have been abstract to many of them, observed primarily through their parents' experiences, the economic instability of the past few years has hit them personally – and head-on – as they've entered the workplace.

8)

Many of these young workers graduated into the workforce or were in their very first roles during the Covid-19 pandemic.

Along with being professionally stunted and unable to climb the salary ladder, they became susceptible to layoffs – according to some data, more than other generations. "Such experiences have shaped their values, and that fear of not having enough runs deep," says Seemiller.

9)

They are also on entry-level salaries in callous economic times, which has compounded their financial worries – and made them a feature of daily life. In addition, spiking inflation has raised the cost of living, and as education costs have been bloated, many young people also take student loans.

Bank of America data from 2022 shows a significant portion of Gen Z has reported the inability to save and pay down debt in the current climate.

C)

10)

In short, they're apprehensive about their finances and often more than other generations.

A Cigna survey of 12,000 global workers showed 39% of Gen Zers cite financial insecurity as their leading stressor, compared to 34% of millennials and 29% of 50-to-64-year-olds.

11)

"Both from the data and anecdotally, Gen Z workers want to be fairly compensated and recognised for the value they bring to the workplace, but also seek stability," says Sam Chen, the Gen Z founder and CEO of US-based job-matching site Fetti.

Indeed, a 2022 survey from early-career jobs community Handshake shows 74% of 1,400 2023 US graduates surveyed said they prioritise stability and salary from employers, outweighing factors including a known employer brand (41%), a fast-growing field (39%) or overall benefits (66%).

12)

"My studies have shown that being happy and fulfilled and making enough to live comfortably top the most important features in Gen Z's ideal careers – not being rich and travelling the world."

D)

13)

While all generations are experiencing the cost-of-living strains, Gen Z isn't as far ahead in life stages and isis less secure.

Millennials, for example, have been in the workforce longer and made more money cumulatively, with some able to buy homes before prices surged and Covid-19-inflation hit.

14)

"Gen Zers simply won't be able to have a comparable life, in terms of financial stability, compared to older generations when entering the workforce," says Seemiller.

"Other generations, apart from perhaps millennials who entered the workforce during the recession, didn't face these circumstances when they were young adults."

E)

15)

What are the right conditions for pay raises?

Will Gen Z get the higher pay they want, then? In some cases, signs are positive. Current job-market conditions are setting up a good situation for young workers.

Although hiring has cooled since its pandemic high, the jobseekers market is still "red-hot" in many countries, which means workers still have the power to make demands on potential and current employers.

16)

Experts say that Gen Z is more confident in demanding a higher pay packet; encouraged by the intense competition for talent, some studies show that they feel optimistic about meeting their needs.

F)

17)

Many Gen Z employees may instead have to move companies if they want higher pay. And some Gen Zers are also driven to bring more into their own hands, especially if they won't get what they need directly from their employers.

In the face of pay that fails to keep up with inflation, they're seeking new sources of income at a higher rate than older generations, with Gen Z most likely to take on a second role (30%) and increase their hours. (32%)

G)

18)

A rising tide

Seemiller says older generations may stand to benefit from this salary motivation. Yes, Gen Z is trying to shore up their financial futures, but Seemiller also believes their salary quest is primarily linked to their fine-tuned radars for fairness and equity.

19)

"They're a generation who call things out, speaking up when they feel the work they're doing isn't fairly paid," she says.

"By doing this, they're drawing attention to the issues and getting other generations to feel empowered to ask for a fairer share, greater flexibility or more suitable hours."

20)

Many companies are already feeling these changes. The April 2023 Beamery data shows 91% of 700 UK business leaders surveyed believe the needs and expectations vocalised by younger employees could have a positive impact on all generations.

Ultimately, even as some older workers grumble about Gen Z's hefty pay demands, salaries are becoming more important to all generations.

21)

"Our indicators point to a generation that cares about happiness, meaningfulness and fulfilment over a high salary just for the sake of it," she says.

"Either way, they're hyper-focused on equity and will continue to be the first to speak up if they're not getting what they think should be."

//New words//

1. Compensate: To give something, typically money, to recognise loss, suffering, or injury incurred.

Ex) The company had to compensate its employees for their overtime.

2. Quest: A long or arduous search for something.

Ex) The knight went on a quest to find the lost treasure.

3. Wholly: Entirely; fully.

Ex) The project was wholly funded by the government.

4. Squeeze: To apply pressure to (something) from opposite sides to reshape or reduce size.

Ex) The economic squeeze has affected many small businesses.

5. Wage-conscious: Being aware of and giving much thought to one's wages.

Ex) The wage-conscious workers demanded a pay raise.

6. Six-figure: A number in the hundreds of thousands or more.

Ex) He landed a job with a six-figure salary.

7. Remuneration: Money paid for work or a service.

Ex) The remuneration for the job was quite generous.

8. Obsessed: Preoccupy or fill the mind of (someone) continually and to a troubling extent.

Ex) He was obsessed with the idea of becoming a successful entrepreneur.

9. Downturns: A decline in economic, business, or other activity.

Ex) The industry has faced several downturns over the past decade.

10. Turbulence: A state of conflict or confusion.

Ex) The company has been going through a period of turbulence due to management changes.

11. Define: State or describe precisely the nature, scope, or meaning of.

Ex) The contract clearly defines the roles and responsibilities of each party.

12. Recession: A temporary economic decline during which trade and industrial activity are reduced.

Ex) The country is currently going through a recession.

13. Instability: Lack of stability; the quality or state of instability.

Ex) The political instability in the country has scared off many potential investors.

14. Re-possessed: Take back possession of (something), especially for non-payment of money owed.

Ex) The bank re-possessed their house when they failed to make mortgage payments.

15. Decimated: Kill, destroy, or remove a large proportion of.

Ex) The population of the town was decimated by the plague.

16. Abstract: Existing in thought or as an idea but not having a physical or concrete existence.

Ex) Beauty is an abstract, subjective concept that varies from person to person.

17. Stunted: Prevent from growing or developing properly.

Ex) The lack of sunlight has stunted the plant's growth.

18. Became susceptible to layoffs: Became likely to be dismissed from a job.

Ex) Many employees became susceptible to layoffs due to the economic downturn.

19. Spiking inflation: A sudden increase in the rate at which the general level of prices for goods and services is rising.

Ex) The country is currently dealing with spiking inflation.

20. Bloated: Excessively large or swollen.

Ex) The bloated budget was a cause for concern among the committee members.

21. Anecdotally: Based on personal accounts rather than facts or research.

Ex) Anecdotally, many people seem to enjoy the new product.

22. Prioritise: Designate or treat (something) as more important than other things.

Ex) It's essential to prioritise your health over work.

23. Stability: The state of being stable; not likely to change or fail.

Ex) The stability of the economy is crucial for business growth.

24. Outweighing: Be heavier, more remarkable, or more significant than.

Ex) The benefits of the project far outweigh the costs.

25. Greedy: Having or showing an intense and selfish desire for something, especially wealth or power.

Ex) The greedy businessman wanted to own all the land in the town.

26. Angling: Present (something) to the public in a particular way.

Ex) The politician was angling his policies to appeal to the younger demographic.

27. Emboldened: Give (someone) the courage or confidence to do something.

Ex) The success of her first book Emboldened her to write a second one.

28. Caveat: A warning or proviso of specific stipulations, conditions, or limitations.

Ex) The contract comes with a caveat that the buyer must know.

29. A rising tide: An increase or improvement that affects many things or people.

Ex) A rising tide of economic prosperity can lift all boats.

30. Shore up: Support or hold up something.

Ex) The government introduced measures to shore up the economy.

31. Vocalised: Express (something) in words.

Ex) The employees vocalised their concerns about the new policy.

32. Grumble: Complain or protest about something in a bad-tempered but typically muted way.

Ex) The customers began to grumble about the poor service.

33. Hefty: Large, heavy, and powerful.

Ex) The company was charged a hefty fine for violating environmental regulations.

34. Reneging: Return on a promise, undertaking, or contract.

Ex) The company was accused of reneging its promise to pay bonuses.

35. Indicator: A thing, especially a trend or fact, that indicates the state or level of something.

Ex) Economic indicators suggest a slow recovery from the recession.

36. Equity: The quality of being fair and impartial.

Ex) The company is committed to promoting equity in the workplace.

//Postscript//

Our parents' generation worked full-time and a lot of overtime to earn money.

They were able to send their home and two children to college.

But our generation can no longer work overtime.

And 30% are temporary employees, not full-time employees.

In other words, even if a couple works, they cannot buy a house and have only one child.

I had the experience of working hard in my twenties.

It was a lot of fun, and I think it was a good experience.

But the younger generation cannot have the experience of working hard.

Because there were many suicides, the law doesn't allow much overtime work.

I don't know if it's good or bad for young people.

Work-life balance is essential, but both work and home seem lacking.

We need to rethink how we want to live.

Many jobs will disappear due to AI technology.

A basic income might save us from having to work.

At that time, we need to think about how to live humanly and what it means to live happily.

What should we do to help each other, to be needed and respected by each other, and to feel fulfilled and happy every day?

We need to learn from the history and great people of the past, absorb the wisdom and technology to live in the present, and think for ourselves.

We can feel closer to the world than ever before.

News from around the world travels instantly; if war, epidemics, or natural disasters occur somewhere, it will immediately affect your life.

What can we do to make the world a little better?

What should we stop doing to keep things from getting worse?

Why not start your day by doing something that makes you feel good and happy?

Why Gen Z are so motivated by pay 

https://www.bbc.com/worklife/article/20230530-why-gen-z-are-so-motivated-by-pay

Tuition is expensive; jobs are available... So in America, more and more Gen Zs are opting out of four-year colleges and attending community colleges.

https://www.businessinsider.jp/post-270579

"Economic pressures'' ignited the boom.

Financial pressure is one of the big reasons why students choose a two-year community college over a four-year college.

According to the NSC, two-year Computer/Information Science/Assistive Services majors saw a 9.7% increase in enrollment this spring, followed by 8.2% in Mechanical/Repair Technology, 9.7% in Personal Services/Cooking Services, and 9.7% in Transportation/Materials. In addition, movement increased by 11.8%, respectively.

Some leading companies are partnering with community colleges to provide opportunities to develop future employees.

Generation Z: Over 50% "Three days off per week even if wages drop"; approximately 70% "Life is more rewarding"

https://webtan.impress.co.jp/n/2023/05/31/44936

Are younger generations looking for rewarding work and status while increasing vacation time?

First of all, when asked, "Would you like to have three days off a week even if your wages went down?", 23.7% of Generation Z (ages 18-24) answered "Yes" + 31.1% "Somewhat" (54.8%), but 25 Only 50% were aged 29, and 47.3% were in their 30s to 60s.

In addition, in the question "Do you want to become a manager?", 13.1% of Generation Z "applies" + 26% "somewhat applies" for 39.1%, 25-29 years old 35.2%, 30-the 60s 22.8 %, and the younger generation wanted to be a manager. Younger generations seek more rewarding work and status while increasing vacation time.

Harvard professor discusses the problem of 'success addiction', unhappy if you stick to money and career. 

https://diamond.jp/articles/-/323334

Many people work hard to find happiness. However, Harvard Business School professor Arthur Brooks warns against the "success addiction,'' the pursuit of money, titles, and honours. So what is the absolute condition to increase the happiness of life?

Unable to grow and have no dreams, "Young people have created a 'suffering society'" and "Individualism is not only a positive meaning" Akiyoshi Sakizaki, a history of Japanese thought, can no longer refer to America Re-questioning "Japan's Dignity" and "National Image." 

https://www.youtube.com/watch?v=nIzojlmrytE

Add info)

Why Gen Z Demand Higher Pays

https://nativecamp.net/textbook/page-detail/2/19818

Gen Z workers, born between 1997 and 2012, strongly desire fair compensation. They grew up during economic downturns and have witnessed their parents' financial struggles, influencing their mindset.

In surveys, 70% of American Gen Zers named salary their top work motivator, and their salary expectations have increased over time.

Gen Z workers face economic challenges and worry about their future. They often start in entry-level positions during tough times, facing rising living costs and student loans. Financial insecurity is a top stressor for them. They seek fair compensation to cover their expenses and achieve stability.

Gen Z workers advocate for fair compensation and pay attention to fairness and equity in the workplace, inspiring others to do the same. Companies are starting to recognise the benefits of meeting the needs of younger employees.

Gen Z workers are confident in demanding higher pay in the current job market. However, sustaining the pace of wage increases may be difficult for some employers. Despite this, Gen Z will continue prioritising fairness and advocating for themselves and others.

Salaries have become increasingly important for all generations. Gen Z's influence can bring positive changes to the workplace. They care about happiness, fulfilment, and equity, not just high salaries.

//Discussion//

1. Do you think Gen Z workers have the right to demand high salaries? Why or why not?

-> Yes, I think you have that right.

They are young, have potential, have a high cost of living, and have to pay high student loans.

Of course, they may not have the experience or skills, but they have the necessary reasons and motivation.

We should not be afraid to ask for more money like they did.

2. Financially speaking, does Gen Z have it more accessible than the older generations did at the same age? Please share your thoughts.

-> No, I don't think so.

There are no bonuses and low salaries if they are temporary instead of regular employees.

In the past, everyone had to graduate from university and join a company simultaneously.

However, there are options to work in a foreign country, use the Internet, or work in a new environment.

They have both freedom and responsibility.

3. Why should money be our top priority when seeking a job? Please explain.

-> Because we need to make money first.

We need a lot of money to live alone, have a family, and have a house and children.

Not only that, but the price of things has skyrocketed.

If you struggled with money when you were young, you can't help but get attached to it.

4. Is it better to work for someone else at a company or start your own business? Please support your answer.

-> If you have any talent, you should start your own business.

However, if you have no special skills and are average, I recommend working at a company first.

Because you don't have to do anything alone, and you have your boss and co-workers.

It might be a good idea to wait a while and find your talent.

5. Do you think global inflation will continue to get worse in the future? Please share your thoughts.

-> Yes, I think so.

Life will become even more difficult with a growing world population, climate change, wars, epidemics, and natural disasters.

But we have lived through much worse times in the past.

We have the potential to overcome difficult times with our wisdom, experience and the latest technology.

6. Would you continue to work if money was no issue? Please discuss.

-> Yes, it will continue to work.

Because it's not just about money.

People have a desire to help others.

As members of society, we need to be helped, helped and respected by each other.