Gen Z’s fears of recession make them more selective job seekers
The class of 2023 will wrap up this spring with a hired hat and dress, high egg prices, and a new season of successor to contain or deflect recession fears.
Graduating from economic uncertainty is never a welcome entry into the adult world, but Gen Z is not taking a recession. This is shown by Adobe’s survey of over 1,000 prospective and young university graduates as part of its Future Workforce Study. It turns out that while 70% of Gen Zers are concerned about a recession, that hasn’t stopped 78% of them from feeling good about the current job market.
Rightly so. Some CEOs hoped that the economic hardship would end the era of worker empowerment, and many — like Morgan Stanley CEO James Gorman — ushered workers back into the office. Despite tech layoffs, the job market has a relatively low unemployment rate and an average layoff rate that is lower than before the pandemic. And people still give up. It encourages Gen Z to have the upper hand at work – they know exactly what they need and want during tough times. The majority of them (67%) say macroeconomic factors have impacted or are likely to impact their job search, Adobe found.
Case in point, more than half (55%) reportedly look at an employer’s financial prospects before applying for a job. Most also look at an employer’s reputation and employee reviews. Established, larger companies are more attractive to a slim majority (52%) of graduates, who believe they represent stability in tough economic times.
Most (85%) will not even apply to a job posting that doesn’t include the salary range. It’s no surprise considering the generation is brave enough to ask their peers what they earn and share their salaries with strangers on the internet. Vaishali Sabhahit, global head of university talent at Adobe, says this is partly because the generation grew up consuming social media, where everyone shares their lives with their followers, and because they’ve lived through the worst of the pandemic.
“Most likely, they’ve seen people they know personally lose their jobs or suffer a pay cut,” she said in a statement shared with wealth. “In this environment, knowing the salary range can help Gen Zers quickly decide if the advertised salary range makes financial sense for them.”
When it comes to actually getting a job offer, Gen Z is typically not interested in a job that lacks competitive pay, work-life balance, or inclusive benefits, according to Adobe. While previous graduates have valued these traits as well, recent graduates value them even more, Sabhahit said.
But, perhaps surprisingly, they care less whether the location is remote or not. While they enjoy the flexibility to create their own schedules, they still enjoy going into the office to advance their careers and meet people. Most respondents (75%) said they would even be willing to move to be closer to the office.
By the end of spring, the next wave of Gen Zers will join the workforce. While the majority of Gen Z feels ready to get started and prepared for what’s to come, Adobe’s findings reveal the question: are employees ready to address the desires of younger workers?
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