George Themistocleous: Gen Z is changing how companies think and they need to adapt accordingly

RSM Cyprus recently presented the findings of its "Cyprus Gen Z - career insights report"? and one of the key takeaways for George Themistocleous, the company’s Managing Partner and CEO, is that Generation Z and the coming generations will change how businesses think, but in order for this to happen, businesses need to understand the next generations and adapt accordingly.

In the interview that follows, Themistocleous explains what prompted RSM Cyprus to conduct the research, the report’s key findings and what he believes the Gen Z / NextGen professional's career requirements and expectations are.

What prompted RSM Cyprus to conduct the "Cyprus Gen Z - career insights report"?

The starting point of the "Cyprus Gen Z - career insights" academic research, was the challenges our sector faces in attracting new talents. This problem is not limited only to Cyprus, but it is also observed on a global level. Worldwide, acquiring new talents has become a real challenge, even though the number of accounting and finance and graduates from other related studies has not reduced.

Therefore, by recognising this challenge, we have decided to collaborate with students from the Department of Finance, Accounting, and Management Science of the Cyprus University of Technology and attempt to find some answers and relevant insights that would enable us to understand how Cyprus Gen Z thinks and acts, what their expectations and requirements are, while simultaneously studying businesses perceptions by reaching out to industry leaders through the collaboration we have established with The Institute of Certified Public Accountants in Cyprus (ICPAC).

At this point, I would like to seize the opportunity to mention that Nicoletta Odysseos and Athos Economides, now graduates, conducted the academic research under the supervision of Dr Isabella Karasamani in the context of CFS 441, Internship Program, on behalf of RSM Cyprus.

What, in your opinion, are the most important findings of this report?

In the academic research, there are numerous findings which are rather interesting. However, some of them stand out from the others. Among the most important findings of the "Cyprus Gen Z - career insights" research is the profound shift in career expectations among the younger generation.

The research revealed that Generation Z places emphasis on meaningful work that fully aligns with their well-being, values and compensation. They prioritise work-life balance and support flexible working arrangements. Moreover, it revealed a strong preference for career opportunities abroad and departmental transfers, reflecting a forward-thinking approach towards their professional future.

Regarding their salary requirement, which is ranked first, followed by reasonable and flexible working hours, growth opportunities, rewarding schemes, sponsoring qualifications, and similar-aged co-workers, I found it very reasonable, and it was a finding that I expected and anticipated.

Each generation prioritises their financial rewards since it provides solutions to help them move forward with their lives and develop their future. This is clearly observed, in today's modern world, where the environment is constantly evolving, the cost of living is drastically increasing, and the technological evolution provides employment opportunities not limited to our country.

On the other hand, it is necessary to mention that we should realise that in healthy businesses, there is a correlation between employee benefits, performance and the overall contribution within the company. It is reasonable for someone who has finished his studies to search for the best opportunity. However, I believe that the principal factor in building a solid career when entering the business world, is acquiring knowledge, and gaining experience. The experience and knowledge you gain will help you not only grow your career in your profession but, at the same time, will provide you with compensation based on your position and responsibilities.

Passing the baton on to the next generation is quite the transition for corporations. Are Gen Z professionals more demanding than previous generations? If so, why do you believe this is?

Indeed, Gen Z differs from previous generations in how they think and act. This is natural because Gen Z is the first digital native generation that was significantly influenced by digital technology, the internet, social media, and AI in recent years. Gen Z grew up in the digital transition era, characterised by information overflow and worldwide connectivity. Therefore, it is natural for their standards and needs to be different from the previous generations. Referring to the "Cyprus Gen Z-career insights", Gen Z seek flexibility, transparency, opportunities to grow, and fair compensation for their profession.

Also, they seek opportunities to work abroad, while departmental transfers within the organisation are particularly important. Consequently, Gen Z's behaviour and requirements largely originate from the digital transformation of our era and the experience they have on social media and online platforms. This exposure to worldwide information and opportunities widened their awareness and shaped their beliefs and values. Therefore, all businesses need to consider all this information and start rethinking and reshaping their talent acquisition strategies to attract this talented generation and prepare for Gen A.

What are the Gen Z / NextGen professional's career requirements and expectations?

Gen Z / NextGen career requirements and expectations are multifaceted since they reflect their belief, values, and experiences. I will mention a few, derived from the "Cyprus Gen Z - career insights".

Gen Z looks for competitive salaries to provide them with financial security and meet their needs, i.e., start living independently.

For Gen Z, employers' acknowledgement of their accomplishments and work-life balance is very important. Therefore, flexible working arrangements are preferable since they allow them to manage their personal and professional lives properly. Career advancement, professional growth, and opportunities to take on new tasks and responsibilities are paramount to this generation, whereas an encouraging, welcoming, and inclusive work environment enhances their well-being considerably. Moreover, Gen Z places high importance on transparent and mutual communication from management. This is because this kind of communication improves their understanding of the company's direction and cultivates a sense of appreciation and respect. After all, when leaders communicate openly, it builds trust and makes our people feel part of the company's vision and plans.

At this point, it is noteworthy to mention that businesses in our sector already offer most of the career requirements and expectations mentioned earlier since it benefits our business sustainability and growth.

How important do you believe reports like this are in helping shape corporations' policies to manage NextGen professionals?

From my standpoint, research studies like the "Cyprus Gen Z - career insights", which examines both sides' expectations and requirements, that of Gen Z and businesses, provide valuable insights on important matters and behaviours that can shape business policies and strategies to manage NextGen professionals effectively.

As mentioned before, finding talent in our profession has been challenging globally in recent years. Therefore, it is essential to understand the cause of the challenge and find viable and practical solutions.

We can only rethink our approach and adjust to achieve a win-win situation by understanding Gen Z's career requirements, expectations, and ideals. However, both sides should understand each other and recognise that some requirements may be practically impossible for some businesses, or several adjustments and investments may be required from businesses to meet those requirements.

For example, when businesses adopted a work-from-home policy, they invested a considerable amount in technological equipment, cybersecurity, and the overall system infrastructure to support that option. In addition, all communication and collaboration tools were updated to enable connectivity from any location. My point is that a simple requirement or expectation may require many pre-arrangements to be applied on a corporation level.

In summary, the business environment is rapidly changing. Generation Z and the coming generations will change how businesses think and act. Therefore, to Take Charge of Change, we need to understand the next generations and adapt accordingly.

Read "Cyprus Gen Z – career insights"