Every generation of professionals in the field of accounting come across new sets of problems to tackle and provides a distinct range of attributes and skills. For more than a decade, comprehensive research has been carried out by experts in the industry on the effect of millennials in accounting. Of recent, a lot of them have started to place their focus on the challenges and skills that relate to individuals who are a part of Generation Z that will go into the workplace in huge numbers in the next few years.
For individuals who wish to become executives in this field, it is crucial that you have an understanding of the major differences between generation Z and millennial accountants so as to employ, train and efficiently retain high flying professionals. As generation Z accountants being to enter the workplace, uncover what differentiates these professionals from the rest and learn how they plan to show their effectiveness in accounting.
Generation Z Accountants Are More Technologically Inclined Than Prior Generations
Millennials have made a reputation for themselves as professionals who are tech save and thrive on utilizing digital applications as they rose through the ranks in the field of accounting. Although millennials aided in introducing tech to accounting, the individuals who are a part of Generation Z are prepared to take the utilization of technology to a new level.
Based on the explanation of the Journal of Accountancy, generational professional David Stillman views Generation Z members as the first real digital natives. Many individuals in this generation have utilized smart devices and mobile phones all their lives, so they can flawlessly merge technology with their workflow.
It was suggested by both generational experts Stillman and Cur Steinhorst that this close relationship they share with technology could possibly result in issues in the workplace. Accounting firms that support the interaction of employees digitally while maintaining brief face to face interactions may be most successful in keeping Generation Z accountants. Additionally, firms that encourage visual communication to a written one, have more possibility of going along with these potential accountants.
Generation Z Accountants are built for Multitasking
Millennial employees have battled with the negatives and positives of multitasking all through their period in the work environment. Dawn Wotapka while writing for the American Institute of CPAs made the suggestion that Generation Z accountants may not have to need to earn to multitask since they are already used to carrying out different tasks simultaneously.
In fact, their requirement for continuous stimulation may prove tedious for accounting firms that have traditionally pushed employees to place emphasis on comprehensive projects for a long stretch of hours at a time. When integrating Generation Z accountants into the work environment, managers need to let these new employees create workflows that suits them. Doing so increases the possibility of keeping the Generation Z employees occupied and letting them carry out their duties at their best.
Generation Z Accountants Request Customization
For accounting firms that have been in existence for a while, on one of the most significant issues ahead could come in form of demand by employees of Generation Z to have experiences that are personalized.
As potential professionals who have attained their Master’s in accounting are aware of, this field provides a diverse range of career opportunities. This is because accountants may choose to work in a non-profit or corporate environment in a diverse range of industries. This field which is quite flexible could be great for employees of Generation Z.
According to a suggestion by Ay Vetter while writing for Accounting Today. Some accountants of the Generation Z may take a step further in the desire for customization. Generation Z accountants who are some of the most business-oriented professionals may even create their own firms that allow them to structure their desired career paths.
Generation Z Accountants require a mixture of Work and Life
A lot of accounting firms have carried out a reevaluation of their benefits package and their corporate environment to provide the kind of balance in work and life that millennials have increasingly asked for. When Generation Z employees become a part of the workforce, the work-life balance might have to be considered by the firms again.
As stated by the Journal of Accountancy, a majority of the Generation Z employees would be in search of a mixture of work-life instead of a balance of work-life. Rather than creating separate moments for life and work, Generation Z accountants are more likely to want to carry out both simultaneously. New procedures and policies may be required to make sure that both the entry-level managers and employers meet the expectations of employers while still having fulfillment at work. Accounting Today further elaborates that the employees of Generation Z have a drive which is stronger than that of millennial to do work that they see meaningful.
Millennials are not as pragmatic as Generation Z Accountants
Even with their desire to look for jobs that they believe in, employees of Generation Z have more possibility of tackling their careers from a more pragmatic point of view than their millennial counterparts. As Steinhorst elaborates through the International Federation of Accountants, this practical point of view may be as a result of the early exposure of the Generation Z to the Great Recession.
After having a taste of the tedious financial times early in their lives, accountants of the Generation Z have more possibility of taking positions at the entry level and put in the needed time before rising up the ranks. As explained by the Journal of Accountancy, employees of Generation Z have more possibility of searching for stability financially via a massive paycheck.
To keep themselves prepared for the various issues that may be presented by the executive positions in accounting may bring, aspiring managers should put into consideration equipping themselves with education and skills they require to efficiently lead. Visit the Maryville University Online Master of Science in accounting program to have an understanding of how a master’s degree in accounting online could pave the way to a diverse range of career opportunities.