PRESS RELEASE: In Big Shift, 55% of GenZ Women Want to Be Their Own Bosses, While 64% Don't See Themselves as Leaders in Corporate World, National Report Says
FOR IMMEDIATE RELEASE
December 3, 2020
IN BIG SHIFT, 55% OF GENZ WOMEN WANT TO BE THEIR OWN BOSSES, WHILE 64% DON’T SEE THEMSELVES AS LEADERS IN CORPORATE WORLD
63% of GenZ wants to drive “personal innovation” while 47% want to work for an innovative company, Girls With Impact’s National Report Finds
New York, NY – Over half of all GenZ women (55%) want to be their own bosses, up from 43% in 2019, according to Girls With Impact’s 4th annual report, What’s Inside the Minds of GenZ… during COVID?
At the same time, when asked what would drive their confidence, women surpassed men in saying ‘launching a business’ would most improve their confidence, 35% vs 24% in 2019.
While it’s generally known that GenZ is the most purpose-driven generation, this heightened awareness came through this year as they have been reactive to the most pressing issues of 2020 – from #BlackLivesMatter to climate change to COVID-19.
In a shift from 2019, when asked how they want to make an impact, 63% of GenZers said they want to “personally create something innovative” – now ranking as their number-one priority while 53% want to become entrepreneurs vs 46% in 2019.
However, far fewer expect they’ll make it as leaders within established organizations with a staggering 64% saying they are unsure or unlikely of ever becoming one.
Nearly one-half (47%) want to work for a company that is doing something innovative.
“People don’t go to work for the money – they want to make an impact,” said 16-year-old Neha Shukla, CEO of SixFeetApart.
“GenZ is taking action on the issues facing our world,” said CEO Jennifer Openshaw, CEO of the nonprofit, Girls With Impact, the nation’s only live, online business academy for GenZ women. “This isn’t only demonstrated in their personal beliefs, but what they expect in the workplace.”
The report -- presented by U.S. Bank and co-sponsored by Forcepoint -- looked at their worries, priorities, and workplace preferences of GenZ women and men (ages 14-22) – in comparison to findings to the 2019 report.
New worries over racism translate into workplace
Aside from success, getting a job, and mental health placing among their top three worries, concerns over racism took a leap. Racial worries jumped 6x with 6.8% of all GenZers saying it was their single greatest worry vs just 1% in 2019.
Diversity and inclusiveness translated into their workplace priorities: GenZ said they most valued “respect“ and a “great manager” (vs an “older, experienced team” and “fun”, which ranked #1 and #2 in 2019). More women than men ranked diversity as a priority.
“These findings reinforce why U.S, Bank is committed to developing and advancing the careers of women and professionals of color through partnerships like the one with Girls With Impact,” said Reba Dominski, executive vice president and Chief Social Responsibility Officer for U.S. Bank and president of the U.S. Bank Foundation.
COVID-19 Reactions… and its Toll
Turning to the toll of COVID-19, mental health worries have spiked 14% since 2019, ranking third as a top concern – perhaps the result of seeing family members lose jobs.
Worries about grades also rose, up 20% over the previous year.
Nearly 60% of GenZers are spending more time on social media and 49% on streaming video this year.
Nearly 30% expect to live with their parents for the foreseeable future.
“As business leaders at the forefront of innovation who are responsible for reshaping an industry, we recognize that in order to drive meaningful change, we must value diversity of thought,” said Ben Tao, Vice President, Corporate Marketing, Forcepoint, the world’s largest privately owned cybersecurity firm. “Today, more than ever, it is paramount for organizations to provide the tools and resources to prepare GenZ for bright careers of the future.
Attracting GenZ – and women -- in the Workplace
Confidence connected to work – GenZ women could see their confidence rise by becoming an entrepreneur in a 12-point jump – up to 55% vs 43% last year.
Job selection – GenZ shifted priorities from a short travel time and mentoring in 2019 to remote working and flexible hours – with greater attention to volunteer opportunities.
Gender differences on the comp front -- GenZ women continue to have a lower compensation expectation – and the gender gap in earnings expectations has widened – with 39% of men expecting to earn over $100K by 40 vs 27% of women.
Recommendations
The report offers a host of recommendations for employers and educators including offering mental health education and outlets, harnessing the desire for innovation through corporate “intrapreneurship” and improving mentor matching.
To download the full report, sponsored by the U.S. Bank Foundation, visit girlswithimpact/GenZ-2020.
About Girls With Impact
Girls With Impact, a national non-profit, is the nation’s only live online entrepreneurship program for teen girls, offered year-round. The 10-week, after-school “mini-MBA” moves girls from ideation to a business plan, driving improvements in confidence, leadership, college readiness and professional skills for success. Watch this.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $540 billion in assets as of September 30, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news/
About Forcepoint
Forcepoint is the global cybersecurity leader for user and data protection. Forcepoint’s behavior-based solutions adapt to risk in real-time and are delivered through a converged security platform that protects network users and cloud access, prevents confidential data from leaving the corporate network, and eliminates breaches caused by insiders. Based in Austin, Texas, Forcepoint creates safe, trusted environments for thousands of enterprise and government customers and their employees in more than 150 countries.
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Contact: Serena Norr
serena@girlswithimpact.com
(347) 633-0894