Gen Z and Financial Literacy : Understanding Money Habits of Gen Z

Social capital refers to the value inherent in social networks and relationships within a community or society. It encompasses the trust, reciprocity, and social cohesion that exist among individuals and groups, enabling them to collaborate, share resources, and collectively address challenges. Social capital encompasses both bonding social capital, which refers to strong ties within close-knit groups, and bridging social capital, which pertains to connections across diverse social networks. Essentially, social capital represents the collective strength and resilience derived from interpersonal relationships, fostering cooperation, mutual support, and shared prosperity within communities.
Building social capital is paramount for the Gen Z generation as they navigate a world increasingly shaped by social networks and digital connections. In an era where relationships and networks play a pivotal role in personal and professional success, cultivating social capital equips Gen Z individuals with the tools necessary to thrive in diverse environments. By fostering meaningful connections with peers, mentors, and influencers, Gen Z can access valuable resources, opportunities, and support networks. These relationships not only provide emotional and psychological well-being but also serve as pathways to career advancement, entrepreneurship, and social impact. In a highly interconnected world, where opportunities often arise through referrals and collaborations, the ability to leverage social capital becomes a critical asset for Gen Z to navigate and excel in their personal and professional lives.
Social capital helps Gen Z cultivates empathy, cultural competence, and social awareness. These interpersonal skills are essential for fostering inclusive communities, bridging cultural divides, and driving positive social change. By building trust, reciprocity, and collaboration within their social networks, Gen Z can leverage collective intelligence and resilience to tackle complex challenges and seize new opportunities, ultimately shaping a more interconnected, equitable, and sustainable future.

So what can companies do to help Gen Z build a strong Social Capital? 

Find out more in this episode as Leadership and L&OD expert Dr. Smriti Walia, explains: What is social Capital? What is the concept of weak ties? And how does this apply to Gen Z generation? What are some of the behaviors for building High Quality connections? How can a manager help an incoming Gen Z to help realize this early in their career? What comes in our way (the cognitive biases) in attaining and building social capital and especially in the context of Gen Z (post covid) where mental well being, etc has also become a big focus leading to isolation/loneliness, etc.

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Dr. Smriti Walia  : LinkedIn 

Nikhil:  Website,  Linkedin, Youtube & Book

Curiosity serves as a driving force within the workplace, igniting innovation and fostering continuous growth. Employees fuelled by curiosity are more inclined to seek out new challenges, explore uncharted territories, and push the boundaries of conventional thinking. This thirst for knowledge not only propels individual development but also cultivates a dynamic organizational culture where experimentation is encouraged and creative solutions are embraced. 
Curiosity is particularly vital for the Gen Z generation as they navigate an increasingly complex and interconnected world. In an era characterized by rapid technological advancements and societal shifts, curiosity serves as a guiding light, empowering Gen Z individuals to understand, adapt, and thrive in diverse environments. With unprecedented access to information and resources, curiosity drives Gen Z to question the status quo, seek out new perspectives, and explore innovative solutions to global challenges. It fuels their desire for lifelong learning, enabling them to embrace change with resilience and creativity. Moreover, in a digital landscape where information overload is prevalent, curiosity acts as a filter, helping Gen Z discern credible sources and navigate the vast sea of knowledge effectively. By nurturing curiosity, educators and employers can empower this generation to become critical thinkers, problem solvers, and agents of positive change in an ever-evolving world.

So, what does it take build the curiosity muscle for the Gen Z generation? 

Find out about this and more in this episode as Leadership and Curiosity Expert Dr. Diane Hamilton, explains: What are the different types of curiosity? What comes in the way of us losing our curiosity from childhood to adulthood? Which companies have built a good culture of curiosity and what is essential in doing that? Can you measure curiosity and What can managers do to build curiosity in Gen Z? 

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Dr. Diane Hamilton  : LinkedIn, Website

Nikhil:  Website,  Linkedin, Youtube & Book

Employees are your firm’s most valuable resource. But to keep your employees from seeking other opportunities you have to maintain their fulfilment with their work and your business. Employee engagement therefore is a crucial aspect of your employee retention picture. Employees today want to be involved in their work, enthusiastic about the organization they work for, have a sense of belonging, and be afforded flexibility around schedules and location. Engaged employees care about their work and find meaning in it. They enjoy their workplace and get along with coworkers. 
But despite how employee engagement is gets viewed as positively company-wide, the majority of employees today are disengaged at work. Research shows that Gen Z may be struggling with engagement at work the most? According to a 2022 Gallup Poll, 54% of Gen Z employees, slightly higher than any other generation, are ambivalent or not engaged at work. 

Low employee engagement can be caused by several factors including lack of recognition by managers, poor company communication and not having a better understanding of the mission of the company and engagement efforts. More than ever, employee engagement is a strategic business objective because engaged employees lead to long-term employee retention, higher employee performance, improved quality of work, and organizational success.

So, what are some of the best practices when it comes to engaging and retaining the Gen Z?

Find out more in this episode as Business Leader and Entrepreneur Luke Goetting, explains: What are companies doing to keep Gen Z “engaged”? What normally comes in way of good engagement? How do you convey engagement approaches to incoming Gen Z? How do you ensure that your employees are actually engaged and how do you keep refreshing new approaches? What are the things Gen Z’s can do before joining a company to understand engagement practices? 

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Luke Goetting : LinkedIn 

Nikhil:  Website,  Linkedin, Youtube & Book

Before 2020, remote work was a subject of some debate. 
While many organizations were hesitant to adopt telecommuting policies, opinions were gradually shifting in favour of remote work. Research was beginning to demonstrate that remote work made employees happier and increased productivity, while also saving businesses money on real estate and overhead. However, with COVID-19 came remote working on a scale the world has never seen. Organizations that had never once engaged in remote working suddenly migrated to a 100% virtual workplace. During 2020 and 2021, most businesses realized first-hand the pros and cons of remote work
During 2020, companies began to realize that remote work did have its advantages but also quickly saw its disadvantages. Pros included: freedom to work anytime, anywhere, no commute time, spending more time with family and fewer distractions from colleagues Cons: social isolation, collaboration challenges, difficulty to unplug, burn out and so on. For reasons such as these, quite a few employees have expressed a desire to return to work.
Working on location at an office or another worksite also had its pros and cons. But Onsite work, after all, has been the standard throughout human history. Remote working on the other hand, is a recent development that has only become possible thanks to digital innovation. Naturally, the benefits and drawbacks will differ depending on the individual – some people exclusively prefer onsite work, while others exclusively prefer offsite work. But benefits and drawbacks such as these can serve as a general guide for managers looking to modernize their workplace for the next normal – an era in which many suggest hybrid work will become ubiquitous.

So, what does the Gen Z generation prefer when it comes to going to office? What are some of the practices firms use when it comes to the policy of WFH, Onsite or Hybrid? How do companies see Gen Z’s desire for Side Hustle

Find out more in this episode as digital nomad and Gen Z Top Voice Danielle Farrage, explains: Work preferences of the Gen Z generation? How are companies handling Gen Z’s penchant for gig work or side hustle? How to build a career when AI/ML will take many entry jobs? Top preferences of Brand and more.

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Indranil Chakraborty : LinkedIn, & Twitter

Nikhil:  Website,  Linkedin, Youtube & Book

Everyone remembers a good story. Whether they heard it on the radio, read about it in a newspaper or saw it unfold on live television, good stories have a tendency to stick with us, regardless of the subject matter.
 However, a story by itself can only go so far. A good story can be most effective when told by a great storyteller. Effective storytellers have the ability to capture their audience, lead them in whatever direction necessary and leave listeners/readers with new knowledge for them to absorb, a value which they may carry with them for the rest of their lives.
Teaching leaders the art of creating, constructing, and telling a story, or the art of storytelling, can mean the difference between an ineffective meeting and an effective one. The power of story can be the most important tool in your arsenal. If done well and done correctly, a great story can have a massive effect on the audience and define you as an influencer. It can inspire, enliven and create instant rapport. Storytelling can be used in speeches, presentations, workshops and even board meetings. It can move an audience to take action and it can change lives.

So when should leaders start preparing the skill of story-telling? How do we help young Gen Z build a bank of stories? What goes into making of a good story?

Find out more in this episode as Business Leader and Author Indranil Chakraborty, explains: Why stories are becoming so popular way of communicating? How does a firm or a manager help Gen Z build a bank of stories so early in their career? In what instances can stories be used for a Gen Z? Where can Gen Z’s learn the art of story-telling? What is a simple template of constructing a story? How does a firm create and sustain the art of story-telling? 


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Indranil Chakraborty : LinkedIn, Website & Twitter

Nikhil:  Website,  Linkedin, Youtube & Book

Reverse mentoring challenges the notion that wisdom only flows in one direction in the workplace. While senior executives offer valuable advice to junior employees, their younger counterparts also have skills and fresh perspectives to teach their higher-ups. This concept was first developed in the 1990s to share technical skills. Now, it’s gained renewed relevance. 
A single age group often dominated workplaces in the past, but today we see a more diverse mix of ages and generations. For that reason, organizations need to ensure all generations are represented and respected. Reverse mentoring also holds tremendous potential for companies to address the novel challenges posed by hybrid working, diversity and inclusion, and dismantling generational stereotypes.
So how have companies gone about implementing this idea? What are some of the challenges and tips to implement a successful RM program?

Find out more in this episode as HR Leader Manisha Goel, explains: The difference between traditional mentoring and reverse mentoring? Why is it important for organizations to adopt reverse mentoring? What are some of the hurdles one can expect in implementing RM and how to overcome them? How should success be evaluated in a Reverse Mentoring program? Any specific Do’s and Don’ts to ensure seamless implementation from Companies and how to groom Gen Z’s for this initiative? What is the current prevalence of RM across organizations?
 
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Manisha Goel : LinkedIn 

Nikhil:  Website,  Linkedin, Youtube & Book

When it comes to startup hiring, every action and every decision is critical. Because of the small team size, one additional employee has the potential to contribute massively and drive growth in the company. But, on the other hand, they have the power to disrupt the workflow and organization.

The price of a bad hire is more costly in startups where their contributions can tip the scales in favour of success or failure. So, startup hiring practices need to be implemented to reduce the risk as much as possible.

With the stakes so high, it should come as no surprise that startup hiring can become any founder’s greatest challenge. To add to the challenge, startups often look for a special kind of hire: they want self-starters, professionally driven, and passionate people. Founders look for A players, not just a B player that will get the job done. Finding the right talent is challenging regardless of your industry, and like most other business activities in startups, will initially fall to the founder.

In addition to the hiring challenges, startups also have to work with limited resources, attract top talent, build a diverse team by speed of hiring, and create the right cultural fit. They also have the onerous task of making talent scalable and flexible as the firm experiences rapid growth under these conditions. So, what approaches have successful startups taken? How does the Gen Z generation fit into the fast and demanding Start up ecosystem.

Find out more in this episode as Ashutosh Garg, Business Leader and Entrepreneur explains: What should be the recruiting strategy for startups? What do you look for? How do you motivate and create a high performing team? How do you convey the value proposition and scale an inexperienced pool of employees as company experiences rapid growth? Also how to manage expectations if the Startup goes thru a lean or a rough patch? What are some Do’s and Don’ts for startups and Gen Z’s as they enter the Start up Ecosystem?

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Ashutosh Garg : LinkedIn , Website

Nikhil:  Website,  Linkedin, Youtube & Book

It’s no surprise that Gen X, Millennials, and Gen Z see and use technology very differently. For some, it’s been an evolution, but a growing number of people in the workforce have simply never known anything else. This can have a significant impact on the way each generation sees crucial subjects such as cyber security.

The Gen X generation is what experts often refer to as “digital immigrants.” Technology wasn’t always a part of their work, and they’ve had to adapt over the years. They often learned about cyber threats by falling victim to them and have had to develop their own tricks and habits since cyber security departments were rare when they entered the workforce.

Millennials are in an odd situation technology-wise. They weren’t all digital natives, and while most had computers at home, social media was a later addition to their lives. In terms of work, however, they are definitely digital natives, and computers have always been present in their workplaces.

The definition of digital native truly starts with Gen Z. In most cases, members of Gen Z generation don’t remember a time when technology wasn’t a major fix of their lives. However, a large portion of their exposure to technology has been through smartphones. They embrace new platforms faster than other generations but are often less well-versed with desktops. They communicate primarily through social media platforms such as Snapchat, often exchanging their username instead of their phone number when they meet someone new. However, growing up with technology doesn’t mean you automatically understand it. In fact, it seems like it might have been too normalized for their generation.

Gen Z’s technological knowledge is heavily influenced by smartphones and social media applications, making them ill-equipped to detect phishing attacks via email or spoofed websites. They are also the most likely generation to ignore mandated IT updates until the last minute and reuse passwords for personal and work accounts. They often have had less cyber security training than other generations and feel much more secure online overall. So how do we help a generation who loves technology – but may not be fully aware of some of the pitfalls or ‘dark-side’ of social media and other tools. 

Find out more in this episode as Cyber Security and Privacy Expert Kaushik Pandya explains: What is the difference between Cybersecurity and Privacy? Why have these topics gained so much attention and what are the implications on Gen Z generation? What are some the basic tips to become more cyber secure? What can employers do create good security and privacy habits into Gen Z employees. How do they sustain these habits?

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Kaushik Pandya : LinkedIn , Website

Nikhil:  Website,  Linkedin, Youtube & Book

As the modern workplace becomes more global, companies are putting a bigger emphasis on an employee’s intercultural skills in the office. Now more than ever, firms are no longer just looking for technical skills, they are also putting a greater focus on an employee’s ability to speak another language, demonstrate respect for others, and cope with cultural differences.

Intercultural skills are important to companies for several reasons. They not only give employees a better understanding of their workplace and co-workers, but they also help them adapt to new work environments and prevent culture shock, while enhancing their cultural awareness, knowledge, and practical skills. 

Several surveys have shown those employees with good intercultural skills help companies bring in new clients, work within diverse teams and support a good brand and reputation. Conversely not having them brings damage to an organisation’s reputation and team conflict. All of these risks could also have financial implications for an organisation.

So how does the incoming Gen Z generation acquire strong intercultural skills as they enter the workforce? Does, simply travelling to new locations makes one good with intercultural skills? How do we help them overcome the blind-spots of how cross cross-culturally savvy we really are? 

Find out more in this episode as Inter-culturist guest Robert Gibson explains: What can Gen Z’s do gain intercultural skills? What are firms doing to create the ecosystem for culturally savvy employees? What are some of the common mistakes managers make when it comes to intercultural skills? How do you lead a multicultural team? Are there instruments who help assess your cultural quotient? Some Do’s and Don’ts for corporates and Gen Z’s to become interculturally savvy?

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Robert Gibson : LinkedIn

Nikhil:  Website,  Linkedin, Youtube & Book

Artificial intelligence (AI) is transforming the world of work in unprecedented ways. AI is reshaping how businesses operate and compete, from automating tasks to creating new products and services. But how does this affect the youngest generation of workers, Gen Z, who are just entering the workforce or starting their careers?

Gen Z generation also faces many challenges in the workplace. They have been hit hard by the Covid-19 pandemic, which disrupted their education, employment, and mental health. They needed to gain essential skills and experience from working alongside older colleagues. They have to compete with AI for entry-level jobs that are increasingly automated or outsourced. And they must adapt to the fast-changing demands and expectations of the AI-driven economy.

So, how can Gen Z overcome these challenges and leverage their strengths to succeed in the workplace? 

Equally important is if you are an employer - how do we build a multifaceted career which requires more competencies in multiple directions at the same time in a ‘solar career’ that spreads radially in many different directions. How do we do this also keeping in mind autonomy, growth, satisfaction and fulfilment. 

Find out more in this episode as guest Dr. Shalini Lal explains: How have careers have evolved? What are the “practical challenges” from an Employer’s perspective of “building careers” in such fluid environment? What are the bouquet of “skills” Gen Z’s can build for future of work? What are some Do’s and Don’ts when thinking of careers from an employer and Gen Z’s lens.

Dr. Shalini Lal : LinkedIn , Website

Nikhil:  Website,  Linkedin, Youtube & Book

Credits:

- WYN Studio: LinkedIn, Instagram

- Engineer: Vikas Sharma