Beginning in 2024, Generation Z will make up a larger portion of the U.S. workforce than baby boomers for the first time, according to a Dec. 5 report from CNBC based on a forecast report from job search website Glassdoor.
Economists predict that this will create major changes in the workforce, as Gen Z has different priorities and different expectations around work.
Boomers will range in age from 60 to 78 next year and are reaching retirement if they haven't already. Gen Zers, aged 12 to 27 next year according to the report, are increasingly graduating school and joining the workforce.
Eventually, Gen Z is expected to overtake Gen X as well; however, it will be a long time before they overtake millennials, according to the report.
Gen Z workers have different interests than boomers, with more focus on jobs that offer demonstrated social impact, upward mobility and creative opportunities. They value flat organizations, and they want their opinion and perspective heard, irrespective of their experience or tenure.
They are also more likely than other generations to want to be political at work and vocal about issues they care about.
Gen Zers are also concerned about work-life balance and tend to value flexibility over job security. They are also not afraid of job-hopping if unhappy.
Gen Zers also value development opportunities and regular feedback, and 73% of them are willing to quit their jobs if their managers don't provide both, CNBC said.