The Story:
As the Gen Z population is set to make up 27% of the workforce by 2025, a new survey finds that when it comes to work, Gen Z employees want their employers to demonstrate good corporate citizenship and embody values that align with their own. Given that finance is the most desirable career path for Gen Z, ensuring a bank or credit union has a strong lived purpose is foundational as they seek to attract the next generation of workers. Fortunately, seven out of ten financial services marketers are already focused on acting on brand purpose to highlight differentiation for their institutions.
The Takeaway:
To attract Gen Z talent, financial brands must be both purpose driven and authentic. “As important as it is for banks to be a positive force in a range of global topics, such as addressing the climate crisis or aiding social equality, it is equally as important that this narrative is articulated and well-understood in the talent market,” according to EY. This means communicating with clarity and commitment about a brand’s vision and values. “Sharpening the narrative around purpose and social impact is particularly important for banks appealing to Gen Z talent, as this cohort typically gravitates toward organizations they view as authentic or trustworthy.”
Source: EY, “How Banking On Gen Z Talent Will Make or Break the Future of Banking,” July, 2023; CFA Institute, “2023 Graduate Outlook Survey,” July, 2023; and Accenture, “The Great Marketing Declutter” August, 2023