Gen Z Layoffs/Work Culture
Saw this article by Yahoo Finance outlining how ~ 6/10 employers have sacked Gen Z hires within less than a year. Most of the reasoning behind the terminations was GZ’s being unprepared for the workplace and overall lack of professionalism (coming to work/meetings late, professional attire, etc).
As a Gen Z myself, the realization that a lot of kids are probably a little soft and not really prepared to actually work in a professional environment after having grown up in the zoomer era and the abundance of influencer bs isn’t really surprising. However, I’m wondering if some of the older guys on here would be able to provide their opinion/thoughts on what they’ve seen in new grads on the desk, and if they’ve seen similar type of firings at a higher rate with GZ specifically.
My thought process is that since a lot of IB/“high finance” roles are inherently more competitive and take more personal work and effort to land an entry level role, it naturally weeds out those who would fall victim to the problems the article talks about. I might be completely wrong since I’m still just a student rn, but just curious if the article is as applicable within IB
Based on the most helpful WSO content, here are some insights regarding Gen Z in the workplace, particularly in investment banking (IB):
Generational Change and Work Culture:
Perception of Corporate America:
Competitiveness in IB:
Workplace Preparedness:
Corporate Culture Shift:
Impact on IB and PE:
In summary, while IB roles are competitive and may naturally weed out those unprepared for the professional environment, the broader trends affecting Gen Z's approach to work and career are still relevant. The changing values and priorities of this generation are influencing the workplace dynamics in high finance as well.
Sources: Is it just me or are PE Associates garbage these days?, GS Layoffs hit NY, Help me understand the new generations…, Why has the quality of IB analysts declined?, GS Layoffs - The Chopping Block
A comment I found interesting was that 20% of Gen Z can't handle the workload.
Would love to hear from senior folk on this forum if they have also noticed these trends within high finance or if it's in other industries, and if so, how to improve.
Nobody senior comments on these posts because they just get hordes of MS thrown at them by the GenZ posters that make up a large population of this forum and simply dislike the truth.
European perspective but I think it’s rather a global trend: wouldn’t say that IB folks are not able to handle the workload, but the trend over the last ~10 years (me included but on “old” side of that spectrum) is that people have become less extrovert / outgoing and more reactive. I don’t mean that they aren’t able to talk to peers or be sociable at a party etc. but rather that they are less comfortable with things like cold calls, client exposure in very early roles, presenting one's thoughts and overall proactively looking for their place in the whole setup. Can also be seen by preferred method of communication: a lot less phone calls and more email/chat nowadays, with internal and external counterparties.
This level of “extrovert proactivity” was something the previous generation was a lot better at doing, while they struggle(d) a lot more with tech and other things which are straightforward for most younger folks.
Would nonetheless also agree with the point that applicants in IB are on the hardworking end of the bunch and that other industries struggle with lower levels of motivation / ambition and a different interpretation of the roles — still, this is not only lack of interest (in some cases, it is though), but also different definitions of happiness/fulfillment and to some extent also less of a need to provide for the family since generational wealth (incl. inheritance) is a lot higher than ~30y ago while, ironically, the ability to individually build similar wealth as 15-20 years ago has strongly decreased (lower income / bonus payments, higher taxes, higher cost of living, higher cost of housing etc.)…. Just my 2c.
Do yourself a favor and make sure this is not your haircut of choice.
Interesting trend and not surprising given the rapid changes to college and work life in the last five years.
Class of 22 and I got laid off like right after training. Chalked it up to unfortunate market timing (was a group of us at once) but also honestly shitty performance compared to how hard I knew I could work. I was a pretty shit analyst and was distracted by a very needy (now ex) girlfriend at the time.
Doing much better at current shop. It all clicked and I now work highly independently and get great reviews. Sometimes you need a better fit, but I also just needed a few more months to ramp and get used to full time work. Didn’t even make it to the new year at bank number one lmao. Banks especially aren’t giving recent grads much leeway and it makes sense given where the economy has been. Goes against the optimistic lie (was it ever true?) that they don’t want to fire junior employees.
We have had a horrible time hiring Gen Z employees. Lots of great resumes turning out to be duds. Two instances of leaving within 12 months to pursue passions outside the industry.
I know it is cliche to dump on the youngest generation, but my anecdotal experience is that they are, on average, uncommitted and distractable, are not willing to do the tedious work that is often involved in early career positions, and in many cases they have ridiculous expectations about comp and WLB.
I am sure they will say the same stuff about the generation that follows.
Dolorum qui ab et autem veritatis ut. Illum et dolores repudiandae qui officiis. Sed aliquam ipsam ex omnis enim quis. Voluptates sapiente sequi itaque eos accusantium libero.
Necessitatibus sed nihil ducimus eveniet possimus. Est enim suscipit vitae et. Delectus nobis ea et necessitatibus fugit dolorem enim. Sapiente voluptas eum et doloribus eius sed iusto.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Accusantium aut quisquam veritatis qui ea quod dolorem. Quis cumque velit excepturi rem aperiam odit voluptas qui. Error inventore possimus sint repellendus accusantium.
Quia et qui et vel. Quia et aliquid distinctio ratione. Consequatur temporibus perferendis tenetur. Autem voluptatem assumenda autem praesentium.
Rerum sit totam nobis adipisci veritatis eos aperiam. Quos qui et aliquam sequi omnis. Optio quibusdam quae cupiditate itaque. Fugiat beatae cumque sunt recusandae aliquid nemo.
Quo nulla molestiae libero accusantium tempore. Sed dolorum aut aut est distinctio labore. Cupiditate nesciunt atque fugiat ex voluptatem. Ut ipsam voluptatum ad officiis nostrum qui.