Jason Dorsey is the leading Gen Z and Millennial expert. He is President of The Center for Generational Kinetics. He has led more than 65 generational studies, worked with over 700 companies, and his new book is Zconomy: How Gen Z Will Change the Future of Business.
Jason’s new book – Check out Jason’s new book – Zconomy: How GenZ Will Change The Future Business!
3 Value Bombs
1) The Center for Generational Kinetics – their goal is to separate general myths from truth to data so leaders can make significant decisions and take action.
2) Generational work helps solve challenges by having a generational trend on the opportunities created nowadays.
3) Do a generational snapshot; you create a piechart representing your customers’ different generations or your team members. It will help you shape your messaging, your leadership, and your marketing. Make sure to adapt for the next generation, because they will drive growth.
Thinkific: Join Thinkific’s first ever 5-day Course Challenge and walk away with a complete blueprint for your online course that you’ll be ready to put into action! Sign-up for this FREE challenge today at Thinkific.com/fire!
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Today’s Audio MASTERCLASS: Zconomy: How Gen Z Will Change the Future of Business with Jason Dorsey
[1:19] – Jason shares something interesting about himself that most people do not know.
- He was 18 years old when he wrote his first book.
[2:12] – How did you get into studying generations?
- After being interviewed on 60 Minutes about Millennials.
- He talked with a CEO who said some negative things about Millennial employees, and he asked for the data about the Millennials because he wanted to understand and contextualize.
- Data did not match with what the CEO said.
- He and his wife thought of starting a research firm to help companies understand their data and make better decisions.
- They founded The Center for Generational Kinetics – their goal is to separate general myths from truth to data so leaders can make significant decisions and take actions.
[6:46] – What do most people get wrong about generations?
- Most people treat generations as follows:
- Generations are a stereotype
- As a general researcher of over 65 generational studies, generations do not fit in a box but instead give powerful clues to drive faster connection, trust, and influence.
- Generations are the same around the world.
- Generations vary by geography.
- GenZ is the most consistent generation.
- People confuse age with a generation.
[13:23] – How does your generational work solve challenges for entrepreneurs and companies?
- The adaption of new technology and new solutions brings change, frustration, and challenges, but it also creates new opportunities.
- Technology trends are rippling from the youngest to the oldest.
- Generational Context is stepping out of your generation and looking through the lens of another era.
[18:28] – What do we need to know about Generation Z?
- Generation Z is age 23-24 years old.
- Generation Z does not remember 9/11.
- The generation-defining moment for Generation Z is the COVID 19 Pandemic.
- Generation Z is more frugal with their money than in previous generations.
- Generation Z is looking for stability in terms of seeking employment.
- Generation Z is particularly interested in benefits: 12% of GenZ are already saving for retirement and already have an emergency savings account.
- Generation Z is the fastest-growing generation in the workforce today, based on the percentage, and they are going to be the essential consumers over the next 10-15 years.
[24:00] – Is it true that GenZ will not take the road of having mountains of secondary education debt?
- Yes, it is true. Based on a new study, GenZ is trying to graduate from college with as little debt as possible, and they are mindful of the employability of their career.
- Based on a student loan debt study with Millennials an Economical Anchor has caused them to delay marriage, kids, and buying a home.
- The younger members of GenZ might turn the pandemic into a positive thing.
[28:57] – Jason’s parting piece of guidance.
- Do a generational snapshot; you create a piechart representing your customers’ different generations or your team members. It will help you to shape your messaging, your leadership, and your marketing. Make sure to adapt for the next generation, because they will drive growth.
- Jason’s new book! – Check out Jason’s new book – Zconomy: How GenZ Will Change The Future Business!
What's shaken fire nation, J L D here with an audio master class on Zconomy, how gen Z will change the future of business to drop these value bombs. I have brought Jason Dorsey on the mic. He's the leading gen Z and millennial expert and president of the center for generational kinetics. He has led more than 65 generational studies worked with over 700 companies in his new book is Z economy. How gen Z will change the future of business and fire nation. We're going to talk about what most people get wrong when it comes to generations, how generational work and solve challenges for both entrepreneurs and companies and what we need to know about generation Z and so much more fire nation.
When we get back from thinking our sponsors, looking for a business coach who has helped thousands of entrepreneurs, just like you to increase our profitability by an average of 104% per year, all for less money than it would cost to hire a full-time minimum wage employee. Schedule your free consultation today with clay Clark, a former small business administration entrepreneur of the year at thrivetimeshow.com/fire thrivetimeshow.com/fire. If you're feeling like you have no idea where to start with your online course journey, then thinkific's five day course challenge is for you. You'll walk away with a complete blueprint for your online course that you'll be ready to put into action.
0 (1m 28s):
Sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/fire. Jason say what's up to fire nation and share something interesting about yourself that most people don't know
1 (1m 46s):
What's up fire nation, thrilled to be here with you. Huge fan a fire nation. Everything y'all are about something that most people don't know about me is I wrote my first book when I was 18 years old and it was so successful. I ended up sleeping on the floor of a garage apartment With 5,000 books that I had printed thinking somebody was going to buy them. And instead they were furniture. So
0 (2m 12s):
A bed of books means you're not selling as many books as you want to fire nation, but guess what? Jason's grown, he's matured. And right now he is rocking Z economy, which is all about generation Z and how gen Z is going to change the future of business. So I kind of want to start a few steps back, Jason, because I'm just curious, like, how does one get into studying generations? Like why did that interest you and why did you get into it?
1 (2m 39s):
Sure. Well that first book that I wrote when I was 18, it ended up not selling it first and then becoming a real big bestseller. And I started speaking all around the world and I ended up on 60 minutes and I was on that show is all about millennials. And I'd written a bunch of books and, you know, started a company and everything was going great. But after that show, I, I started speaking to all these corporate executives who are now our primary clients, but I was speaking to all these execs and they would say such terrible things about millennials and I am a millennial. So I'm pretty offended. You know, they're like, Oh, you're lazy or entitled. Your pants are falling off. You live with your mom and all this stuff. And I'm like, well, no, actually I have my own house and our own office building. And my parents worked for me and my
0 (3m 18s):
Yes are on very snugly. Thank you very much.
1 (3m 21s):
Exactly. And so, so after that I was, I remember it clear as day I was in this boardroom big public company and the CEO had said some things about millennial employees that I just, I didn't fully believe. And I'd spoken about half a million millennials at that time. And, and so I asked him, cause I didn't know any better. Now I serve on lots of corporate boards. You know, one of the companies I was on, we sold for $11 billion. Could, you know, I live in this world now, but back then, I didn't, I didn't know what I didn't know. And it was really a setup for success. So I asked him, I said, is there any way I can see your data about millennials? Could you say the turnover is higher and they're not as engaged and on and on. I'd love to understand it better so I can contextualize it and maybe help you all solve for it. So there are lecture or whatever.
1 (4m 2s):
So they sent the data over to me and the data didn't match with the CEO had just said in the boardroom, which basically never happens. CEO's, don't go off the cuff in front of their boards, particularly a, a private CA a publicly held company like that. So I asked my wife who has a PhD, and I said, Denise, you know, this is the strangest thing. It was just in this boardroom with this pretty famous CEO, they set all these things with great conviction. Then I looked at the data and the data doesn't match what they just said. I said, what do you think we should do? And she looked at me and she says, we should start a research firm. She said, because if they don't even know their own data, if we can help them to understand their data, make better decisions. And we can really build a great company and help lots of PeopleSoft, lots of challenges.
1 (4m 45s):
And so that's how we got into this 13 years ago, we founded the center for generational kinetics. We lead research all around the world for many of the biggest brands in the world. And we're all about separating generational myth from truth through data. So leaders can make great decisions, whether you're a startup or a venture capital or you're bootstrapping it, or you run a big public company getting accurate data and being able to make decisions based on that increases the likelihood of success. De-risks the strategies that you're looking at drives innovation and so forth. And we found that generations in particular, or one area where there was just so much myth and so much misinformation. And if we gave people great information, they could take action. And that was incredibly exciting. We've had 700 clients since then, which is pretty wild and done studies all around the world and just love it.
1 (5m 26s):
You know, I absolutely love it.
0 (5m 28s):
Now, your CEO is just flat out wrong when it came to millennials and you had the data to back it up, did you ever go back to him and just be like, yo bro, check this out. You're wrong. And also my pants, they're pretty snug check them out.
1 (5m 42s):
That CEO was a client, but I really do credit him. And I, if it wasn't such a negative story, I would say what a company is because it's a really big famous company. But the, but no, but I do believe that he represented something that we saw frequently, which is the idea that many older generations think of millennials through the lens of their kid or their grandkid. And so that, that becomes a proxy for the whole generation. And in fact, when we wrote this economy book, our new book, what we found is the same thing was happening again. And there was all this misinformation and it just, wasn't true. And that's why we've spent the last two years writing the book is because we've got to clear this up because when people have the wrong impression about an entire generation, it leads to so many problems for everybody, everybody loses.
1 (6m 24s):
And so, no, I never, never corrected him on it, but I do give him credit for in sparking the idea.
0 (6m 29s):
I'm glad that you do give him credit for sparking that idea because sometimes fire nation is those things you just like, you know, I'm not quite sure about that. Let me look into it. They can really uncover some great opportunities. And one thing that I think is a huge problem in this world in general, and especially when you're talking about generations is just regurgitation. You know, you'll hear one person on one talk show, say one thing, and then you'll regurgitate it. And then somebody else regurgitates your regurgitation and like seven layers down. You're like, how'd you hear that? They're like, Oh, I don't really know. Like somebody just mentioned it. And like, now you're speaking it, like, it's the truth. And it's just regurgitation of what you know is something that has no data to back it up. So what are most people get wrong, Jason, when it comes to generations, break that down for us.
1 (7m 12s):
Sure. There's a few things that jump out the first is this belief that generations are a box or a stereotype. And that is absolutely not true. And we're generational researchers. This is what we do more than 65 generational studies. And what we see as a generations are not a box, but what they really are is they're powerful clues. And as long as we use them as clues and only clues to drive faster connection, trust, and influence, we can create all kinds of positive outcomes. We don't want to put people in boxes. We want to use this as clues so we can figure out how to better lead markets, sell, collaborate, innovate, and so forth. And when you sort of, at that level, people seem to really embrace it because it just gives them another lens to better connect. So I think the first is people think generations are boxes or stereotypes, and they're not.
1 (7m 54s):
In fact, our clues are driven by math. We look for what's called predictability by scenario. So that's the first thing that people, I think it wrong. The second is this idea that generations are the same around the world. Now, one of the things that we've uncovered repeatedly in our work and we publish all this on our website is that generations vary by geography. So for example, in the U S we'll see differences between urban and rural within the same generation. And that I work a lot outside the U S and we'll see differences as we travel around the world. And that's important because if you're a global company or frankly, a global brand like fire nation is you want to make sure that you're really representing each of the different geographies and what makes them different. Now, one cool thing that we've uncovered. And we talk a lot about this.
1 (8m 35s):
A bunch in economy is the most consistent generation in the world. Now that doesn't mean exactly the same, but the most similar generation, the world is now gen Z, gen Z is about 23, 24 years old at the oldest. And the reason they're the most similar is because if cheap mobile technology. So if you live in different countries around the world, you might even get your phone for free, as long as you use it for think about it, sort of using a text to pay, or sort of like a mobile credit card in different parts of the world. And because we've driven the cost of a mobile down so low, basically to zero in many places. Now, all of a sudden young people around the world are having access to entertainment, news information, dating banking on and on and on. And as a result of that, we're seeing a lot more similarities as I travel all around the world, the younger you get, but interestingly, the older you get, even to gen X or baby boomers, it's like, they're from a different planet as you travel around the world.
1 (9m 23s):
So that's something people get wrong. And then the last thing that I think people get wrong, and this is something I have to deal with. A bunch is people confuse life, stage or age with generation. So for example, gen Z is now 24. But when we do studies and ask people, how old do you think the average millennial is? They'll say 25 as if we didn't keep getting older. You know, I've been talking about millennials for 15 years, same ones, they're now 40. And I think that's important because you stay in the same generation, but you pass through different life stages. And frequently people confuse the two. And it's very important to understand the difference, because if you're trying to market or employ or build a business that targets different groups, generations gives you all these clues, but we've got to distinguish between the generation, which travels up right at ages up, baby boomers were once teenagers at versus life stage, for example, high school or college, which are still pretty similar ages as they have been for the last 40 years.
1 (10m 18s):
And so knowing the difference helps you to understand that.
0 (10m 21s):
Yeah, it's really interesting how people do kind of always confuse age with generations and how that all goes. I mean, you know, I was just talking to a friend the other day, literally he's in his late thirties, I'm in my late thirties and he's just going off and riffing about, you know, how general, how millennials are just entitled and all this stuff. And I looked at him, I'm like, you know where millennials? He's like, Oh no, I'm definitely not a millennial. I'm like, well, we're, we're like the oldest millennials, but we are millennials. And he's just like, well, I need to look at that. And so it was funny. He came back, he said, well, you know, there's actually a lot of great things about millennials. And he was now like listing off all the good things because he, now he's identifying himself as a millennial. So it's a really interesting fire nation. And yes, we do get older.
0 (11m 3s):
That is what happens to all generations and all human beings, for sure. And we're going to dive into something I'm pretty excited about as soon as we get back from our break, which is about how generational work is actually going to solve challenges for both entrepreneurs that you fire nation and companies, as well, as soon as we get back, Thinkific is the best platform to create market and sell your own online courses. And we speak from personal experience. We've been hosting our online courses with Thinkific since 2017, with Thinkific, we can deliver content to our students in a simple user-friendly way that allows them to learn and take action fast. Plus, our students are always raving about how easy it is to follow the flow of the content, thanks to Thinkific theme and templates.
0 (11m 45s):
So if you're ready to create an online course to help you reach a wider audience, build revenue and make a bigger impact than Thinkific is the perfect partner to have by your side to prove it. I think if it has an exclusive offer for you fire nation, their five day course challenge, here's what one of their recent students had to say about it. This challenge helped me gain the confidence and clarity I needed as well as the perspective required to compile my specialized knowledge into marketable content that others will be willing to pay for sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/buyer, looking for a business coach who has helped thousands of entrepreneurs, just like you to increase their profitability by an average of 104% per year, all for less money than would cost to hire a full-time at minimum wage employee, I, our nation meets clay.
0 (12m 34s):
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0 (13m 16s):
That's right. Do your research and view thousands, not hundreds of proven, documented and archived video testimonials from real people, just like you at thrivetimeshow.com/fire, thrivetimeshow.com/fire. Then schedule your free consultation with clay himself to see how he and his team can help you thrive. So Jason, we are back and as I kind of teased before the break, I want to get into how generational work can solve challenges for fire nation that's, you know, for us entrepreneurs, but companies as well, share that with us.
1 (13m 46s):
Sure. One of the things that also is not obvious is I'm a venture partner at a venture capital firm and serve on lots of startup boards. It's something I'm extremely passionate about. And what we're seeing is much of the opportunity being created today has a generational trend or thesis. It's the adoption of new technology. New solutions are bringing a different way to look at old problems. And when that happens, that's where both change and frustration and challenge. And frankly companies go out of business, but it's also where new opportunities are created. So when I'm speaking with entrepreneurs and working with entrepreneurs, we're trying to look at what are millennials and particularly gen Z doing right now that you might want to be able to build a business around or leverage as their buying power as their influence increases.
1 (14m 28s):
So for the first time, what we're seeing is technology trends are rippling from the youngest to the oldest. And that's a huge shift. It used to be from the oldest or more affluent down to the youngest. But now we're seeing younger people are actually driving tech adoption up to the older, but the key as an entrepreneur, and this is something we coach entrepreneurs about is being able to sort of step out of your own generation and look at it through the, of another generation. It's what we call generational context. And one of the best ways to do that is actually bringing members of that generation into the conversation. Like I can't tell you how many times I'm speaking at places and they're asking me all these questions about millennials or gen Z. And I'm like, well, why don't we invite some of them to the car?
2 (15m 9s):
Let's talk to them, let's actually talk with them, see what they have to say.
1 (15m 13s):
Yeah. And so I think when you look at bringing generational diversity into the workplace into innovation, you can solve all kinds of interesting challenges. I'll give you example right now. What we're seeing is that gen Z and even younger millennials, I talk about both of these in this economy book, they want a different onboarding experience. Obviously we're in this time of COVID and all these changes. But even before that, what we saw is that the youngest generation wants to be on once onboarding to be by text message, which sounds, I know a little bit wild, but there are companies and they'll do all of their onboarding through text message. So you get SMS before you show up for your first day and I'll ask you, I'll just give you simple example. This is in the book from this company called onboarder.
1 (15m 53s):
When you they'll send a text message. And it'll say, you know, what's your favorite snack at three o'clock when your energy starts to go down, do you have a favorite sports team or cause, and all this sort of stuff. And the result is when you show up for your first day or they'll even now send it to you, give baskets to your house, they'll have all your favorite snacks ready for you show up because they already know because you put it in their text message or they'll have your favorite sports team where they'll find the best place that you want to go eat or have that food delivered. So they're engaging you by text message in a process that generally used to be in-person and frankly, pretty terrible at most companies. There's another company that we're working with. Again, this is a generational trend. They figured out how to pay all employees, 50% of their wages every day at no cost they're called instant.
1 (16m 35s):
And what they did is they basically said, you get a text message or message on your phone after your shift. And it says, Hey, would you like half your money today? Yes or no. And if you click, yes, you get your money. Well, all of a sudden, now you have an entire generation and this is growing so fast that thinks they should always be able to get half their paycheck every day. We'll imagine how that changes. So many other things and all of a sudden other generations, what do they say? Well, this text messaging onboarding thing, that's pretty cool. You mean I can get paid every day. That's pretty awesome. I think I want that too. And all of a sudden these generational trends create huge businesses. And those are the types of things we're seeing. You know, so much innovation is driven by other generations. This is the key. They don't even think it's new or different.
1 (17m 17s):
When we interview them, they think you've always been able to do onboarding by text message. Cause they never got onboarded before there was text messaging. Or if they've only worked at a place that gave them the ability to get paid every day, that's how they think everybody gets paid. And you know, older generations who I work with, they, they frequently get defensive and they're like, you know, these young generations are trying to change everything. And I'm like, no, they're not. This is just all they've ever known. They don't know any differently. Change to them is actually doing what you're proposing,
2 (17m 45s):
1 (17m 45s):
It's not about one being right or wrong. It's going, we can, we can leverage this. We can this. And all of a sudden onboarding's better. Retention is higher. Engagement is higher. And these types of things, and you see it on the marketing side for those fire nation members who are really growing their businesses. And they're more in a sales and marketing role, same exact deal. And the idea is just recognizing that you're creating so much opportunity. We see this particularly with social media, we see this with podcasts like such as yours, that this is a great way to engage younger generations who then over index for talking about these things and driving awareness and referrals and excitement,
0 (18m 16s):
Fire nation. So many things to take away here. And one of my favorite things that Jason broke down was specifically tech trends are rippling from the youngest to the oldest. Like think about that shift. Think about that. Change, how the ripples actually going from the youngest to the oldest now, which is a complete flip from how it used to be back in the day. And one thing I want to really dial in on just because I'm personally curious, and I think fire nation is too. Cause this is like the up and coming generation. Now let's talk about generation Z, like who is generation Z and what do we need to know about them?
1 (18m 52s):
Yeah, absolutely. So gen Z, the key thing is that they're already 23 or 24 years old. So that's a good starting point. And what we uncovered in our research and we publish this it's in this economy book is that gen Z. This is the key thing. We got all these research firms around the world to change their birth years. Gen Z does not remember nine 11. And that is a huge deal because it's the biggest event for the millennial generation. We call it generation defining moment, but Jensie, doesn't remember it at all. They learned about it in school or heard about it from a parent or they watched a video on YouTube, but it's not something they experienced. And they're now 23, 24 years old. So a huge event of the generation before they don't remember. In fact their, their COVID-19 is essentially their generation defining moment.
1 (19m 34s):
This pandemic is the generation defining moment that they're going to take with them. And we talk about this a lot. So one thing is they don't remember a key event of a previous generation and the other is their key event is happening right now. But what I think your entrepreneurs will find super interesting is that we've been doing this study for the last five years. It's called state of gen Z and it's our big study we release every year and what we've uncovered. And we've seen it for five years in a row. Now is gen Z is more practical or frugal with their money than previous generations. And this is shocking. And when we dig into it, what we find out is that gen Z came of age around the great recession. And what do I mean by that? They're their speakers or experts like you sort of talked about earlier, this regurgitation people running around saying, Oh, gen Z struggled during the great recession and the workforce, they were 12 were not working.
1 (20m 19s):
Right. But instead what they did is they saw their parents struggle. They heard their parents struggled. They know people lost their houses. They saw millennials drowning in student loan debt, having moved back home and mom and dad, and you put all that more together. And what you see is they're very conservative or practical with their money. As a result, they're driving double digit growth at thrift stores. They like couponing. They want to know they got a good deal. They want things to be a bargain or they want them to last a long time, really have utility. And what we see is the example I like to give is, you know, gen Z or 16 years old, we'll have a birthday party, they'll get $50. They're all excited. They'll put it away. And then they'll go to their mom or their dad and say, Hey, can I have $50 want to go buy something? And mom or dad will say, but you just got $50 and they'll say, Oh no, no, that's my money.
0 (21m 5s):
1 (21m 5s):
So we're seeing that. So if you're trying to market to them, you've got to understand their practicality with money. We also see the gen Z when we do a values-based research, what we find is for the last four years, their top concern was climate change or what they would call a climate crisis in their own words. And so that's been the top thing that they've been looking for brand alignment and for entrepreneurs to get behind and so forth. However, in the last six months, we just, our new study, social justice has leapfrog. Climate changes their top issue, and it's significantly more now. So all of a sudden, as you see the generation respond to events around them, you can sort of see how they're shaped. So if you want to make sure in align with their values, you've got to know what their values are going. Even deeper on the employment side.
1 (21m 45s):
As people look to hire them, gen Z, we know is looking for stability. This one's, this one's tougher for entrepreneurs. So I want to explain it. They're looking for stability and an employer. What do I mean by that? Gen Z saw these layoffs. They heard the layouts. They seen millennials struggle. And as a result, they're looking for an employer that they view as stable. So it's interesting because they tend to automatically define stability by being a big company. So they'll say I want to work for a big company and we'll say why. And they say, well, because they're stable. And the truth is you. And I both know that just because you're a big company does not at all mean that you're stable. And just because you're a small business doesn't mean that you're not stable. So it's important that you message stability to them. But we also found in our research is gen Z is very much interested in benefits, which is shocking given their age.
1 (22m 27s):
In fact, two years ago, 12% of gen Z was already saving for retirement. Wow. Yeah, that's crazy. Right. And many of them already have an emergency savings account. These are 18 year olds that are taking out their phones, showing us their emergency savings accounts. It just, it's such a different generation. I think the key here, and this is so important for all the marketers who are listening for our nation is that gen Z is not millennials 2.0, they are not millennials. Just more extreme that's total bunk people say that it is not true. Gen Z has a completely different generation raised by a different set of parents who has come of age, only knowing social media. It has always existed for them. That's why they trust it so much.
1 (23m 8s):
At the same time. They're more diverse than any previous generation different set of values, different purchasing pathways. And now the key is they over-index on influence because of how they use digital media. And they're already 24 years old, fastest growing generation in the workforce today on a percentage basis. And they're going to be the most important consumers to get right over the next 10 to 15 years.
0 (23m 29s):
One thing that I assume, and please correct me if I'm wrong, because it's just an assumption, but generation X and the millennials like this is like, I'm speaking of my generations here that I cut. Cause I kind of overlap both pretty closely it's we, when it came to like being 17 and 18 years old and it came to money debt just kind of close our eyes and kind of believed, you know, the rhetoric of, Hey, you just have to go to college and it's going to be expensive and you're going to get college debt and that's okay. And you're just going be able to pay it off at some point in the future. And now like millennials and gen, X-ers just hammered with this debt that they just can't pay off 10, 20, even sometimes 30 years later because it was just brutal with the mountains of debt that people kind of blindly get into.
0 (24m 10s):
It seems from what you're saying, generation Z is not going to kind of take that same approach and just blindly sign away, you know, their lives to this debt of secondary education and college and universities and the such. Is that true?
1 (24m 23s):
Wow. That is such an insightful. I mean, you, you are a super pro what you do. So yes, that is actually true. What's interesting is when we studied student loan debt with millennials in particular, that's what we call an economic anchor. So what it's causing is it's actually causing millennials. Now this is wild to delay marriage kids and buying a home because of student loan debt, right.
0 (24m 45s):
That has massive ramifications on all parts of the economy, too.
1 (24m 49s):
Everything from financial services, whether or not you're buying life insurance, you know, the, the home building recovery, like on and on, we could keep going two income households. I mean, there's just, there's so many things that are impacted even ultimately the ability to take care of your parents later on. So what we saw was that large amount of student loans that delayed major life commitments, which we, which is what's happened as a result. And by the way, gen Z will tell you, they're not sure that if spending a whole bunch of money in college actually pays off because it remains to be seen right now for millennials, we were told I'm a millennial. We were told getting the best college you can and then just get debt and it'll all be worth it. And then for a lot of us, it wasn't on the flip side, gen Z and our new study. And this is in this economy book. Cause it's important to understand how to think about education gen Z is trying to graduate from college with as little debt as possible, which is super cool.
1 (25m 37s):
They're also saying that they're looking, they're very interested in the employability of their career. So, so if they go and they pursue a certain path, am I going to be able to get a job in that path now, by the way, COVID-19 has been a massive, massive, you know, a challenge for that because there are people that were three or four years into college university, you know, maybe they were going to study retail merchandising, well, retailers aren't hiring. They never hired for that role again. Or they studied, you know, oil and gas and those aren't hiring whatever it is. So all of a sudden people who already had a pretty heavy commitment are now realizing that that path isn't there for them. But what we are seeing with gen Z, particularly during this experience right now is they're saying, Hey, I want to make sure I'm getting value for my education.
1 (26m 20s):
And we're even seeing, well, if it's going to be online only, I'd rather go to a community college or a state school or somewhere else, get some credits. And then I'll figure out if I want to go back into the future, maybe take a year off and then come back and so forth. So they're definitely much more conservative with debt when it comes to college university. And by the way, the other people who are more conservative are their parents, boomers had to co-sign on all those millennial loans just asked my mom about it. Right? And then as a result for many millennials, it was tough for them to pay it off on the flip side, gen X has gone, well, I don't know if it's worth it. You know, gen X basically told their gen Z kids, you will not end up like those millennials. And so that's also being weighed into the conversation now is, is college university worth it?
1 (27m 2s):
And then you add the layer of COVID 19. Is it worth it? If it's not a traditional experience? And you know, I don't know the answer to that, but it is something we're observing. And now this is where it gets really interesting. So the oldest members of gen Z, those that are about 18 to 24, they're bearing the brunt of this pandemic. And what I mean by that is in our latest study, that group was most likely more than any other generation to lose their job, have a decrease in pay or have a, a shift in responsibilities, meaning they had to assume a job that they didn't sign up for. Where it gets interesting though, is if you go younger. So my daughter is nine years old. Her name is Ry. And so she is in fourth grade right now. She heard this is in the book in third grade, her last end of the year project, which I didn't know anything about it was, she went and built a presentation.
1 (27m 45s):
She built it all in Google sides. She built it all in Spanish. She had animation, she presented it, she recorded it and then she uploaded it to go classroom. And she thought that was completely normal. She's nine. And then of course she saw one of my PowerPoint slides. I was like, these are not very good. And I say that because the younger members of gen Z, this is the real twist here. They might end up turning this pandemic into a positive because they're going to learn a whole different way to learn, to collaborate. They're going to get the benefit of the older part of the generation struggling so they can learn from them. All of this stuff, you know, largely will be resolved in terms of at least what normal looks like into the future. And so they're going to get the benefit of all of that. The closer you are to those transition years of 18 to 24, the worst this is, but the further away, the more benefit it could end up being for you.
1 (28m 30s):
So it's pretty interesting that within the same generation, you can have two very different experiences. And by the way, this is what happened to millennials, millennials like me, who crashed into the great recession. And then the millennials who came afterwards, who benefited from a very robust economy. So it, even within the same generation, you can see pretty significant differences,
0 (28m 47s):
Fire nation. I really hope that you're enjoying all this content as much as I am because I'm seeing the application to the real world. And that's so important because we are entrepreneurs in the real world. We own businesses and companies in the real world, and this stuff makes a massive impact. So Jason, of everything that you shared today, what's the one key takeaway that you really want to make sure fire nation gets from all of this awesome stuff about the generational impact and the generational studies that you've done and then share how we can even learn more about it through you in any call to action you might have for fire nation. It's a time to share.
1 (29m 21s):
Yeah, absolutely. So the number one thing that I would share, you know, as an entrepreneur myself now for 24 years is I would do what's called a generational snapshot. And what that means is you create essentially a pie chart representing the different generations either of your customers or of your employees or team members, or ideally of both, because what you'll often find is that there's more generations you suspected, and it will help you to shape your messaging, your leadership, and your marketing to better fit them and going a bit further. If you don't see enough of the next generation coming in, particularly on the customer side, that's definitely a yellow flag that you need to pay attention and make sure that you're adapting for that next generation, because they will be the ones that drive growth. So that's the best easiest, how to that will cost you $0 that are promised will make you money, which are the type of things I'm all about.
1 (30m 4s):
And if you want a whole bunch more in terms of how to actually recruit and retain and motivate and so forth across generations or market and sell, you can definitely check out the new book it's called.
0 (30m 35s):
Well fire nation. You are the average of the five people you spend the most time with. And you've been hanging out with J D and J L D. So keep up the heat and head over to EO, fire.com type Jason in the search bar. The show notes page will pop up with everything that we've been talking about today, but of course, Jason dorsey.com/fire is going to get you to that gray page with all that awesome content. And I just want to say, Jason, thank you for sharing your truth, knowledge value with fire nation today, for that we salute you and we'll catch you on the flip side. Fire nation today's value bomb content was brought to you by Jason ans I've created fire nation, a treasure trove of free courses for you or talking about how to podcast come up with your big idea, run a mastermind, create funnels and so much more.
0 (31m 19s):
All you need to do is visit eofire.com/resources and start learning today. All for free. I'll catch you there, or I'll catch you on the flip side, looking for a business coach who has helped thousands of entrepreneurs, just like you to increase your profitability by an average of 104% per year, all for less money than would cost to hire a full-time minimum wage employee. Schedule your free consultation today with clay Clark, a former small business administration entrepreneur of the [email protected] slash fire. If you're feeling like you have no idea where to start with your online course journey, then think
0 (32m 3s):
You'll walk away with a complete blueprint for your online course that you'll be ready to put into action. Sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/fire.
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