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Gen Z surpasses Baby Boomers in the small business workforce
Gen Z surpasses Baby Boomers in the small business workforce
There are more members of Generation Z in the small business workforce than there are Baby Boomers, and the younger demographic is the only segment in the labor market showing growth, a new report from Paychex Inc. shows.
The Rise of Generation Z: A Paychex Special Report is designed to help business leaders understand the growing importance of this segment to the economy, which makes up nearly 20 percent of the workforce. Gen Z refers to those born from 1997 to 2023; while Baby Boomers were born between 1946 to 1964.
Unlike Gen Z’s steady growth in the labor market, representation from Baby Boomers, Gen X (born 1965-1980) and Millennials (born 1981-1996) continues to decline. The data for the report was derived from Paychex payroll data as of April.
“Our data clearly supports the fact that the workforce composition is shifting as more Gen Z members seek full-time and long-term roles, more members of Gen X begin to retire and Millennials enter their prime earning years,” said Frank Fiorille, Paychex vice president of risk, compliance and data analytics. “Considering these facts, employers need to develop recruiting and retention strategies that keep Gen Z at the forefront, appealing to their values-based approach and celebrating the unique contributions this group brings to the table.”
Other key insights from the Paychex report show: Gen Z females are working more than their male counterparts; Gen Z workers are more common in leisure and hospitality; wages for Gen Z are low, but they’re rapidly growing, and Gen Z is making strides to close the gender pay gap.
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