The preference for gig work among Generation Z can be attributed to several factors. Firstly, this generation has grown up in a digital age where technology has made it easier than ever to connect with potential employers and find freelance opportunities. With the rise of platforms like Upwork, Fiverr, and TaskRabbit, Gen Z individuals have access to a wide range of gig work options that suit their skills and interests.
Additionally, the desire for flexibility and autonomy plays a significant role in Gen Z’s preference for gig work. Unlike previous generations, who often valued stability and job security, Gen Z individuals prioritize the ability to work on their own terms. They value the freedom to choose when and where they work, allowing them to pursue other passions and interests outside of their primary gig.
Furthermore, the gig economy offers Gen Z individuals the opportunity to gain diverse experiences and build a versatile skill set. By engaging in multiple gigs, they can explore different industries, work with various clients, and develop a wide range of skills. This flexibility not only allows them to adapt to a rapidly changing job market but also provides them with a competitive edge in their careers.
However, it is important to note that while gig work offers numerous benefits, it also comes with its own set of challenges. Gen Z individuals may face uncertainty regarding income stability, as gig work often lacks the stability and benefits associated with traditional employment. Additionally, they may have to navigate the complexities of self-employment, such as managing taxes and securing healthcare coverage.
Despite these challenges, the trend towards gig work among Generation Z is likely to continue growing. As this generation enters the workforce, they bring with them a different set of expectations and preferences. Employers and policymakers will need to adapt to this shift by creating more flexible work arrangements and providing support for gig workers to ensure their success and well-being in the evolving world of work.
As Generation Z enters the workforce, their aspirations and goals are beginning to take shape. Dr. Paragas’s insights shed light on the desires of this generation, highlighting their desire for a more carefree lifestyle. This desire is in stark contrast to the traditional notion of working a regular eight-hour job. Generation Z is looking for ways to break free from the constraints of a traditional career path and explore alternative avenues for income and fulfillment.
However, Dr. Paragas also cautions that while experimenting with side jobs and relying on savings may be feasible in the early stages of adulthood, the responsibilities and financial obligations increase as one starts a family. The carefree lifestyle that Generation Z aspires to may need to be reevaluated in light of these new responsibilities. It becomes crucial to consider whether the income from these gigs and savings will be sufficient to support not only the present but also the future, including retirement.
Interestingly, the COVID-19 pandemic has had a significant impact on the mindset of not only Generation Z but also Generation X and Millennials. The possibility of being laid off from their regular jobs has forced many individuals to rethink their approach to work and income. Dr. Paragas expresses surprise at the high level of entrepreneurial skills displayed by Gen Z and Gen Y during this challenging time. The adversity faced by these generations has fueled their drive to seek multiple income streams and financial stability.
It is evident that the aspirations of Generation Z are shaped by the changing landscape of work and the economic uncertainties brought about by the pandemic. This generation is keen on finding ways to achieve financial freedom and flexibility while still pursuing their passions and interests. The traditional model of a stable job with a steady income is no longer the sole focus for this generation. Instead, they are exploring alternative paths, such as freelancing, entrepreneurship, and the gig economy, to create a lifestyle that aligns with their values and goals.
Shifting Retirement Attitudes and the Importance of Health Care
The survey conducted by Philcare also revealed a shift in retirement attitudes among different generations. Generation Z displayed confidence in achieving financial security. To attract and retain talent from these groups, employers should consider taking on mentorship roles to guide young employees in building strong financial lives. Improving financial literacy, for example, can prove beneficial in this regard, according to Dr. Enrique Ona, Chairman of the Philcare Wellness Index and former Health Secretary.
Joseph Augustin “Jaeger” Tanco, the President and Chief Executive Officer of Philcare, highlighted the survey’s findings on the increasing priority placed on healthcare by employees. Rising medical costs and hospitalizations, particularly in the wake of the pandemic, have made healthcare a significant concern. Employers need to recognize this and take appropriate measures to address the healthcare needs of their workforce.
As the survey suggests, the importance of health care has become more apparent in recent times. The COVID-19 pandemic has highlighted the vulnerability of individuals and the need for comprehensive healthcare coverage. With the rising costs of medical treatments and the uncertainty surrounding the future, employees are now more concerned about their health and well-being.
Employers play a crucial role in addressing these concerns and providing adequate healthcare benefits to their workforce. This goes beyond simply offering health insurance plans. Employers need to consider the specific needs of their employees and provide comprehensive coverage that caters to their well-being. This may include preventive care, mental health support, and access to specialized treatments.
Furthermore, employers should also focus on promoting a healthy work environment that encourages employees to prioritize their health and well-being. This can be achieved through wellness programs, fitness activities, and flexible work arrangements that allow employees to maintain a healthy work-life balance.
By recognizing the importance of healthcare and taking proactive measures to address it, employers can not only attract and retain top talent but also foster a positive and productive work environment. This will ultimately benefit both the employees and the organization as a whole.
Source: The Manila Times
