During the past few years, it has been challenging to attract new talent for the profession, according to feedback from a large number of experts in the assurance, tax, and consulting sectors. In fact, even though young talents are studying accounting, finance, and related majors, they choose to follow different career pathways rather than solidly entering an assurance, tax and consulting firm.
With this in mind, RSM Cyprus, in collaboration with students from the Department of Finance, Accounting, and Management Science at the Cyprus University of Technology, conducted academic research in 2024 titled "Cyprus Gen Z - career insights" to examine how students in Accounting and Finance and other related disciplines select their profession and the firm they will cooperate with, as well as how firms in the professional service sector, ICPAC member firms, choose new talents for collaboration in the Cyprus market.
Are we, as firms in the professional services sector, aligned with their expectations?
In a contemporary, dynamic society where human interaction and aspects of human life are constantly under review, all related individuals who consist of it are forced to follow its trends and adapt to a constantly new reality. As a matter of fact, it is widely acknowledged that mutual respect and good means of communication between two parties are determinants of a healthy coexistence. If this is considered in a more precise way, we could agree that a harmonious relationship between employers and employees, where both sides are satisfied with the other's demands, can play a pivotal role in organisational and, by extension, societal success and development. Wang et al., 2003
We need to constantly adapt to the new reality!
Change waits for no one!
Gen Z Expectations
Generation Z, individuals born between 1997 and 2012, is the first digital-native generation in the world. Their unique values, characteristics, and perspectives are deemed to redefine and reshape how we work, think, and act.
In fact, the prioritisation of their values and goals is quite different from those of earlier generations.
Work and Success: Gen Z perspective
Generation Z prioritises work-life balance, flexibility, and meaningful job duties over traditional business practices and hierarchical development. Factors such as a competitive salary, flexible working hours, hybrid working models, opportunities for career development, and a corporate culture that reflects those values may attract new talents. Also, transparency, diversity, and inclusion are very important practices to them.
According to the academic research, "Cyprus Gen Z - career insights: Are we, as firms in the professional services sector, aligned with their expectations?" by Nicoletta Odysseos and Athos Economides, Gen Z's expectations are, to a great degree, aligned with what assurance, tax, and consulting firms in Cyprus offer. However, firms should keep evolving.
Bridging the Generational Perception Gap
The generation perception gap is a substantial hurdle to attracting and retaining the talents of Generation Z.
Particularly, Generation X (1965–1980), who have many years in the workforce, view career growth and corporate culture differently.
Teamwork, leadership, critical thinking, and decision-making are the top priorities for Generation X. While these qualities are still important, Generation Z is more focused on mental health, societal influence, and personal growth.
On the other hand, going one step further, the upcoming Generation Alpha (2010-2024), grown in the heart of significant technological developments,i.e., the AI Revolution, and following socially responsible behaviour, will likely shift the business world's expectations even more.
Therefore, firms must adapt and adopt innovative, forward-thinking, people-oriented acquisition and retention tactics to prepare for this future.
Cyprus Gen Z - career insights
Research Key takeaways
- Gen Z prioritises their future salary as the most important factor when selecting a job. Compensation bonus schemes are also significant during their selection process.
- About 85% of undergraduate students consider flexible working hours important and the second most important criterion in their selection process.
- On the appealing characteristics of the working environment and facilities, the new generation values modern workspaces with indoor facilities like a gym and an in-house lunch.
- Employers are willing to communicate effectively and provide feedback; Cyprus Gen Z highly values this.
- 66% of Cyprus Gen Z are still undecided about what sectors they wish to work in, with only 7% saying that they will work in audit and assurance.
- 71% of undergraduate students find working at a bigger, more established firm in the Cyprus market more appealing.
- 35% are still undecided about how to proceed with their studies after finishing their first decree. 25% stated they would proceed with the ACCA qualifications and 10% with the ACA.
A very high percentage of Cyprus Gen Zs seek jobs that will help them develop and advance their careers, reaching higher positions.
Providing opportunities for working abroad and switching departments within the firm can be challenging, and there is a disparity between Gen Z expectations and the realities of what professional service providers (ICPAC members) offer.
Insights from the Professional Services Sector
(ICPAC member firms)
Cyprus assurance, tax, and consulting firms (ICPAC members) respond positively to these changes. Based on the survey's findings in the "Cyprus Gen Z - career insights" research, many of these firms already apply flexible working hours and hybrid work arrangements while offering opportunities for professional development at all levels.
However, as the research reveals, some areas require further consideration and development.
Expectations vs Reality
Aligning Gen Z's expectations with what professional services firms (ICPAC members) provide is of utmost importance for mutual understanding and fulfilment. Constructive interaction between the new generation's incoming workforce and employers is essential for creating a solid foundation for future growth and, thus, adaptation.
Understanding and addressing Gen Z's expectations will pave the way not only for attracting new talents but also for accommodating Generation Alpha tomorrow.
The "Cyprus Gen Z - career insights" research provides valuable feedback for further thoughts on the values and the efforts firms should target.
To sum up, firms must understand their values and expectations to attract and retain talents from Generation Z in Cyprus. Therefore, assurance, tax, and consulting services firms must continue to work towards bridging the generational perception gap. They must follow strategies that enhance the expectation alignment and form practices that embrace the new reality. By doing so, they meet today's demands and set the ground for future success.
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"Cyprus Gen Z - career insights"
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Are we, as firms in the professional services sector, aligned with their expectations?
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