Almost 10% of Gen Z in the UAE earn money through investment income, said Oliver Wyman Forum – the think tank of strategic management consultancy – in an ongoing analysis to understand Gen Z.
The consultancy wants to understand what makes Gen Z tick, and what incentivizes them, as it impacts business and government leaders as they currently make up more than a quarter of the global population – and will comprise 27% of the workforce by 2025.
The report focused on the age 18 to 25 cohort. Gen Z employees in the UAE are 19% more likely than those in the US to be actively or passively seeking new jobs. Gen Z-ers in the UAE overwhelmingly prefer hybrid work, while also they are motivated to advance in their careers
The consultancy said that 42% of the Gen Z surveyed in the UAE have formal or informal jobs on the side, compared to 27% of the non-Gen Z respondents. Moreover, those who have side hustles are primarily incentivized by a sense of connectivity and community, with 49% citing that as their main motivation to do the extra work.
“Gen Z wants transparency, personalized attention, equitable treatment, and options when it comes to how they work,” said Adel Alfalasi, Head of the UAE at Oliver Wyman.
“This generation will drive changes that lead to a more adept private sector, but also a more agile public sector. Organisations that take this cohort seriously now will find themselves ahead in the years to come,” he added.
The Oliver Wyman Forum report examines how this generation views the world, and how they will change through two years of extensive research.
“At over a quarter of the global population, Gen Z is set to become the world’s highest-paid spending power and to create large shifts across the public and private sectors in the next decade,” said Ana Kreacic, Partner and Chief Knowledge Officer at Oliver Wyman and Chief Operating Officer of the Oliver Wyman Forum.
“Our understanding of their values, needs, and behaviors, and their potential impact is nowhere near where it needs to be. This research will help shape future discussions for more inclusive outcomes and goals while identifying opportunities and risks for business and society,” she added.