Saving Gen Z – AXA chief on a looming workforce crisis

The Pew Research Center defines Generation Z as those born between 1997 and 2012. As a demographic that has seen extreme highs and lows, from the seemingly unstoppable advance of technology and the economic downturn caused by the pandemic, it is a generation that is facing unique challenges.

“Compared to other age groups, they are more uncertain about the future, struggle to separate their work and personal lives, find it difficult to cope with the pace of change at work, and don’t feel like they have work-life balance. Only half feel like their jobs fit their skill sets,” AXA chief Gordon Watson (pictured above) said in conversation with Insurance Business Asia.

Watson’s remarks are part of his in-depth thoughts on the recent Study of Mind Health revealed by the insurer. The study found that compared with other demographics, five in 10 Asian “zoomers” – a term used to describe those belonging to Gen Z – were found to be suffering from poor mental health stemming from a multitude of issues.

That said, the factors behind these issues may not be as cut and dried, with Watson citing the recent troubles caused by COVID-19 as the uniting thread that ties it all together. Consulting with Gen Z researcher Meghan Grace, he tried to paint a picture of what is possibly going on inside the mind of a zoomer.

“One reason this group may be particularly troubled is that, while all generations went through the pandemic, only Gen Z did so during their late teen and young adult years when most people develop key interpersonal skills as well as professional and career planning. It is also a time in development when many of them would be learning how to independently take on challenges and how to maintain a sense of security on their own,” he said.