Move over, millennials. Generation Z is taking over.
In 2019, Bloomberg predicts that Gen-Z -- those born after 1996 through to the early 2000s -- will outnumber millennials by a long shot. That's right, those born in 2001 turn 18 in 2019. They will start college, be eligible to vote, and in some places, be able to drink and smoke legally.
Generation Z grew up in a world where they consume most of their media not from radio and television, but from computers and phones - they are 'digital natives.' They value personal relationships that they can nurture over social media -- and in person.
They also shop differently.
What does this mean for business schools?
It means that Gen-Z'ers might decide they do not need it. Compared to millennials, Gen-Z'ers are 55 percent more likely to start their own businesses and hire their own employees.
It means that business schools are shifting their focus to accommodate the next generation.
In a February 2018 Acca Global article, Ignacio Gafo, professor of marketing and vice dean of IE’s Business School’s global and executive MBA programs, said, "Actually, advances in technology combined with the new customer profile have fostered changes and the need to reinvent how we manage higher education. If we take these changes into consideration, it seems to be obvious that traditional approaches will not work. We are basically dealing with a whole new student profile."
MBA programs are making their content and expertise accessible to digital natives -- and tying business principles to sustainability and corporate social responsibility. They are also offering more options online and encouraging this new generation to take courses in cutting-edge subjects like fintech.
What will the future hold for MBA programs in the world of Generation Z? Innovation, for one thing. And a desire to understand how to evolve with the times.
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