Worcester Business Journal

wbjournal.com | February 10, 2025 | Worcester Business Journal 19 By Rachel Smith Rachel Smith is a marketing intern for Worcester cannabis dispensary Major Bloom and an undergraduate studying psychology at Clark University in Worcester. 10) Inspire expressiveness. People in their 20s are growing and learning about them- selves, wanting to indulge in new things. Offer a space, product, or service where unique- ness and individuality are integral. 9) Be transparent. With the emergence of AI and the ease in finding information, it is es- sential you are upfront and honest about what you are providing. Get down and dirty with as many details as you feel comfortable sharing about the inner workings of your business. 8) Work toward social good. Coming of age in a society deeply affected by social ineq- uities, climate change, and political unrest, younger customers want to know you are making a positive impact. 7) Pay attention to trends. This is true for any generational marketing, but can be especially impactful in the age of social media. Being involved is both cost-effective and fun. 6) Educate. What's the history of your brand? How is it made, or what happens behind the scenes? Many individuals sincerely enjoy feel- ing like they are a part of the brand's process! 5) Collaborate. Whether this be alongside another local brand you know is doing well or one who has caught the attention of a similar audience to the one you're targeting, don't hesitate to make friends. Focus on places you know Gen Z customers frequent. 4) Make them feel heard. Be inquisitive to your immediate audience about what they would like to see. Your customers will have an onslaught of fresh ideas at your fingertips. 3) Offer a rewards program. Most Gen Zers are getting started in the workforce or are still in school. They don't have extra money laying around. They appreciate a deal! 2) Do not bombard. Gen Z customers encounter a slew of advertisements and mar- keting every day across the digital landscape. Be intentional and try not overwhelm them. 1) Be concise. It is easy to lose someone if you spend too much time on a certain topic or product. If you are crafting video content, make sure to produce content that is no more than 30 seconds, containing the most import- ant information within the first 10 seconds. How Gen Z can get on the right financial track BY SLOANE M. PERRON Special to WBJ T he start of a new year means new goals. is is the time for managers to take stock of where their teams are and find ways for them to reach new objectives in the future. Implementing the SMART technique. Goals must be actionable and realistic. Otherwise, they are just dreams. Supervisors implementing the SMART technique ensure their goals are well structured for team outcomes. SMART refers to goals that are specific, measurable, achievable, relevant, and time-bound, according to an article for the website Mindtools. ese elements create clear expectations, directions, and deadlines, increasing the likelihood of employees achieving their assigned goals. Setting goals to inspire workforce success Denise Gilbert is a Bank of America senior vice president and consumer banking market leader for Worcester. BY DENISE GILBERT Special to WBJ S ince 2021, Bank of America's Better Money Habits team has surveyed Gen Z as part of its mission to set up the next gen- eration for financial success. e 2024 survey, conducted in April and May, revealed that Gen Z, young people between the ages of 18 and 27, are facing some significant financial challenges. Despite almost all Gen Z respondents having financial goals, this generation is struggling to balance those priorities with the current high cost of living: Nearly a quarter (24%) say their income barely goes beyond the necessities, 46% are getting money from family and al- most a third (32%) feel they are behind on their financial goals compared to where their parents were at the same age. Gen Z also is paying a disproportion- ate amount of money on housing. e typical rule of thumb for how much you should spend each month on housing (rent and utilities) is between 20% to 30% of your take-home pay. Our report found that of adult Gen Z who cover their own housing costs, 64% spend over a third of their monthly paycheck on housing. With so much of their income paying for housing, very little of their remain- ing funds can go toward savings. Over half don't have enough emergency savings to cover three months of expenses. is lack of leover income also affects Gen Z's ability to save for retirement. e good news is that despite the economic factors working against them, Gen Z is taking control of their spending. Gen Z's top spending cate- gories are dining out (36%), shopping (30%), and entertainment (24%). However, to keep these expenses from getting out of hand, two-thirds (67%) reported implementing lifestyle chang- es over the past year, such as cutting back on restaurants and shopping at more affordable grocery stores. What more should they be doing? In order to improve their financial health and set themselves up for long-term success, Gen Z needs to keep savings in mind, even if it's just a small amount. ey should focus on building sufficient emergency savings so they're protected against unexpected expenses. If possible, Gen Z should start planning for their future in a tangible way. Con- tributing regularly to a 401(k) or other retirement savings vehicle is a great and simple way to do this. Opting into their company's 401(k) programs, and contributing at a minimum enough to earn their employer match, is a wise decision. Once Gen Z has saved their full three-to-six-month emergency fund and is contributing enough to a 401(k) to earn an employer match, then they should think about pivoting to other fi- nancial goals – such as investing, home or car buying, and others. Financial pressures experienced by Gen Z may leave them feeling stressed and insecure, but many are implement- ing smart strategies that will help this generation build long-term financial stability. 10 THINGS I know about... ... Marketing to Gen Z customers Aligning individual goals to the company vision. When working as a team, the totality of everyone's work should be directed toward an overarching, common goal. However, when the goal strategy is set by upper management, it can be hard for employees to see how their individual tasks make a difference in the big picture. To motivate team members, it is important to transparently communicate how their goals impact the greater good. "When managers cascade goals, it helps employees see specifically how their performance and commitment contribute to the organization's success. is is important to employees who want to make a difference because of what they do each day," Denise Triba writes in an article for Forbes. Recognizing workforce achievements. Incentivizing achievement is a surefire way to help employees stay on target to reach their goals. Managers can recognize success through bonuses, certificates, or public acknowledgements at meetings. ese tokens of gratitude recognize the hard work of employees. However, some employees cannot always meet the outlined expectations. It is important to assess the circumstances when an employee fails to meet their goals. "In a situation where the agreed-upon deadline arrives and the employee hasn't met their goals, there should be an in-depth discussion about what went wrong, combined with encouragement to try again and address or rework the stated objectives," says an article from the human resources firm Paychex. W W W

• Cover