How youth perspective can help firms future-proof their strategy

International Youth Day on August 12 was not only a celebration of young people and their contributions to social advancement, it was a timely reminder of the need for businesses to understand their values, outlook and needs if they want to stay ahead.

The need for understanding and incorporating young people’s perspectives into corporate strategies cannot be overstated. Generation Z – those born between 1997 and 2012 – are expected to make up about 27 per cent of the global workforce in 2025. Meanwhile, the average age of independent directors on the boards of S&P 500 companies is about 63, despite many of these firms having a mandatory retirement age of 70.

The gap is more than one of age. Many large firms that thrived in recent decades are struggling to understand the challenges and potential of Gen Z and millennials as future customers, employees and business leaders.