168极速赛车开奖,168极速赛车一分钟直播 Gen-Z Archives - My Startup World - Everything About the World of Startups! https://mystartupworld.com/tag/gen-z/ Mon, 07 Apr 2025 23:23:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 168极速赛车开奖,168极速赛车一分钟直播 54% of Gen-Z don’t want to be middle managers https://mystartupworld.com/54-of-gen-z-dont-want-to-be-middle-managers/ Mon, 07 Apr 2025 12:07:24 +0000 https://mystartupworld.com/?p=42230 New research from leading talent solutions firm Robert Walters reveals a growing disillusionment with mid-level management roles among younger professionals in the Middle East. Over half of Gen-Z professionals don’t want to take on a middle management role in their career. While 34% expect they will have to at some point in their career, despite not wanting […]

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New research from leading talent solutions firm Robert Walters reveals a growing disillusionment with mid-level management roles among younger professionals in the Middle East.

Over half of Gen-Z professionals don’t want to take on a middle management role in their career. While 34% expect they will have to at some point in their career, despite not wanting to, 18% are adamant they’ll avoid middle management altogether.

Last year, major US corporations such as Meta and Citigroup announced job cuts, of which middle management roles made up 30%—leading to the period being tipped as the ‘great unboxing’.

Preferred route to progression
The Robert Walters poll found that 71% of Gen-Z would actually opt for an individual route to advance their career – one which focuses on personal growth and skills accumulation over taking on a management role (28%).

Jason Grundy, Managing Director of Robert Walters Middle East, comments:” Gen Z is known for their entrepreneurial mindset—preferring to bring their ‘whole self’ to projects and spend time cultivating their own brand and approach rather than managing others.

“However, this reluctance to take on middle management roles could spell trouble for employers later down the line.”

Generational differences
Unanimously, three-fifths (62%) of professionals point to older generations valuing middle management roles considerably more than their younger colleagues.

With only a fifth thinking it is equally valued across professionals of different ages.

Jason notes: “More senior professionals have usually committed years to one company, working their way through more traditional levels of management and as such have developed a greater respect for mid-level managers. Younger professionals, having entered the workforce in a largely remote or hybrid capacity with a huge focus on digital capabilities are less inclined towards complete company loyalty.”

Management stretched thin
When asked about the main deterrents to taking on middle management roles, 65% of Gen-Z professionals stated they were too high stress, low reward. Other factors mentioned were limited decision-making power (21%) & reduced personal growth (13%).

Jason comments: “Those new to middle management experience a steep step-up in workload, further expectations to be ‘always available’ to those they manage, as well as continuing pressure to hit their own targets – it’s clear how these roles can prove overwhelming and deter many from taking on the extra responsibility.”

Is the future is team-based?
Only 14% of Gen-Z professionals think the traditional hierarchical structure is still fit-for-purpose. Whilst over double the amount (30%) would opt for a flat, team-based structure if given the choice.

Jason adds: “Many younger professionals are less interested in ‘climbing the company ladder’ but it isn’t just them – an increasing amount of professionals of all ages feel as though multiple layers of management creates an ‘us vs. them’ attitude between the main ‘do-ers’ and ‘delegators’ of an organisation.”

Middle management reframed
Despite this, mid-level management roles remain vital, with 89% of employers stating that middle managers play a crucial role in their organisation.

Jason concludes: “It’s clear mid-level management remains a lynchpin of any organisation, and to keep these roles filled, employers need to innovate their strategies to make them more attractive – from providing more autonomy to regular workload assessments and clear upskilling opportunities.

“Embracing an ‘unbossed culture’ could be key in transforming the role from just being seen as an ‘unnecessary layer’ of management to a ‘facilitator’ who empowers their teams to take their own initiative. Employers should prioritise middle management now to avoid significant talent gaps in the near future.”

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168极速赛车开奖,168极速赛车一分钟直播 Almost 60% of UAE Gen Z professionals want a green job https://mystartupworld.com/almost-60-of-uae-gen-z-professionals-want-a-green-job/ Wed, 03 Jul 2024 05:49:08 +0000 http://mystartupworld.com/?p=38098 New research from LinkedIn, the world’s largest professional network, reveals that Gen Z professionals in the UAE are climate conscious and eager to positively contribute to the climate action agenda, even though they don’t quite have the necessary green skills yet compared to their peers from other generations. According to LinkedIn’s data, the UAE ranks 2nd […]

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New research from LinkedIn, the world’s largest professional network, reveals that Gen Z professionals in the UAE are climate conscious and eager to positively contribute to the climate action agenda, even though they don’t quite have the necessary green skills yet compared to their peers from other generations.

According to LinkedIn’s data, the UAE ranks 2nd in MENA in terms of average green talent concentration across generations (Gen Z, Millennial, Gen X and Boomers). However, Gen Z professionals are underrepresented in having green skills compared to other cohorts. Looking at the contribution of each generation to the green workforce in the UAE, the data also reveals that the highest green talent concentration is found in Millennials, with this generation making up 65% of green skilled professionals. Only 15% of green skilled professionals are Gen Z.

Climate change is growing in importance among Gen Zers
The implications of climate change are front of mind for Gen Z professionals. 72% of Gen Z professionals in the UAE have expressed their concern about the impact of climate change, with another 56% saying that climate change is having a negative impact on their mental health – known as “eco-anxiety”.

This “eco-anxiety” has prompted Gen Z to take matters into their own hands, with LinkedIn’s research showing that over half of Gen Z respondents have made changes to their daily lives to minimize their carbon footprint (59%). A close 61% said that they now keep the environment in mind in making most of their daily decisions.

This mindset has trickled across to the workplace, with Gen Zers evaluating their professional decisions through an environmentally conscious lens. So much so that 61% of Gen Z professionals said they would consider turning down a job opportunity if they do not believe in the employer’s green policies.

Moreover, the majority (59%) are interested in working in a green job over the next five years. This interest is driven by their desire to protect the environment (57%), their belief that there are good opportunities in green jobs (51%), and the potential for better financial compensation (49%).

Gen Z professionals need integrated support to access green opportunities
Despite this overwhelming interest in green jobs, Gen Z professionals lack awareness of the green career paths available to them.

LinkedIn research highlights that only 3 in 10 Gen Z professionals in the UAE have a good awareness of the available green roles, while 63% of them believe that there’s a general lack of green opportunities in the labor market. Only 16% believe adequate training is available to them to acquire green skills that would help them compete for these roles.

The UAE has been steadfast in its support for youth-led climate action. The United Nations Climate Summit (COP28) in Dubai offered a unique platform to expand youth participation in climate change policymaking through the International Youth Climate Delegates Program. But on a more granular level, climate progress could be hindered unless green jobs become easier to access. This will require targeted action by businesses and policymakers in order to prepare young professionals with the skills and knowledge they need to integrate into green roles.

This sentiment is echoed by Gen Zers themselves, as 62% of them in the UAE say that financial support, and more than 50% say that employer-driven programs and government incentives would encourage them to complete green skills training.

Ali Matar, EMEA Growth Markets Leader at LinkedIn, says “Gen Z professionals are projected to represent over a quarter of the international labor force by 2025, so it is important that employers listen more closely to them. This generation is unyielding in their demand for green policies that match their values from their employers and decision-makers, and they are becoming increasingly aware of their role in addressing environmental issues. The first step for them is to acquire the green skills that would enable them to do so; an endeavor that would require the full weight of the labor market actors “.

To this end, Ali shares the below recommendations:

  • Businesses looking to green their workforce must take a skills-based approach to their talent strategies. This means identifying the skills their business will need to achieve their climate goals, hiring based on these skills rather than just their previous job title or academic qualifications, and implementing tailored and targeted skills programs and on-the-job training to bring in and develop younger workers.
  • For younger workers looking to break into green jobs, there are also steps they can take. For instance, strengthening their digital and STEM skills. LinkedIn data shows these will increase workers’ chances of successfully transitioning into green jobs.
  • Policymakers will also need to explore how they can forge partnerships to help transition workers into green jobs. And as countries introduce and roll out legislation to curb climate change by allocating funding toward green jobs, they’ll need to consider how to pair these mandates with appropriate levels of workforce training for every generation.

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168极速赛车开奖,168极速赛车一分钟直播 SEF 2024 explores the limitless potential of gaming industry https://mystartupworld.com/sef-2024-explores-the-limitless-potential-of-gaming-industry/ Sun, 04 Feb 2024 14:13:27 +0000 http://mystartupworld.com/?p=35993 Sharjah Entrepreneurship Festival (SEF 2024) hosted the author and investment expert, Lucy Chow highlighted new opportunities for business, investments and innovation emerging in the gaming industry for both gaming enthusiasts and founders. Chow, the author of the best-selling essay collection Changing the Game, presented practical insights on the far-reaching impact of games on education, society […]

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Sharjah Entrepreneurship Festival (SEF 2024) hosted the author and investment expert, Lucy Chow highlighted new opportunities for business, investments and innovation emerging in the gaming industry for both gaming enthusiasts and founders.

Chow, the author of the best-selling essay collection Changing the Game, presented practical insights on the far-reaching impact of games on education, society and the economy. She also stated that video games today are no longer just interactive entertainment; they go beyond that, being part of an industry worth billions of dollars. She pointed out that the essential pillars of this sector are technology, content and talent, with gamers now representing all demographic groups and every part of the world.

Lucy highlighted that in developing the gaming sector, we would create new career paths for both women and men. She also emphasised that developing the sector would mean attracting diverse talents, including specialised engineers, designers, software developers, content creators, data experts and marketing professionals.

She referred to the efforts made by the UAE and Saudi Arabia in this context, explaining that the Dubai 2033 video game programme aims to position the emirate among the top 10 global centres for the video game sector and to enhance its contribution to the gross domestic product to reach about USD 1 billion. Meanwhile, Saudi Arabia with big investments as well as private and public sector companies dedicated to developing the gaming industry, the country has a long-term plan to develop the sector as one of the key contributors to its national economy.Cultivating Powerful Communities in IRL
In another panel discussion titled ‘Cultivating Powerful Communities in Real Life (IRL)’, content creator Abo Flah and Emirati esports star Amina Al Ameri, explored the expansion of social media platforms and their increasing popularity among Gen Z, which spends more time online than their predecessors. Moderated by media personality Yousef Abdelbari, the conversation highlighted how digital platforms can serve as powerful tools to unite people and foster community spirit.

Describing his journey to finding success, Abo Flah, remarked: “Here at SEF, an attendee shared their disappointment of not achieving what they set out to achieve after trying for 1.5 years. To them and everyone else I would like to highlight that patience and perseverance are key. It took me four years of hard work to get where I am. People only see my success; not my struggles”.

He also highlighted the importance of working with the right people as a key ingredient.

Amna, who began her journey in content creation when she was 13 years old, and then again in 2020, quit her project because she wasn’t headed in the right direction. Unafraid, she started a fresh career in gaming in 2023 after a 3 year break.

“My decision did not delay anything; in fact it marked the beginning of my gaming career. Therefore, my message is that you can achieve your dreams without feeling afraid or confined. Carve out your own path; focus on what truly ignites your passion. Gaming is mine.”

The young gamer encouraged peers in the packed audience to follow their vision with courage and without any self-doubt.

 

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168极速赛车开奖,168极速赛车一分钟直播 How to attract, engage and retain Gen Z talent https://mystartupworld.com/how-to-attract-engage-and-retain-gen-z-talent/ Tue, 25 Jul 2023 10:49:13 +0000 http://mystartupworld.com/?p=33765 FDM Group, shares six helpful tips to ensure business leaders and HR teams in the region are prioritising the Gen Z entering the workforce. Generation Z refers to those born between 1997 and 2012. This generation is fast changing the expectations of employment, with many requesting the latest technology, flexible working arrangements, higher salaries and […]

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FDM Group, shares six helpful tips to ensure business leaders and HR teams in the region are prioritising the Gen Z entering the workforce.

Generation Z refers to those born between 1997 and 2012. This generation is fast changing the expectations of employment, with many requesting the latest technology, flexible working arrangements, higher salaries and more company perks. So, it’s important for businesses and HR teams to create effective strategies to attract, engage and retain the top Gen Z talent.

Unlike previous generations, Gen Z has never known a world without the internet, smartphones, and social media. They are the first true digital natives, growing up in a hyperconnected world where technology is an integral part of their daily lives.

Gen Z’s drive and determination for more makes them a valuable asset for businesses, as they are always looking for new ways of working. Millennials are also highly motivated and bring new perspectives to the table, but Gen Z’s fresh energy can help refocus established teams.

Shiela Flavell, COO at FDM Group, comments “Gen Z brings fresh perspectives, innovative thinking and unique workplace expectations, so attracting and retaining high-quality Gen Z employees is vital to any organisation’s longevity. To tap into Gen Z’s potential and create a thriving work environment, businesses must understand and adapt to their needs.”

“From providing clear development opportunities for their career, to simply rethinking the experience required in job listings, businesses can foster engagement, promote growth, and encourage long-term commitment from this generation.”

Here are six ways to attract, engage and retain Gen Z talent:

1. Provide clear development opportunities for their career
Gen Z value development opportunities as a priority, with salary being held as a much lower priority. The importance of development over everything else means that Gen Z are willing to stay loyal to organisations for as long as career opportunities are available. As a result, it’s vital for businesses to consistently offer learning and development opportunities to this generational cohort.

Companies must recognise Gen Z talent as an investment. A business that demonstrates that it’s invested in its employees is more likely to have employees that remain invested in the business – especially the Gen Z workforce. Organisations should also recognise that Gen Z talent are willing to defer the instant gains of leaving for another role, so long as they feel that they are developing personally and professionally.

2. Create an inclusive work culture
Creating an inclusive culture is essential to maintaining and growing a diverse workforce, especially when it comes to attracting and retaining top Gen Z talent. Focusing on diversity, equity and inclusion as a benefit during the hiring process can be a useful approach.

Generation Z also views diversity in a broader context, with increased focus being put on a mix of life experience, identities, opinions and ideas. One core way of ensuring a diverse workplace culture is to recognise inherent biases. Recognising inherent bias will enable hiring managers to maintain a clear perspective when interviewing candidates from a variety of backgrounds.

3. Implement efficient time management
Gen Z are far stricter with their personal time and are aware of the importance of taking time out and ‘switching off’, as a result of growing up surrounded by technology. Since the COVID-19 pandemic, 53% of employees are more likely to prioritise health and wellbeing than they were before – and Gen Z are no exception.

Businesses must pay close attention to time management and how this affects their employees. There are a number of working methodologies, such as the Agile method, which can help Gen Z employees effectively manage their time. It’s important that organisations ensure that employees’ hours are planned in advance to prevent them from regularly working overtime. Hybrid and flexible working arrangements can also appeal to Gen Z talent, as it gives them more control over their work-life balance. Not only will this reduce churn, but it will also ensure higher employee satisfaction.

4. Make wellbeing a priority
Mental health is a high priority for HR leaders and managers right now, and it’s Generation Z that are paying close attention to how businesses deal with mental health issues. Generation Z are amongst the workforce reporting the highest rates of burnout – a worrying sign that so many young employees are already feeling the toll.

Employees that experience high levels of stress are far more likely to take sick days, disengage from their job role and ultimately, quit sooner than those who are less stressed. As such, it’s crucial to have a wellbeing programme in place, especially if you want to attract and retain top Gen Z talent. Demonstrate that your business cares about the wellbeing and mental health of your employees through positive initiatives – it’s perhaps one of the most effective changes you can make.

5. Invest in the latest technology
Generation Z have never known a world without technology, so it’s no wonder that they are more adept with the latest software and applications. Having been raised in the height of technological development, Gen Z are digital natives and are well-versed in communicating and problem-solving effectively. However, it can be difficult for this generational cohort to comply with traditional ways of working.

Since the global pandemic, working is no longer restricted to one location during the hours of 9-5. As a result, Gen Z expects to have the tools they need to get the job done effectively and efficiently. Employers should ensure that Gen Z staff have access to laptops, collaboration software and cloud technology, which enables them to work anywhere at any given time. Businesses will only benefit from Gen Z talent if they have the tools they need to get the job done.

6. Rethink the experience required in job listings
Research has found that 53% of Gen Z have changed companies in the last two years, suggesting that, amongst other factors, employers are failing to meet the demands of the younger workforce. Although Gen Z are more likely to look for another job if they aren’t satisfied with their current role, they also aren’t the most confident when it comes to looking for a new role.

When attracting Gen Z talent, businesses should ensure that job listings are labelled correctly. For those who are starting out in their careers, it can be intimidating ​​when employers require a minimum of three years experience for entry-level roles. Prioritising experience over skills can lead to employers alienating potential high-quality Gen Z candidates since they cannot “tick every box”.

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168极速赛车开奖,168极速赛车一分钟直播 The rise of the conscious consumer https://mystartupworld.com/the-rise-of-the-conscious-consumer/ Mon, 19 Jun 2023 07:05:15 +0000 http://mystartupworld.com/?p=33236 Sustainable entrepreneur Alyssa Mariano, CEO and founder of Bazaara, the pre-loved clothing app, describes the evolution of conscious consumerism and the shift in the fashion industry that budding entrepreneurs can leverage to establish a sustainable venture. In recent years, a significant shift has taken place in consumer behaviour, with the rise of more conscious consumers. […]

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Sustainable entrepreneur Alyssa Mariano, CEO and founder of Bazaara, the pre-loved clothing app, describes the evolution of conscious consumerism and the shift in the fashion industry that budding entrepreneurs can leverage to establish a sustainable venture.

In recent years, a significant shift has taken place in consumer behaviour, with the rise of more conscious consumers.

What does that mean? Well, a conscious consumer is one who is more intentional with their choices. It’s about recognizing the power we hold as consumers and using it to support a better world. Can be known as ‘voting with your wallet.’ Disagree with the way a product is made, or what it’s made of? Simply don’t buy it.

There’s a plethora of websites and information nowadays – more than ever before – that allows the average consumer to deeply explore the provenance of goods and services – from where the dried fruit in your muesli comes from to the beliefs of CEOs.

Particularly among Gen Z and Millennials, people are becoming more and more mindful of where and how they shop, prioritising environmental and social standards over price and convenience. This seismic shift in consumer mindset has sparked a wave of change, increasingly encouraging businesses to embrace sustainability and social responsibility.

Studies have shown that companies who actively pursue environmental, social and governance goals – ESG goals – tend to perform better, with one such study investigating the relationship between CSR, consumer satisfaction, reputation, and loyalty. Its findings suggested that CSR initiatives positively influenced consumer satisfaction, which in turn leads to increased loyalty towards the company.

Next Gen
The new generation of shoppers are certainly catalysts for change, and thanks to media – especially social media – young people are armed with information and access to information like never before.

While fast-fashion companies such as behemoth Shein might be bucking the trends, they face regular backlash and protest from the growing number of conscious consumers.

Gen Z, (the generation born between the late 1990s and early 2010s), is often described as more environmentally conscious compared to previous generations. Sadly, they’ve grown up in an era when climate change, environmental degradation and sustainability issues have received great attention in the media and public discourse. Gen Z-ers are deeply concerned about the environment and prioritise taking action to address these challenges.

This generation has shown a strong inclination towards climate activism and environmental advocacy. They actively participate in global climate strikes, engage in grassroots movements, and demand government and corporate action to combat climate change.

They’re more likely to support eco-friendly and ethical brands, favouring responsibly sourced, produced and packaged products. They embrace concepts such as recycling, reducing waste, and adopting renewable energy solutions.

Gen Z is also more aware of the intersectionality of environmental issues with social justice. They understand that marginalised communities often bear the brunt of environmental harm and are passionate about fighting for environmental justice and equity.

This generation of young, more conscious consumers leverages social media and digital platforms to spread awareness, share information and mobilise support for environmental causes. They use such platforms as tools for education and holding people and institutions accountable for their environmental impact.

Conscious consumers value education and seek accurate information about the environment. They actively educate themselves on climate science, sustainable practices and policy developments. They rely on credible sources, scientific research, and expert opinions to form their perspectives.

And they demand corporate transparency and demonstrably ethical practices. They are armed with more knowledge of supply chains – think how much we now know about palm oil and the mass destruction of the Amazon for producing meat – and production processes, and use this knowledge to make more conscious, mindful purchasing decisions.

Climate change denial is fading, as science and the growing evidence of weather events unfolds, causing people to express more concerns over climate change. An easy way for people to act individually in the battle to reduce climate damage and the non-degradable waste mountains is to simply opt for more eco-friendly products and packaging. We are seeing more people embrace concepts like recycling, upcycling and reducing waste.

But is goes beyond straightforward environmental concerns – there’s a strong shift in public perception towards fair trade, stronger labour rights and worker’s conditions. And we know that it’s less developed nations – which the world relies on for the steady stream of cheap goods – that will feel the effects of rising temperatures more than in the developed world.

We can easily support companies that prioritise diversity and inclusion, and reject those businesses that engage in unethical practices. People power works – we’ve seen a shift in the fashion industry away from using animal fur and exotic leathers.

More conscious consumerism is a catalyst for change, thanks to the collective influence of consumers driving industry transformation. At the nub of it, market competition is driving brands to improve their ethical standards, driving the potential for a more sustainable and socially responsible future.

The World Bank suggests countries such as Kuwait, Bahrain, and the UAE produce more than 1.5 kilograms of waste per person every day. The region is expected to double its solid waste output by 2050. It’s not surprising, then, that Gulf countries are ramping up recycling efforts and investing in waste technology. What’s even more positive is that the region has one of the highest numbers of Gen Z population – aka Conscious Consumers. Approximately 84% of KSA’s population is under 40 years old.

Embrace the pre-loved market
The rise of conscious consumers has played a significant role in driving the adoption of more pre-loved shopping habits. By embracing second-hand fashion, we can easily make a positive impact on the environment, support the circular economy, express personal style and empower local communities. This shift towards pre-loved shopping (the fancy term for buying second-hand clothes and goods) signifies a significant step towards a more sustainable and mindful approach to fashion consumption.

Conscious consumers are, of course, increasingly aware of the environmental impact of the fashion industry, known for its excessive resource consumption and waste generation.

By industry sector, the fashion industry is the second largest polluter, and the third largest consumer of water. But things are changing. According to a ThredUp report, the resale industry is estimated to overtake the fast fashion industry by 2029.

The report anticipates that the global second hand market is expected to nearly double by 2027, reaching a market value of US$350 billion.

The fast fashion industry generates around 92 million tons of textile waste annually, equivalent to a garbage truck of textiles being landfilled or burned every single second of every single day.

And producing new clothing requires enormous amounts of water, energy and other resources.

But by promoting circularity and reducing waste through reselling and repurposing garments, you can make a significant positive environmental impact.

According to an Ellen MacArthur Foundation report, a fashion industry circular economy could reduce greenhouse gas emissions by 22%, reduce water consumption by 25%, and lower the amount of clothing sent to landfill by a massive 73%.

Conscious consumers embrace the principles of the circular economy, which emphasises reducing, reusing, and recycling resources. Pre-loved shopping aligns perfectly with this concept, as it involves giving new life to existing items rather than solely relying on constantly producing new ones.

The sustainable fashion movement promotes ethical and eco-friendly practices throughout the fashion industry. Pre-loved shopping supports this movement by reducing demand for new production, decreasing the carbon footprint and conserving natural resources.

Of course, pre-loved shopping also allows conscious consumers to shop within their budget while still maintaining a stylish wardrobe. It provides an opportunity to find unique, high-quality pieces at a fraction of their original price, making sustainable fashion accessible and affordable, while encouraging individuality and the expression of personal style.

With a diverse range of pre-loved items available, consumers can curate their wardrobe with distinctive pieces that may not be found in mainstream stores, leading to a more unique, authentic personal style.

Many pre-loved shopping platforms or thrift stores operate at a local level, supporting the community by providing employment opportunities and contributing to local economies.

Conscious consumers recognise the value of supporting local businesses and thrift shops, which aligns with their socially responsible mindset.

By opting for pre-loved shopping, we can reduce the carbon footprint associated with transportation and manufacturing processes involved in creating new clothing. This contributes to lower emissions and less energy consumption

Ultimately, the rise of the conscious consumer signifies a powerful movement towards a more sustainable and socially responsible society.

This noticeable shift in consumer behaviour has brought about positive change, compelling businesses to reassess their practices and adopt more environmentally friendly and ethical approaches.

As consumers become increasingly informed and demand transparency, companies simply must respond by embracing sustainability as a core value.

And by supporting conscious consumerism, we can collectively shape a future where environmental and social considerations are at the forefront of every shopping decision, leading to a more sustainable, equitable world for generations to come.

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168极速赛车开奖,168极速赛车一分钟直播 Generation Z most entrepreneurial in Saudi Arabia https://mystartupworld.com/generation-z-most-entrepreneurial-in-saudi-arabia/ Tue, 07 Mar 2023 08:02:04 +0000 http://mystartupworld.com/?p=31978 Generation Z (Gen Z, ages 18 to 24) consumers in Saudi Arabia are two times more likely than any other age group to send cross-border remittances in support of their business interests at home, according to research recently commissioned by Western Union. Findings show that while family support remains paramount for almost half of Gen […]

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Generation Z (Gen Z, ages 18 to 24) consumers in Saudi Arabia are two times more likely than any other age group to send cross-border remittances in support of their business interests at home, according to research recently commissioned by Western Union.

Findings show that while family support remains paramount for almost half of Gen Z consumers, their entrepreneurial spirit cannot be underestimated, as more than one in 10 cite supporting their business as the primary reason for international money transfers.

The study, which surveyed over 1,500 money-sending and receiving citizens and residents of Saudi Arabia, asked how, when and why they move money internationally. The results bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy combining high-value, accessible digital and retail financial services.

Gen Z survey-takers also reveal valuable insight into their decision-making habits for international money transfer brands, demonstrating the importance of convenience, speed and affordability. Results show that achieving the best exchange rate/transaction fee, speed of transfers and ensuring their receivers pay the lowest or no charges when collecting funds are the top three most influential factors (15% each). The survey also indicates that Gen Z seek flexibility in transfer methods in future, be it in cash or digital transactions.

“Gen Z’s rising economic power is paving the way to a shift in how societies operate,” said Jean Claude Farah, President of Middle East and Asia Pacific at Western Union. “These findings reinforce Gen Z’s strong sense of responsibility and independent spirit – values that the Kingdom proactively seeks to nurture through its Vision 2030 blueprint. As a fintech pioneer, Western Union has championed a world of money movement that is unrestricted by geographical borders and driven by inclusivity for over 170 years. It is our responsibility as financial services providers to build an environment that enables safe and seamless money transfers. By doing so, we can help unlock opportunities for young entrepreneurs as they shape the future of tomorrow.”

Choice leads the way as Gen Z look to the future
Exclusive insights announced previously by Western Union showed that almost 60% of Saudi Arabia’s consumers currently prefer using digital platforms to send international money transfers. When asked about the future, 47% said these experiences should remain digital, while 44% call for having more choice in platforms. Being empowered to choose how to remit trumps all for Gen Z, who lead the way with this view amongst all age groups at 47% as they consider their money movement needs in the future.

“Gen Z have continually demonstrated their appetite for improved access, trust and flexibility when it comes to transferring funds internationally,” Farah said. “At Western Union, our omni-channel approach means we’re eliminating the barriers between physical and digital, offering more choice and empowering consumers to move money in the way they want, at the time they want.”

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168极速赛车开奖,168极速赛车一分钟直播 Bahrain’s neobank Savii launches loyalty program app after closing pre-seed round https://mystartupworld.com/bahrains-neobank-savii-launches-loyalty-program-app-after-closing-pre-seed-round/ Mon, 24 Jan 2022 13:03:28 +0000 http://mystartupworld.com/?p=27715 Savii, the female-founded Neobank for GCC unbanked segment Gen-Z, announced the launch of their loyalty program app in Bahrain after closing their pre-seed round. Under the tagline “Designed by Teens, For Teens”, Savii brings to the market a neobank with the mission of understanding the gen-z consumer and serving their choices and lifestyle while educating […]

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Savii, the female-founded Neobank for GCC unbanked segment Gen-Z, announced the launch of their loyalty program app in Bahrain after closing their pre-seed round.

Under the tagline “Designed by Teens, For Teens”, Savii brings to the market a neobank with the mission of understanding the gen-z consumer and serving their choices and lifestyle while educating them on the fundamentals of financial literacy and empowering them to become financially independent.

Savii’s first product launch consists of a loyalty app where teens can earn cash by recommending the product to their peers. The Savii app’s next update will include a prepaid debit card and digital wallet for teenagers that allows them to spend their money online and in-store. Savii Neobank put Gen-Z at the centre of their product development strategy with the support of their recently appointed Youth Advisory Board, which bring the voice of the youth generation to the forefront of everything they do.

Omaima Mosharaf, one of Savii’s Youth Advisors in Bahrain, commented “As Gen-Z, we are by definition “digital-ites” which means we spend a lot of time on the internet and social networks, keeping up with the latest trends and insights. We have learned some finance concepts through digital banking apps that our parents are on, and we’ve adapted quite quickly to them. However, there are certain challenges in our way of fully understanding and becoming financially independent.”

Omaima also added, “there aren’t as many consumer banking options for us, and a neobank like Savii is the first to speak to our generation and understand our needs. Some of Savii’s features include having our very own debit card, sending and requesting money, keeping track of our spending and earning discounts and rewards. They may seem like very simple features, but once we all have a Savii card in our hands, we’ll be ready to become financially independent, and we’re super excited about it.”

Savii co-founders Jane Harvey and Nichola Collinson recently closed their pre-seed round where regional strategic investors participated and joined Savii’s mission to create a financial product for the unbanked and underserved strata of the regional population represented by Gen-Z.

Nichola added “After talking to hundreds of teens across the region, we quickly realised Savii’s focus must be on giving them the financial independence they crave. Today’s youth want to take responsibility for their own finances, make their own decisions about how they spend and save and, as a by-product, learn through practice not theory.”

She further added “Gen-Z have higher expectations from the products they use than any other generation in history. However, they are yet to be given an app designed specifically with them in mind. Our Youth Advisory Board allows us to approach money management through their eyes, developing Savii as a product to enable their day-to-day lives and offering them the functionality and features they want – not the ones adults traditionally think they need.”

Commenting on the investing closing round, Harvey said, “I am humbled and excited to have closed our pre-seed round. We have welcomed an exceptional group of angel investors from Bahrain and the UAE to the Savii family. We recognise that raising angel money is a privilege and not a right – and so we are grateful they have put their trust in both Nichola and me to build a next-generation banking experience for the youth in Mena.”

Savii will initially be available for teenagers aged 13 to 18 in Bahrain, and the app is now available to download in Apple Store and Google Store.

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