- The cost of living is Gen Zs' and millennials' top societal
concern, but green shoots of optimism for the economy and their
personal finances are emerging
- Nearly nine in 10 Gen Zs and millennials say purpose is
important to their job satisfaction and they are increasingly
likely to turn down work or employers that don't align with their
values
- As anxiety about climate change increases, many are actively
seeking to align their careers and consumer behaviors with their
environmental values
- GenAI is creating uncertainty and influencing career decisions,
but positive perceptions of GenAI largely increase with frequent
use
- Work/life balance is a top priority, as long working hours
drive stress
- Return-to-office policies are yielding mixed results with some
reporting benefits like improved engagement and collaboration while
others are experiencing increased stress and decreased
productivity
NEW
YORK, May 15, 2024 /PRNewswire/ -- Now in
its 13th year, Deloitte's 2024 Gen Z and Millennial
Survey connected with nearly 23,000 respondents across 44
countries, examining the evolving circumstances shaping the
workplace and the societal experiences of these generations
globally.
"This year's survey spotlights two generations who are
grappling with financial insecurity, high stress levels, and
mounting climate anxiety. They are also considering how rapidly
evolving technology, like GenAI, will impact their jobs and their
longer-term career decisions," says Elizabeth Faber, Deloitte Global Chief People
& Purpose Officer. "But they see reasons for optimism in
the year ahead and they continue to push for the changes they want
to see, in the workplace and society more broadly."
Economic optimism on the rise despite continued financial
concerns
For the third year in a row, the cost of living is Gen Zs' and
millennials' top concern. Roughly six in 10 Gen Zs (56%) and
millennials (55%) live paycheck-to-paycheck—up five points for Gen
Zs and three points for millennials since last year. And around
three in 10 say they do not feel financially secure.
Yet, there is cautious optimism that circumstances may improve.
Just under a third of Gen Zs and millennials believe the economic
situation in their countries will improve over the next year—the
highest percentage since the 2020 Millennial Survey, fielded just
before the onset of the COVID-19 pandemic. And, nearly half of Gen
Zs (48%) and four in 10 millennials (40%) expect their personal
financial situations to improve over the next year.
Purpose is key to job satisfaction
Purpose is key to workplace satisfaction and well-being,
according to nearly nine in 10 Gen Zs (86%) and millennials (89%).
And increasingly, these generations are willing to turn down
assignments and employers based on their personal ethics or
beliefs—half of Gen Zs (50%) and just over four in 10 millennials
(43%) have rejected assignments. Nearly as many (44% of Gen Zs and
40% of millennials) said they have rejected employers. Reasons for
rejecting an employer or an assignment include factors such as
having a negative environmental impact, or contributing to
inequality through non-inclusive practices, and more personal
factors such as a lack of support for employees' mental well-being
and work/life balance.
Businesses have an opportunity and the necessary influence to
drive climate action
Protecting the environment is the societal challenge where Gen
Zs and millennials feel businesses have the most opportunity and
necessary influence to drive change. And, as roughly six in 10 Gen
Zs (62%) and millennials (59%) report feeling anxious or worried
about climate change in the past month, Gen Zs and millennials are
using their career decisions and consumer behavior to push for
action.
Around half of Gen Zs (54%) and millennials (48%) say they and
their colleagues are putting pressure on their employers to take
action on climate change, a trend that has increased steadily in
recent years. And two in 10 Gen Zs (20%) and millennials (19%) have
already changed jobs or industry due to environmental concerns,
with another quarter planning to in the future.
As consumers, about two-thirds of Gen Zs (64%) and millennials
(63%) are willing to pay more to purchase environmentally
sustainable products or services. And many are taking personal
actions, or plan to in the future, such as avoiding fast fashion,
reducing air travel, eating a vegetarian or vegan diet, or
purchasing electric vehicles.
Gen Zs and millennials are uncertain about GenAI, but
positive perceptions largely increase with frequent use
Gen Zs and millennials believe GenAI will have a significant
impact on their career paths and the way in which they work. Nearly
six in 10 Gen Zs (59%) and just over half of millennials (52%)
believe the prevalence of GenAI will make them look for job
opportunities that are less vulnerable to automation, such as
skilled trades or manual labor.
Uncertainty is the top emotion Gen Zs and millennials report
feeling when they think about GenAI. The survey also finds that
women in particular express greater uncertainty about GenAI than
men do and are less likely to feel comfortable working alongside
it. A lack of familiarity may accentuate feelings of uncertainty.
Gen Zs and millennials who use GenAI at work all or most of the
time are more likely to feel trust and excitement than uncertainty.
They are also more likely to believe GenAI will free up their time,
improve the way they work, and improve their work/life balance.
But, conversely, frequent users of GenAI are also even more likely
to have certain concerns, such as believing that GenAI-driven
automation will eliminate jobs and make it harder for young people
to enter the workforce.
In response to these types of concerns, both generations are
focused on reskilling and training. However, only about half of Gen
Zs (51%) and millennials (45%) say their employer is sufficiently
training them on the capabilities, benefits, and value of
GenAI.
Work/life balance is a top priority
Work/life balance remains the top priority for both Gen Zs and
millennials when choosing an employer. The ability to maintain a
positive work/life balance is also the top thing they admire in
their peers, well above other traditional markers of success like
job titles and material possessions. Yet many are not achieving the
balance they seek. Around a third of respondents who regularly feel
anxious or stressed say their job and work/life balance contribute
a lot to their stress levels, fueled significantly by long working
hours (51% of both generations), and a lack of control over how or
where they work (44%).
The last year has seen a continued shift towards more on-site
work, with nearly two-thirds of respondents saying their employers
have recently implemented a return-to-office mandate, either
bringing people back fully on-site or moving to a hybrid model.
These mandates have yielded mixed results, with some reporting
benefits like improved engagement, connection and collaboration,
while others are experiencing increased stress and decreased
productivity.
Despite a dip this year, stress and workplace mental health
stigma remain
Stress levels and mental health continue to be a concern,
although there are some signs of improvement this year. Only about
half of respondents rate their mental health as good or extremely
good. And up to four in 10 Gen Zs (40%) and millennials (35%) say
they feel stressed all or most of the time (down from 46% and 39%
in 2023). While work is a big driver of this uneasiness,
respondents emphasize their finances and the health and welfare of
their family as the top stress drivers.
Employers are making some progress when it comes to better
workplace mental health, but there is still much room for
improvement when it comes to speaking openly about mental health.
Nearly three in 10 Gen Zs and millennials worry their manager would
discriminate against them if they raised stress or other mental
health concerns, and roughly three in 10 don't believe senior
leaders are prioritizing mental health in the workplace.
"Gen Zs and millennials expect a lot from their employers,
and from business more broadly. But what they are asking for is
what most employees in the workforce, regardless of age, likely
want: meaningful work within purpose-driven organizations, the
flexibility to balance work and personal priorities, supportive
workplaces which foster better mental health, and opportunities to
learn and grow in their careers," adds Elizabeth Faber. "Employers who work to get
these things right will have a more satisfied, productive, engaged,
and agile workforce who are better prepared to adapt to a rapidly
transforming world."
To learn more about the Deloitte Global 2024 Gen Z and
Millennial Survey and the Mental Health Deep Dive based on the
findings, please visit: www.deloitte.com/genzmillennialsurvey.
Methodology
The Deloitte Global 2024 Gen Z and Millennial Survey reflects
the responses of 14,468 Gen Zs and 8,373 millennials (22,841
respondents in total), from 44 countries across North America, Latin
America, Western Europe,
Eastern Europe, the Middle East, Africa, and Asia
Pacific. The survey was conducted using an online,
self-complete-style interview. Fieldwork was completed between
24 November 2023 and 11 March 2024. The report includes quotes from
respondents who provided feedback to open-ended questions in the
main survey. These quotes are attributed to respondents by age,
gender, and location. As defined in the study, Gen Z respondents
were born between January 1995 and
December 2005, and millennial
respondents were born between January
1983 and December 1994.
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SOURCE Deloitte Global