The 13th edition of Deloitte's Gen Z and Millennial Survey reveals key insights into the mindset and expectations of these generations regarding the economy, work, climate change, and mental health.
Key Findings:
Economy:
Cautious Optimism: Both Gen Zs and millennials express cautious optimism about the economic outlook for their countries and personal finances, marking the highest optimism since the pre-pandemic era of 2020.
Financial Insecurity: Despite optimism, financial insecurity persists, with many living paycheck to paycheck and the cost of living remaining a top concern.
Social and Political Uncertainty: There is less optimism about the social and political landscape, with only a quarter anticipating improvements.
Purpose-Driven Work:
Purpose as a Priority: An overwhelming majority of respondents emphasize the importance of purpose-driven work and are willing to reject employers or assignments that do not align with their values.
Values-Based Decisions: Reasons for rejecting employers or assignments include negative environmental impact, contributions to inequality, lack of support for mental well-being, and poor work/life balance.
Climate Action:
Environmental Concerns: Environmental sustainability remains a top priority, with a significant number feeling worried or anxious about climate change.
Personal and Collective Action: Many take steps to minimize their environmental impact and believe governments and businesses should do more to address climate change.
Consumer and Career Choices: Gen Zs and millennials are influencing businesses through sustainable purchasing decisions and career choices.
Generative AI (GenAI) at Work:
Positive Perceptions with Experience: Frequent GenAI users are more likely to perceive positive impacts on their work and work/life balance.
Concerns Alongside Benefits: Increased GenAI use also correlates with concerns about job elimination and challenges for younger generations entering the workforce.
Adapting to Change: Both generations are focused on reskilling and GenAI training to navigate potential disruptions.
Future of Work:
Evolving Career Paths: Career choices are increasingly influenced by environmental concerns and perceived vulnerability to automation.
Pushing for Change: Gen Zs and millennials actively push their employers for changes in workload, client services, learning and development, diversity, equity, inclusion, wellness, social impact, and environmental efforts.
Work-Life Balance and Flexibility: Maintaining a positive work/life balance is crucial, driving demand for flexible work arrangements like part-time jobs, job sharing, and four-day workweeks.
Mental Health:
Stress and Well-being: While stress levels have slightly improved, they remain high, impacting mental well-being.
Workplace as a Stressor: Job-related factors contribute significantly to stress levels.
Employer Efforts and Room for Improvement: While many believe their employers take mental health seriously, there is room for better communication and support.
Overall:
Gen Zs and millennials continue to drive change in the workplace and society. Employers who understand and adapt to their values and expectations will likely cultivate a more engaged and resilient workforce capable of navigating a transforming world.
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