Are Gen Z and Millennials Reshaping the Future of Work?
Source – 2024 Gen Z and Millennial Survey
Deloitte’s 2024 Gen Z and Millennial Survey provides a comprehensive look into the aspirations, values, and concerns of these two influential generations. With over 22,800 respondents spanning 44 countries, the survey highlights their growing influence on workplaces and societal priorities. From valuing purpose-driven work to demanding environmental sustainability, Gen Z and millennials are setting new benchmarks for employers and businesses to meet.
Key Highlights of the Report
Purpose-Driven Work
A striking 86% of Gen Zs and 89% of millennials emphasize that a sense of purpose is integral to their job satisfaction and well-being. For many, purpose transcends individual goals, focusing instead on working with organizations that prioritize societal impact over profit. Three-quarters of respondents (75%) view community engagement and societal contributions as critical when considering potential employers. This commitment to purpose also translates into workplace behaviors—half of Gen Zs and 40% of millennials have rejected projects or employers that do not align with their ethical or environmental values.
This focus on purpose influences employee loyalty. Organizations that positively respond to employee feedback on values often see higher retention rates. Despite many feeling positive about their employers’ societal impact, fewer than half believe businesses, in general, are delivering meaningful contributions to society. This gap underscores an unmet potential for businesses to lead societal change more effectively.
Environmental Sustainability as a Priority
Climate anxiety is a prevalent concern for 62% of Gen Zs and 59% of millennials, shaping not only their personal lives but also their career and consumer decisions. These generations are vocal about their expectations for businesses to step up in addressing climate change. They advocate for governments to enforce stricter regulations on businesses and for companies to enable consumers to make environmentally conscious choices.
Career alignment with environmental values is increasingly non-negotiable. Around 20% of Gen Zs and millennials have already changed jobs or industries to prioritize sustainability, and another quarter plans to do so in the future. This trend extends to consumer behavior, with many actively researching a company’s environmental practices before purchasing its products and showing a willingness to pay more for sustainable options.
These priorities position businesses at the forefront of combating climate change. Respondents identify environmental protection as the most critical area where businesses can influence change, urging organizations to integrate sustainability into their core operations and offerings.
Economic and Financial Outlook
Despite persistent financial insecurity, optimism among these generations is on the rise. Nearly a third of Gen Zs (32%) and millennials (31%) believe their country’s economic situation will improve within the next year. This optimism also extends to personal finances, with 48% of Gen Zs and 40% of millennials expecting financial improvements.
However, the high cost of living remains their top concern, alongside unemployment, climate change, and mental health. Over half of both generations continue to live paycheck-to-paycheck, highlighting the importance of financial stability in their decision-making.
Workplace Flexibility and Mental Health
Flexibility remains paramount, with work-life balance being the top consideration for both generations when choosing an employer. While return-to-office mandates have seen mixed results, flexibility in work patterns continues to drive demand for non-traditional employment models such as job-sharing and side gigs.
Simultaneously, mental health remains a critical issue, with 40% of Gen Zs and 35% of millennials reporting frequent stress. Employers’ efforts to address mental health challenges are recognized but need to go further to eliminate stigma and provide effective support systems.
Embracing Generative AI (GenAI)
The integration of GenAI in workplaces elicits mixed emotions among these generations. While frequent users report excitement and trust in the technology’s potential to enhance productivity and work-life balance, concerns persist about job automation and workforce readiness. Nearly 60% believe reskilling will be necessary to navigate the changes brought about by GenAI. Employers’ readiness to train and support their workforce will be pivotal in addressing these challenges.
The 2024 survey underscores the transformative power of Gen Z and millennials as they redefine workplace norms and societal expectations. Their insistence on purpose-driven work and environmental responsibility challenges businesses to align their strategies with these values. Coupled with calls for financial stability, mental health support, and adaptability to emerging technologies, these priorities demand a holistic approach from employers.
For organizations willing to listen and adapt, the reward is a loyal, engaged workforce ready to collaborate on addressing global challenges. In a rapidly evolving world, businesses that align with these generations’ priorities will not only thrive but also contribute meaningfully to a sustainable and equitable future.
You can read the full report here!
