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The 2024 Gen Z and Millennial Survey explores how younger generations embrace purpose amidst global change. It highlights their values, aspirations, and impact-driven behaviors shaping societal and economic trends.
Boston Brand Media discovered the 13th edition of Deloitte’s Gen Z and Millennial Survey engaged nearly 23,000 respondents across 44 countries to explore their experiences and expectations in the workplace and beyond.
Young Adults Optimistic Yet Cautious About Economy and Finances
Just under a third of Gen Zs and millennials express optimism that the economic situation in their countries will improve in the coming year, marking the highest level of optimism since our 2020 study conducted just prior to the COVID-19 pandemic. This positive outlook extends to their personal financial situations, although a significant portion of respondents still experience financial insecurity.
Gen Z and Millennials Seek Purposeful Work, Prioritize Values Alignment
Having a sense of purpose is crucial for workplace satisfaction and overall well-being among Gen Zs and millennials. Increasingly, these generations are willing to decline job assignments or job offers from employers based on their personal ethics or beliefs. Reasons for rejecting employers or assignments often include concerns such as:
These factors illustrate a growing trend where younger workers prioritize aligning their professional engagements with their ethical values and personal well-being considerations. This trend underscores the importance of employers adapting to meet these expectations in order to attract and retain talent from these demographics.
Those who belong to the Gen Z and millennial generations increasingly prioritize having a sense of purpose in their work, which significantly impacts their workplace satisfaction and overall well-being. Moreover, these generations are becoming more willing to reject job assignments or employment offers based on their personal ethics or beliefs. Reasons for turning down opportunities can include concerns about:
Shared Responsibility: Environmental Sustainability for All
Environmental sustainability remains a paramount concern for Gen Zs and millennials, consistently ranking among their top priorities. Approximately six in 10 individuals from these generations report feeling worried or anxious about climate change within the past month alone.
Moreover, the majority of them actively take steps to reduce their environmental impact. They believe governments should exert more influence in compelling businesses to address climate change. Concurrently, they assert that businesses should take greater responsibility in facilitating sustainable consumer choices.
Respondents view environmental protection as the foremost societal challenge where businesses can effect meaningful change. Gen Zs and millennials are leveraging their career choices and consumer behaviors to pressure businesses into action, demanding more robust sustainability initiatives and practices across industries.
Percentage of Gen Zs and Millennials
Growing Positive Perceptions of GenAI with Experience, Alongside Workplace Concerns
Among both Gen Z and millennials, frequent users of Generative AI (GenAI) are inclined to believe that this technology will positively impact their work and enhance their work/life balance. However, increased usage of GenAI also correlates with heightened concerns among respondents.
These concerns include fears that GenAI will lead to job displacement, make it more challenging for younger generations to enter the workforce, or necessitate seeking job opportunities less susceptible to automation.
In response to these apprehensions, both generations are actively contemplating adaptation strategies. This includes a strong emphasis on reskilling and training in GenAI technologies. By focusing on acquiring new skills and enhancing their proficiency with GenAI, respondents aim to better position themselves in the evolving job market influenced by automation and technological advancements.
Respondents' Views on the Impact of GenAI in the Workplace
Evolving Career and Workplace Expectations of Gen Z and Millennials
Many Gen Zs and millennials are making career decisions based on environmental considerations or choosing paths they believe will be less susceptible to automation. Once employed, they actively advocate for change within their organizations, particularly in areas such as workload, client services, learning and development opportunities, diversity, equity, and inclusion (DEI), wellness programs, social impact initiatives, and environmental sustainability efforts.
For both generations, work plays a crucial role in their sense of identity, ranking second only to friends and family. However, maintaining a positive work/life balance is a top priority. This emphasis on balance is driving a strong preference for flexible work arrangements, leading to increased demand for part-time positions, job-sharing options, and innovative models like four-day work weeks among full-time employees.
Despite these preferences, about a third of Gen Zs and millennials report working for organizations that have recently implemented return-to-office policies. These policies have yielded mixed results, reflecting varying levels of satisfaction and adaptation among employees as workplaces navigate the complexities of post-pandemic work arrangements.
Prioritizing Workplace Mental Health Amidst Stress Factors
Only about half of Gen Zs (51%) and millennials (56%) rate their mental health as good or extremely good. Despite slight improvements in stress levels compared to the previous year, a significant portion of Gen Zs (40%) and millennials (35%) still report feeling stressed all or most of the time.
The main stressors identified by respondents include financial concerns, family welfare, long working hours, and a lack of recognition in their jobs.
While many respondents acknowledge that their employers are taking mental health seriously, there remains room for improvement. One critical area is fostering an environment where individuals feel comfortable discussing mental health openly at work. Managers and senior leaders are pivotal in this effort, as they can help to eliminate stigma surrounding mental health issues and promote supportive workplace practices. Continued efforts in this direction could lead to further improvements in overall mental well-being among Gen Zs and millennials in the workforce.
Percentage of Respondents Who Express Concerns about Workplace Mental Health
For questions or comments write to writers@bostonbrandmedia.com
Source: Deloitte
