Understanding the Future Through the Lens of Gen Z and Millennials
Deloitte's 2024 survey of Gen Z and Millennials offers a comprehensive overview of the economic, social, and technological outlooks of these pivotal generations. With a sample size spanning various regions, this report delves into their perspectives on the economy, personal finances, job satisfaction, sustainability, AI, and mental health. Understanding these insights is crucial for businesses, policymakers, and educators aiming to engage effectively with these generations.
Economic and Financial Outlook: Cautious Optimism Amidst Uncertainty:
The survey reveals a cautious optimism among respondents regarding economic prospects. Nearly one-third of Gen Z (32%) and Millennials (31%) anticipate an improvement in their national economic situations over the next year. This optimism extends to personal finances, with 48% of Gen Z and 40% of Millennials expecting better financial conditions.
However, economic insecurity remains a significant concern. Around 30% of Gen Z and 32% of Millennials feel financially insecure, with over half living paycheck to paycheck.
Workplace Satisfaction: The Role of Purpose
Purpose-driven work is paramount for Gen Z (86%) and Millennials (89%), with many willing to reject job offers or employers misaligned with their values. Employers responding positively to this feedback tend to enjoy higher employee loyalty.
A clear sense of purpose often translates to working for organizations that prioritize social impact over profits. About 75% of both generations consider an organization’s community involvement and social impact crucial when evaluating potential employers. Despite positive views on their employers' social contributions, less than half believe businesses significantly impact society positively, highlighting a perceived gap between business capabilities and achievements.
Sustainability: A Defining Factor in Career and Consumer Choices
Environmental sustainability is a top concern, with 62% of Gen Z and 59% of Millennials expressing anxiety over climate change in the past month. Both generations actively seek to reduce their environmental impact and demand greater climate action from businesses and governments.
Environmental values influence their career choices and consumer behavior significantly. Approximately 20% of respondents have changed jobs or fields to align better with their environmental values, with a quarter planning to do so. They scrutinize companies' climate actions and are willing to pay a premium for sustainable products.
Generative AI: Excitement and Concerns in the Workplace:
Generative AI is viewed with both excitement and apprehension. Those frequently using AI at work are more enthusiastic and trusting of the technology, appreciating its potential to save time, improve workflows, and balance work-life demands.
However, increased AI usage also raises concerns about job displacement. Around 59% of Gen Z and Millennials worry AI-driven automation will eliminate jobs. To mitigate these concerns, organizations must prepare their workforce for AI integration, emphasizing education and readiness, focus on upskilling and seeking jobs less prone to automation. For this, over a third plan to undergo AI training in the next year.
Work-Life Balance and Flexibility: Non-Negotiable Priorities
Work-life balance remains crucial, influencing employer choice and job satisfaction. As many companies enforce "return to office" policies, the response is mixed. Some benefit from increased engagement and collaboration, while others experience heightened stress and reduced productivity. Flexibility in work location and hours continues to drive the popularity of non-traditional employment models, such as part-time, job-sharing, and gig work.
Mental Health: An Ongoing Concern
Mental health remains a pressing issue, with only about half of Gen Z (51%) and Millennials (56%) rating their mental health as "good" or "very good." Despite slight improvements, stress levels remain high, primarily due to financial concerns, family health, and work-related factors.
Employer initiatives to address mental health show progress, with over half of respondents noticing improvements in the past year. However, discussing mental health openly at work remains challenging, with concerns about discrimination if they disclose stress or mental health issues. Employers and leaders play a crucial role in fostering a supportive environment by sharing their experiences and emphasizing the importance of mental health.
The Significance of Purpose
Gen Z and Millennials seek purpose-driven work, rejecting roles misaligned with their values. This aligns with previous findings highlighting environmental impacts, inclusivity, and mental health support as key factors influencing job satisfaction and loyalty. Organizations addressing these concerns and aligning with their employees' values can cultivate a more engaged and motivated workforce.
Deloitte's 2024 survey underscores the importance of understanding and addressing the unique perspectives of Gen Z and Millennials. By fostering purpose-driven work, prioritizing sustainability, preparing for AI integration, and supporting mental health, businesses can engage effectively with these generations, driving positive societal and economic change.
Contact us for more insights and updates on engaging with Gen Z and Millennials, or download the full report HERE.
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