Deloitte survey: most Gen Z and millennials dissatisfied with business societal impact

Deloitte's 2023 survey of 14,483 Gen Zs and 8,373 millennials across 44 countries found most respondents unsatisfied with businesses' societal impact while prioritising work-life balance, sustainability, and career advancement. The findings underscore workforce expectations on ESG and flexibility that Indian employers must address to attract and retain younger talent.

Deloitte's 2023 Gen Z and Millennial Survey gathered responses from 14,483 Gen Zs and 8,373 millennials across 44 countries. While respondents acknowledged employer progress on work/life balance, Diversity, Equity, and Inclusion, societal impact, and environmental sustainability, a majority remained unsatisfied with businesses' overall societal impact, and fewer than half believed businesses make a positive difference. Both generations hold high expectations for employers as key players addressing social and environmental issues. Financial concerns were prevalent, with the high cost of living the top concern; half of respondents reported living paycheck to paycheck.

The findings affect employers across sectors competing for younger talent, particularly on work/life balance, sustainability commitments, and career advancement. For Indian companies, with a large young workforce, the survey signals that Gen Z and millennial employees increasingly weigh an employer's environmental and social impact and flexible-work options when choosing jobs. Three-quarters of those in remote or hybrid roles would consider new jobs if required to return on-site full-time, highlighting retention risk for Indian firms mandating full office returns.

The survey indicates rising interest in part-time and remote work, though many feel reducing hours is not feasible due to financial constraints and fears of fewer promotion opportunities. Indian employers should monitor evolving expectations around work/life balance, flexible arrangements, sustainability, and career advancement, and consider how their ESG and people strategies respond. Addressing these expectations, the survey suggests, is crucial for businesses aiming to attract and retain the next generation of talent and leaders.

Key figure — Survey base: 14,483 Gen Zs and 8,373 millennials across 44 countries