- Gen Z places a high priority on work-life balance, leading to a surge in the popularity of part-time and remote work options.
A comprehensive survey conducted with 14,483 Gen Zs and 8,373 millennials from 44 countries revealed how recent disruptive events have profoundly impacted their lives and perspectives. While recognizing some positive changes, these young generations expressed deep concerns about their future prospects.
Employers have shown progress in certain areas, such as work/life balance and Diversity, Equity, and Inclusion (DEI) efforts, and improvements in societal impact and environmental sustainability. However, the majority of respondents remained unsatisfied with businesses’ overall societal impact, and less than half believed that businesses are making a positive difference. Gen Zs were slightly more optimistic about this than millennials.
Both Gen Zs and millennials have high expectations for their employers and businesses as key players in addressing social and environmental issues, as the 2023 Gen Z and Millennials survey Deloitte reveals.
Financial concerns are prevalent, with the high cost of living being the top concern for both generations. Half of Gen Zs and millennials live paycheck to paycheck, with worries that potential economic recessions may hinder climate action and their ability to secure pay raises, pursue flexible job opportunities, or find new jobs.
Despite financial worries, Gen Zs are more optimistic about their personal financial situations improving in the coming year compared to millennials. Respondents are adapting to financial pressures by taking on side jobs, delaying significant life decisions such as homeownership and starting families, and adopting money-saving behaviors like purchasing second-hand clothes or reducing car usage.
While work remains central to their identity, Gen Zs and millennials seek a better work/life balance. Work/life balance is a top trait admired in their peers and a critical consideration when choosing employers. Interest in part-time jobs is on the rise, and respondents believe that improved career advancement opportunities for part-timers can enhance work/life balance. However, many feel that reducing work hours is not feasible due to financial constraints and fears of decreased opportunities for promotions or meaningful work.
Remote and hybrid work options are highly valued, and three-quarters of those currently in remote or hybrid roles would consider seeking new jobs if required to return to on-site work full-time.
As organizations aim to meet the high expectations of Gen Zs and millennials, addressing work/life balance, sustainability, and career advancement opportunities will be crucial. By understanding and adapting to the changing needs and aspirations of these generations, businesses can create a more inclusive and sustainable future, empowering the next generation of leaders to shape a brighter world.