Deloitte’s 2023 Gen Z and Millennial Survey

Shifting relationship with work

The last few years have caused Millennials and Gen Z to rethink how much of an issue work should be in their lives. For 49 percent of Gen Zs and 62 percent of Millennials, work is still a part of their identity, but when it comes to  choosing an employer, their main focus is on a good work-life balance. This means more flexibility in terms of working hours and location is particularly important, as several companies are already providing the opportunity to work remotely or in a hybrid manner. In addition, more part-time jobs with development opportunities and a four-day week for full-time employees could be offered.

Concerns about the future

Apart from fear of climate change or unemployment, the greatest anxiety about the future is caused by excessive living expenses: More than half of the respondents live from payday to payday. 46 percent of Gen Zs and 37 percent of Millennials are forced to take a second job in addition to their full-time job to make ends meet. At the same time, behaviors that save money and/or protect the environment are becoming more popular, such as buying second-hand items or not driving. The current economic uncertainty is the reason why major life decisions are being postponed. If the economic situation does not improve, for younger people buying a house or asking for a much-needed pay raise and more flexibility are out of the question.

Furthermore, climate change is also showing its effects. Concerns about the climate have already caused 42 percent of Gen Zs and 39 percent of Millennials to plan or implement a career change. Gen Z’s have an urge to actively contribute to advancing sustainability in the companies they are working for. Due to the troubled economy, it is already difficult to live a sustainable life and there is a fear that companies will neglect climate action as a consequence as well. Therefore, they prefer employers to support sustainability in the lives of their employees and to steer the company's development towards "zero emissions" in the near future.

Burnout is on the rise

Half of all respondents feel stressed at work. Driving stress factors include short and long-term financial concerns as well as worries about the health and well-being of the family. Additional concerns are about one's own mental health and poor working conditions, e.g., due to a high workload, lack of work-life balance or an unhealthy team culture. As a result, burnout is on the rise. Even if efforts to improve mental health in the workplace are being recognized by employers, less than one-third of Gen Zs and even fewer Millennials are taking advantage of mental health support.

In addition, more than half of the respondents have already have experienced harassment at work in the last twelve months, e.g., in the form of inappropriate e-mails, jokes or physical advances. When such harassment  was reported to the employer, the reaction was usually perceived as inadequate.

Businesses still not meeting expectations

Employees positively acknowledge that change is taking place. However, less than half of respondents think the economy is having a good impact on society and consider leading companies as having a duty to act when it comes to  social and environmental issues.

Employers should start to act! It is essential to learn how to understand this generation and to support them on the issues that concern them most. This will not only increase productivity and retain talent, but also build trust and appreciation for business within society.

This article is based on findings from Deloitte's Gen Z and Millennial Survey, 2023. Read the full study here.