Deloitte’s 2024 Gen Z and Millennial Survey provides a wealth of insights that can help us understand the shifting landscape and better cater to the needs and expectations of these generations.

One of the key takeaways from the survey is the cautious optimism among Gen Z and millennials regarding the economic outlook. Around one-third of people in both groups believe that their countries’ economies will improve over the next year, which is the highest level of optimism since the pre-pandemic era.

However, this optimism is tempered by significant financial insecurity. Around 30% of respondents from both groups feel financially insecure, with over half living paycheck-to-paycheck. This highlights a critical area for employers and recruiters: the need to offer competitive salaries and financial support systems to attract and retain talent.

Work/Life Balance and Flexibility

Work/life balance remains a top priority for both Gen Z and millennials. The survey reveals a mixed response to the recent shift towards on-site work, with some employees appreciating the structure and engagement it brings, while others report increased stress and decreased productivity. Flexibility in work arrangements continues to be highly valued, pushing the popularity of non-traditional employment models such as part-time roles, job-sharing, and side gigs.

Promoting a culture that respects work/life balance can be a significant differentiator in attracting top talent.

Environmental sustainability

Environmental concerns are very important for both generations. An impressive 62% of Gen Z and 59% of millennials report feeling anxious about climate change and are actively taking steps to reduce their environmental impact. This eco-conscious mindset influences their career choices, with many willing to change jobs or industries to better align with their ecological values. Additionally, they prefer to support companies that demonstrate strong environmental practices, even if it means paying more for sustainable products.

Purpose-driven work

Nearly all respondents (86% of Gen Z and 89% of millennials) say having a sense of purpose is crucial for job satisfaction and overall well-being. This commitment to purposeful work often leads them to reject assignments or employers that do not align with their values.

Employers who prioritise social responsibility, inclusivity, and community engagement are more likely to appeal to these purpose-driven individuals.

Mental health and well-being

Mental health remains a significant concern, with only about half of Gen Z and millennials rating their mental health as good or extremely good. Stress levels, though slightly improved from last year, remain high. Employers are making progress in addressing mental health, but there is still a significant gap in creating environments where employees feel comfortable discussing these issues.

Employers should prioritise mental health through comprehensive support programs, open dialogues, and proactive measures to reduce workplace stress. Demonstrating a commitment to mental health can significantly enhance an employer’s appeal.

Embracing GenAI

The survey also sheds light on the ambivalence towards Generative AI (GenAI). While some individuals express excitement and trust in the technology, others are concerned about job displacement and the impact on career opportunities. Those who frequently use GenAI at work are generally more positive about its potential benefits, such as improving work efficiency and work/life balance.

Check out the full report here- https://www.deloitte.com/global/en/issues/work/content/genz-millennialsurvey.html