I read it so you don’t have to – Striving for balance, advocating for change – The Deloitte Global 2022 Gen Z and Millennial Survey
I read it so you don’t have to but should anyway– Striving for balance, advocating for change – The Deloitte Global 2022 Gen Z and Millennial Survey
This survey connects with respondents around the globe to gauge their views about work and the world around them. Let’s dig in!
The recap is that people feel burnt out but are still pushing - taking on second jobs and pushing for more meaningful and flexible work. The executive summary is excellent and a really quick read – if you read anything read that.
This year’s survey found that Gen Zs and millennials are deeply worried about the state of the world and are fighting to reconcile their desire for change with the demands and constraints of everyday life. They are struggling with financial anxiety, while trying to invest in environmentally sustainable choices. And they are pushing their employers to be more proactive in the fight against climate change.
The report is broken into 4 categories:
Aligning with Gen Zs’ and millennials’ values is key. Nearly two in five say they have rejected a job or assignment because it did not align with their values. Meanwhile, those who are satisfied with their employers’ societal and environmental impact, and their efforts to create a diverse and inclusive culture, are more likely to want to stay with their employer for more than five years.
90% are making some effort to reduce their own impact on the environment and many are willing to pay more to make sustainable choices. They want businesses, and their own employers, to do more. Only 18% of Gen Zs and 16% of millennials believe their employers are strongly committed to fighting climate change. Gen Zs and millennials want to see employers prioritize visible climate actions that enable employees to get directly involved,
Employers do seem to be making progress when it comes to prioritizing mental health and well-being in the workplace. More than half agree that workplace well-being and mental health has become more of a focus for their employers since the start of the pandemic. However, there are mixed reviews on whether the increased focus is actually having a positive impact.
The cost of living is the top concern among Gen Zs and millennials followed by climate change. After that, top concerns change between the two generations. The younger cohort are concerned by unemployment, mental health, and sexual harassment. Personally, I’m glad to see sexual harassment on the list as is shows a lack of tolerance for historical bad behaviour and makes me hopeful for systematic change in this space. Millennials are concerned about their healthcare and disease prevention. This is a signal to employers, and something that the employee benefit plan can tackle.
With large portions of these generation taking on second jobs and with 47% living paycheck to paycheck it’s not a surprise that burnout is high. 26% and 31% are not confident they will be able to retire with financial comfort. There is an opportunity for employers to make these generations feel more secure by offering a Group RRSP program with contribution matching or a Tax free spending account where they can use the funds to repay student loans.
Respondents also shared that working remotely has helped them save money.
The way things were, is not the way things are.
Loyalty to the employer is waning.
"would like to leave their jobs within 2 years"
Public facing industries are especially at risk for high turnover and industries such as consumer and retail are already experiencing labour shortages. But what can employers do to attract and retain talent?
When people feel their voices are heard, they tend to feel more connected and loyal to their organizations.
You can’t EAP your way out of burnout: 53% of Gen Zs and 51% of Millennials agree that their organization talks more about mental health now, but this has not resulted in any meaningful impact on employees. Only about 1/3 said they would not feel comfortable speaking openly with their direct manager about feeling stressed or anxious or about other mental health challenges
If you’re not addressing the core issues of burnout – work loads, feeling of purpose and feeling valued, no amount of mental health communication will help. When most respondents top source of stress is financial, employers need to do more than offer a few mental health resources. They should assess if their total compensation packages are meaningful
One of the most direct actions organizations can take to address wealth inequality is to focus on supporting their own people. By understanding employees’ priorities, organizations can align benefits and compensation accordingly. Low hanging fruit could be increasing the employer paid portion of the group benefit plan or adding a healthcare spending account.
Another key factor is focusing on closing the pay gap, which will include working to ensure that women and minorities are represented at all levels, and that they have equal opportunities to grow.