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A survey of Gen Zs and millennials found the cost of living, economic uncertainty and persistent stress as their greatest concerns.
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Younger generations want greater ESG focus: Deloitte
19 May 2023
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The younger generations of workers, Gen Z and millennials, place a greater focus on environmental sustainability with more than half willing to forgo a position if the business does not match their values, a Deloitte survey found.
Deloitte’s 2023 Gen Z and Millennial Survey revealed six in 10 respondents felt anxious about the environment and carried this environmental anxiety into their employment.
The firm said more than half of the respondents would research a company’s environmental impact and policies before accepting a job, with one in six moving firms or sectors due to climate concerns and a quarter stating they planned to in the future.
Almost four in 10 respondents said they had previously rejected work assignments due to ethical concerns with more than a third having turned down employers that did not align with their values.
The survey revealed half of Gen Zs and millennials wanted their employer to provide training to help them make more sustainable decisions in their own lives while also developing the skills needed for the transition to a low-carbon economy.
Deloitte also found that respondents desired an improved work-life balance on top of the increased environmental focus.
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Deloitte’s global deputy CEO and chief people and purpose officer Michele Parmelee said the survey showed the younger generation desired workplace flexibility along with greater environmental goals.
“Gen Zs and millennials are striving for better work/life balance. They are also values-driven, concerned about the environment, the state of the world, and the future they see developing ahead of them,” said Ms Parmelee.
“They’re looking for employers who can help empower them to make a difference.”
“Organisations that actively listen and help address their needs and concerns will improve business resiliency and implement actionable change in our world.”
The survey found that while nearly half of Gen Zs and millennials placed their job as a central part of their identities they also placed a strong focus on having a work-life balance and that it was a top consideration when choosing an employer.
The firm revealed Gen Zs and millennials held concerns over their economic future with more than half of millennials (52 per cent) and Gen Zs (51 per cent) saying they lived paycheck to paycheck, an increase of five per cent on the previous year.
This concern was heightened as six in 10 Gen Zs and two-thirds of millennials said they believed the economy would either worsen or stay the same in their country over the next year with many of the opinion it would make it harder to ask for a raise, get a new job or seek greater flexibility at work.
The worries regarding the economy were also found to have impacted their mental health as the survey showed nearly half of Gen Zs (46 per cent) and four in 10 millennials (39 per cent) felt stressed all or most of the time, with stress levels even higher among women.
It said the stress also attributed to the younger workers stating they were struggling to disconnect with almost a third of millennials and 23 per cent of Gen Zs declaring they answer work emails outside of normal working hours at least five days a week.
Ms Parmelee said the increased concerns of employees needed to be acted upon by businesses otherwise they risked hindering their recruitment and retention.
“Gen Zs and millennials are facing a unique combination of challenges during a pivotal point in their lives as they progress in their careers, grow their families, and care for loved ones,” said Ms Parmelee.
“It is crucial for employees to understand these generations and continue to drive progress on the challenges that matter most to them.”
“This will not only help boost productivity and retain talent - it will ultimately build trust and value for business in society more broadly.”
Deloitte’s 2023 Gen Z and Millennial Survey gathered insights from more than 22,000 Gen Z and millennial respondents across 44 countries.
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