Gen Z and Millennials Influence Corporate Business Practices
Enough is Enough
In what has been called “the great resignation,” millions of Americans have left their jobs. March saw 4.5 million workers heading for the door. In its “Global 2022 Gen Z & millennial survey,” Deloitte sought out the why behind the exodus and assessed the sentiment of today’s employees.
The survey found there are a lot of dissatisfied workers in the US. Citing stress and burnout, 40% of Gen Zers and 24% of millennials said they would like to quit their jobs in the next two years. A third of those polled would leave their current employer should another opportunity become available.
Show Me the Money
The survey identified the primary reason younger employees quit their jobs was pay. Also, about 45% of workers reported experiencing burnout. The related feeling that some workplaces undermined their mental health was also a factor underlying the dissatisfaction. Other key issues included the desire for work-life balance, as well as for more opportunities to learn and grow.
Most also either want to be able to work remotely or have a hybrid option. Alignment with personal values was also cited, with many particularly interested in inclusive workplace practices and sensitivity to environmental and social issues.
Especially given the current tight labor market, many employers are rethinking business practices in response to worker concerns. A PwC Pulse survey found that 43% of its C-suite respondents were offering a hybrid option. Other sweeteners include programs to address financial and mental health, and more flexible work arrangements. Employees may get to choose a four-day workweek, take a sabbatical, or work wherever they want.
These perks may resonate with skittish employees, but with 75% of Gen Z and millennials reporting climate change as an issue of concern they feel companies are lax on, it remains to be seen if the redesigned employment package goes far enough.
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