Since 2019, employers have made progress in winning over the workforce's youngest members. But there is a long way to go before members of Generation Z are fully satisfied with their companies' flexibility and social impact, according to a recent survey.
More than 14,400 Gen Zers and 8,300 millennials across 44 countries connected with business management consultant Deloitte for its 2023 Gen Z and Millennial Survey.
Key findings:
- Gen Zers listed work as the second-most important aspect of their identity — behind friends and family but ahead of hobbies, music and exercise.
- Thirty-four percent of Gen Zers are satisfied with their work-life balance, up from 21 percent in 2019. This satisfaction has grown with flexible work options — in 2019, 36 percent of Gen Zers had flexible or remote work patterns, compared to 61 percent in 2023.
- Thirty-three percent of Gen Zers are satisfied with employers' diversity, equity and inclusion efforts, up from 24 percent in 2019. Thirty percent are satisfied with their employers' societal impact, up from 23 percent in 2019.
- Gen Zers feel that they can most positively impact their organization through the products and services they offer customers, according to the largest share (35 percent). Diversity, equity and inclusion is the second-most common area where they believe they can make a difference (34 percent).
- Cost of living is the biggest concern for Gen Zers, with 35 percent reporting this. Unemployment was next, concerning 22 percent of respondents. These economic and workforce concerns came out ahead of climate change (21 percent), mental health of their generation (19 percent) and crime/personal safety (17 percent).
- When Gen Zers look to the future, 56 percent of them said it will become harder to ask for a raise. Fifty-two percent said it will become harder or impossible to get a new job, and half said it will be harder or impossible to get promoted.
- These concerns are affecting Gen Z's future plans. Half said starting a family will become harder or impossible, and 61 percent said the same of buying a house.
- Forty-six percent of Gen Zers said they feel stressed or anxious all or most of the time. Thirty-six percent said they feel exhausted or low-energy at work, and 42 percent said they struggle to perform at the top of their ability.