Posted August 11, 2023

Today, we shift our focus to a topic that has been buzzing in the business world - the Deloitte Gen Z and Millennial Survey Report of 2023. Join me as we delve into the key takeaways and insights from this comprehensive study, shedding light on the expectations, values, and challenges faced by these generations.

Understanding the Survey

The Deloitte research group embarked on an ambitious endeavor, surveying 22,000 Gen Z and Millennials across 44 countries between December 2022 and March 2023. This window of time bore witness to significant societal shifts, largely catalyzed by the pandemic. The very fabric of work and its significance in their lives came under scrutiny, sparking what has been dubbed the "Great Resignation." This phenomenon witnessed workers redefining their priorities, demanding higher pay, greater accountability in areas like Diversity Equity and Inclusion (DEI) and climate change, and advocating for flexible work options.

The Duality of Progress

The years preceding the survey had their share of both positive and negative influences on these generations. On one hand, the availability of remote and hybrid work expanded, ushering in an era of enhanced workplace flexibility. The pursuit of work-life balance, a concern that has plagued earlier generations, has shown improvement. Furthermore, businesses' engagement in societal issues and climate change garnered greater attention and appreciation from these young minds.

Challenges Weighing Heavily

However, the optimism is juxtaposed with the heavy burdens these generations bear. The past years saw an alarming surge in inflation - the highest in four decades, a significant global conflict, growing mental health challenges, burnout, and a rise in physical health issues due to inadequate preventative care. These factors paint a picture of the challenges Gen Z and Millennials grapple with daily.

Unpacking Expectations and Values

As we navigate the nuances of this report, we'll break down the findings into several segments. We'll begin with exploring the progress and expectations of these generations, touching upon financial concerns, work-life balance, mental health, workplace harassment, and climate action.

Understanding the Generations

To truly comprehend the expectations and aspirations of these generations, it's essential to understand their unique background. Unlike their predecessors, Gen Z and Millennials grew up as digital natives, adapting to technology effortlessly. This intrinsic familiarity with technology shapes their worldview, preferences, and work habits.

High Expectations for Change

The survey underscores one key fact: Gen Z and Millennials have high expectations for businesses and employers. While the survey period witnessed a rise in perceived work-life balance satisfaction, a strong belief prevails that organizations should play a more significant role in addressing societal issues, including climate change. There has been a notable uptick in the perception that businesses are taking meaningful actions in these areas, even though the majority believes that these efforts are still insufficient.

Influence of Business Leaders

The influence of business leaders in shaping the thoughts and behaviors of these generations is striking. Approximately one-third of respondents stated that business leaders speaking out on sustainability matters have impacted their perspectives and actions. This underscores the immense power leaders wield in shaping their workforce's values and actions.

The Values Quotient

Values hold immense importance for Gen Z and Millennials. A significant portion reported rejecting assignments due to ethical concerns, and nearly the same number turned down job offers from employers whose values didn't align with their own.

Organization vs. Internal Values

The age-old dilemma of aligning personal values with organizational values comes to the forefront. Gen Z and Millennials find themselves at a crossroads - either adopting the values of the organization or standing out as distinct individuals. Faking alignment with values is unsustainable in the long run; authenticity matters more than ever.

The Deloitte Gen Z and Millennial Survey Report of 2023 is a treasure trove of insights, unveiling the expectations, challenges, and values of the upcoming generations. As leaders, understanding these nuances is imperative for fostering engagement, facilitating growth, and creating an inclusive, forward-focused work environment. The duality of progress and challenges is an invitation to reshape the workplace landscape, embracing flexibility, accountability, and values alignment.

So, as we continue our journey through these generational insights, let's keep in mind that the impact of our actions as leaders reverberates beyond the workplace - it shapes the very fabric of the world these generations will inherit. By navigating change with insight, empathy, and purpose, we can pave the way for a brighter, more harmonious future for all.

In Part 2 we will delve into the financial outlook these generations has based on this report.