2023 Gen Z and Millennial Survey
Still prioritising wellbeing, Belgian Gen Zs and millennials seek a better work/life balance
Belgian Gen Zs and millennials recognise progress, but they continue to push companies to drive change on topics like mental wellbeing and sustainability. They are rethinking the role of work in their lives and seek more flexibility. Yet, the cost of living looms large, making them wary of the financial stability and career growth opportunity trade-offs that work alternatives imply.
Deloitte’s 12th annual Gen Z and Millennial Survey explores how the disruptive events of the last three years have shaped the lives and views of the world’s youngest workers. The findings reveal that members of Gen Z (1995 - 2004) and millennials (1983-1994) acknowledge that employers are making progress and are increasingly convinced that companies have a positive societal impact. Millennials, in particular, are more positive after last year’s feelings of disappointment.
The cost of living remains a top concern and hampers the ability to plan for the future. Financial stability is the top concern for 38% of Gen Z and 43% of millennials, followed by climate change. Almost 50% of Gen Zs and 38% of millennials say that they live paycheck to paycheck. The longer-term financial future and day-to-day finances are two of the main reasons for stress and anxiety.
Gen Zs and millennials want flexibility to have a better work/life balance and expect employers to prioritise alternatives such as a four-day work week, flexible hours, and ensuring part-time jobs have comparable career opportunities. Yet, they are wary of the impact these options could have on their financial stability and career growth options.
While both Gen Zs and millennials acknowledge that companies are moving in the right direction by focusing more on mental health, they are calling for more action. Close to 70% of both generations indicate that mental health support and policies are important when considering a potential employer, which should make employers move to drive positive change.
When considering a potential employer, a company’s environmental credentials and/or policies are also crucial factors. Businesses could and should do more to enable consumers to make more sustainable decisions, according to 68% of Gen Zs and 66% of millennials. Only very few are really convinced that companies are taking sufficient action to combat climate change.
There is a huge opportunity for business leaders to partner and collaborate with their younger workforce, if they can embrace the opportunities and tackle the challenges.
Gen Z & Millennials – The importance of dialogue between employers and the youngest generations. (Dutch spoken)
