As the COVID-19 pandemic recedes, we looked back at our last pre-pandemic survey to see how experiences in the workplace have evolved since then. Notably, we found that Gen Zs and millennials are now more likely to be satisfied with their work/life balance. They feel they have more flexibility in where they work. They believe their employers have made progress in driving greater diversity, equity, and inclusion (DEI). And they are slightly more likely to believe that businesses are taking action to address climate change.
The last few years, however, have left significant negative legacies as well: a cost-of-living crisis spurred by the largest surge in inflation in 40 years, the biggest land war in Europe since the 1940s, rising mental health challenges and burnout, and an increase in physical health issues resulting from a lack of preventative care, among other factors. These issues weigh heavily on Gen Z and millennial respondents, both in New Zealand and around the world.
This year’s survey explores how Gen Zs and millennials are navigating these challenges, the progress they feel their employers have made, where there is still more work to do, and where they worry about potential setbacks. And it examines how concerns about the economy may be impacting their ability to plan for their futures.
Deloitte's 2023 Gen Z and Millennial Survey reflects the responses of more than 22,000 Gen Zs and millennials across 44 countries examines their shifting relationship with work, how they continue to make lifestyle and career decisions based on their values, and underscores continuing concerns about finances, climate change, and mental health.
Fieldwork for the 2023 edition was conducted between November and December 2022, with qualitative interviews conducted in March 2023.
For the New Zealand specific information 501 respondents took part in the survey (301 Gen Zs and 200 millennials).
As defined in the study, Gen Z respondents were born between January 1995 and December 2004, and millennial respondents were born between January 1983 and December 1994.
A New Zealand perspective
The key findings of the survey were:
- Cost of living is the number one issue of greatest concern for both New Zealand millennials (58%) and Gen Zs (42%) – significantly higher than global rates.
- Stress levels are high across the generations. More than half of New Zealand Gen Zs (51%) and 44% of millennials say they feel stressed or anxious at work all or most of the time.
- New Zealand millennials value flexibility. 85% would consider looking for a new job if their employer asked them to go on-site full time.
- 70% of New Zealand respondents felt that it would become harder or impossible to buy a house if the economy does not improve within the next 12 months.
- 59% of Gen Zs and 47% of millennials in New Zealand have experienced harassment or microaggressions at work in the last 12 months.
- Overall, the Millz Mood Monitor saw New Zealand millennials deteriorate, with their rating down four points compared to global millennials who reported no change. New Zealand Gen Zs were more optimistic, moving up one point in line with the global trend.