Deloitte study: Millennials and Generation Z, insecure and pessimistic about the evolution of society, their career and future
18 December 2019
Millennials and Generation Z face insecurities and pessimism regarding the evolution of society, their career and future, according to the latest edition of Deloitte Global Millennial Survey. The study shows that young generations worry about the economic evolution and the social and political environment, about the business environment’s impact on their career and on society, despite the economic growth and the global economic opportunities.
According to Deloitte Global Millennial Survey, only 26% of respondents are confident about the positive evolution of the economy. In 2017 and 2018, 45% of respondents expressed confidence that the economy will grow in the coming years. At the same time, the results of the report show an increased level of distrust regarding the improvement of the social and the political environment. In 2019, only 24% of young people expect progress, compared to 33% in 2018 and 36% in 2017.
"The study is extremely valuable to employers because it brings together important conclusions about the values and expectations of Millennials and Generation Z, relevant information to the development of any human resources strategy. These young people need to be guided, to have visibility and balance from the organizations and their leaders. It is important that all these expectations translate into what the organizations plan for the next period, in order to make a difference in the already known and debated talent competition,” explains Raluca Bontas, Global Employer Services Partner, Deloitte Romania.
The study shows that the most important issues for young people when deciding whether to change their employer in the next two years are related to the attention that the organization pays to social diversity and inclusion (63%), to the organization’s positive impact on the local community (59%). Work flexibility from a schedule point of view and the location where one can work (56%) are also important aspects, as well as the motivating and stimulating working environment (54%) and the development through training and mentoring programs (55%).
The study also points out the decreasing trend of trust in the positive impact that the business environment can have. In 2019, only 55% of young people believe that this scenario is possible, down from 2018 (61%) and 2017 (76%).
The first five priorities indicated by the respondents are to travel the world (57% for each of the two generations), to increase their income and financial status (52% of Millennials and 56% of Gen Zs), to buy a home (49% of Millennials and 52% of Gen Zs), to make a positive impact on the community and the society (46% of Millennials and 47% of Gen Zs), as well as to start a family and have children (39% of Millennials and 45% of Gen Zs).
The latest Deloitte Global Millennial Survey involved 13,400 Millennials (born between January 1983 and December 1994) from 42 countries and 3,000 Generation Z representatives (born between January 1995 and December 2002) from ten countries. The respondents are both graduates of secondary and university studies, as well as persons who have not graduated from these forms of education, working both part-time and full-time. The full results are available here.
Deloitte provides worldwide audit, consulting, legal, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients' most complex business challenges. Deloitte's goal is to make an impact that matters through its approximately 312,000 professionals.
Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes and technology services and other related services with more than 1,700 professionals.