Companies globally are grappling with what has become known as The Great Resignation. A trend that emerged in early 2021 and appears to be continuing well into 2022.
In Deloitte’s 2022 Gen Z and Millennial Survey released last week provides valuable insights on what is prompting this mass exodus and what businesses need to do to attract and retain Gen Z and millennials employees.
Here are the key stats and takeaways of this year’s survey:
· 29% of Gen Z & 36% of millennials cited cost of living as their greatest financial concern
· 26% of Gen Z & 31% of millennials believe that they will retire comfortably
· 43% of Gen Z & 33% of millennials have a second or full-time paying job in addition to their primary job
· 46% of Gen Z cited that they stressed or anxious most of the time compared to 38% of millennials
· 46% of Gen Z & 45% of millennials report burnout from the intensity of their work
· 44% of Gen Z while 43% left their companies due to workload
· 75% prefer hybrid or remote work
· 48% of Gen Z & 43% of millennials have pressured their companies to act on climate change
It is clear, the youngest generation of the workforce are seeking balance. As well, we want to have a clear purpose, opportunities to address societal issue at work as well as sustained change. Unlike older generations, Gen Z and millennials employees expect our organizations to take a stand on societal topics.
“Gen Zs and millennials want to work for organizations that empower them to get directly involved to drive change—both within their organizations and in society more broadly. To make this happen, leaders should listen to and incorporate insights from people at all levels of the organization.”
The Great Resignation should be the cue that business need to finally revaluate their strategies and drive sustainable workplace change. Deloitte’s advice to businesses includes:
1) Address wealth inequality
2) Support better mental health
3) Prioritize climate action and inspire the workforce to take part
4) Establish hybrid work strategies
5) Empower people at every level
The survey included responses from more than 14,808 Gen Z members and over 8,412 millennials from 46 countries were polled between November 2021 and January 2022.
Download the full report to read all the insights.