22.1 C
New Delhi
Wednesday, May 31, 2023
HomeNewsDeloitte survey reveals Gen Zs and Millennials' perspectives on work and life

Deloitte survey reveals Gen Zs and Millennials’ perspectives on work and life


The recently published Deloitte Global 2023 ‘Gen Z and Millennial Survey’ offers valuable insights into the attitudes and behaviours of younger generations concerning work and life. With a substantial sample size of 22,856 respondents from 44 countries across various regions, including North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific, the survey provides a comprehensive global perspective.

 Notably, the survey includes a significant representation of 800 respondents from India, providing unique insights into the perspectives of Gen Zs and Millennials in the Indian context.

Here are some key highlights from the recently released Deloitte Global 2023 ‘Gen Z and Millennial Survey’.

Top concerns among Global Gen Zs and millennials

The survey reveals that overall satisfaction with work-life balance has increased compared to 2019, with Indian Gen Zs and Millennials showing higher satisfaction levels than their global counterparts. Specifically, 27 percent of Indian Gen Zs and 37 percent of Indian Millennials consider work-life balance crucial. 

Both groups exhibit a notable increase in satisfaction with their organizations’ societal impact and diversity, equity, and inclusion (DEI) efforts. While Indian Gen Zs express higher satisfaction with their employers’ environmental actions, Indian Millennials’ satisfaction remains roughly the same as in 2019.

Top concerns

In contrast to the global picture, education, skills, and training emerge as the top concern for Gen Zs, with 32 percent emphasizing its importance. Climate change takes precedence for Indian Millennials, with 26 percent emphasizing its significance. 

Unemployment and mental health rank among the top three concerns for Indian Gen Zs, while the global concern of the cost of living only occupies the fourth place for Indian Millennials.

Sense of identity and admired qualities

Work is the most important driver of self identity for both Indian Gen Zs and millennials, with friends and family being the second biggest factor, and volunteering efforts play a more important role for Indian millennials. Statistics show work is important for 65 percent of Indian Gen Zs and 68 percent for Indian millennials. 

Work/life balance and flexible work

Ensuring equal career advancement opportunities for part-time employees is a priority for Gen Zs and Millennials in India, as it contributes to better work-life balance.

One noteworthy finding from the survey is that 49 percent of Generation Z participants and 62 percent of Millennials expressed that work holds a central place in shaping their identities. This highlights the importance of their professional lives in defining who they are and the role it plays in their overall sense of self.

Stress and burnout

Half of Gen Zs and millennials in India feel anxious/stressed, with both groups above the global average. Burnout levels are up since last year. Statistics show high stress and burnout levels for 53 percent of Indian Gen Zs and 45 percent for Indian millennials.

Concerns about mental health are the top stress driver for Indian Gen Zs, while the health/welfare of their family is the top stress driver for Indian millennials. Statistics show work is important for 53 percent of Indian Gen Zs and 45 percent for millennials.

Workplace mental health

Indian Gen Zs and millennials are significantly more likely to believe that employers take mental health seriously versus their global counterparts. Statistics show mental health to be important for 90 percent of Indian Gen Zs and 93 percent for Indian millennials.

Climate anxiety and actions

Indian Gen Zs and Millennials exhibit higher levels of climate concern compared to their global counterparts and are more willing to pay higher prices for sustainable products or services. Climate concern is deemed important by 79 percent of Indian Gen Zs and 81 percent of Indian Millennials. 

To reduce their environmental impact, these generations are adopting vegetarian/vegan diets, avoiding fast fashion, making their homes more energy-efficient, and researching companies before making purchases.

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

Our Archieves