According to Deloitte’s 2022 Gen Z and Millennial Survey, these generations are deeply concerned about unemployment, education, and mental health issues. Additionally, good work/life balance, positive work culture, and access to learning opportunities are the top priorities for these generations when choosing a new workplace. The survey also indicates a growing demand for hybrid/remote work arrangements as it helps them save money and allows them to spend more time on a hobby and with their families.
The study showcases increased financial optimism amongst Indian Gen Z and millennials, soliciting the views of 801 respondents (500 Gen Zs and 301 millennials) from India.
During the survey, it was found that 88 per cent of Gen Zs and 91 per cent of millennials believe that the world is at a tipping point in responding to climate change. Compared with their global counterparts, a vast majority of Indian Gen Zs and millennials are trying to minimise their impact on the environment. There is also a positive sentiment amongst these generations regarding the actions/initiatives being taken by large companies as well as the government to mitigate climate issues.
SV Nathan, Partner and Chief Talent Officer, Deloitte India says, “With the increasing demand for hybrid work arrangements, Deloitte’s survey reveals that if Gen Zs and millennials were in charge, they would prioritise and allow employees to work flexible hours to improve work/life balance. It has become imperative for all organisations and business leaders to support their employees in setting boundaries to protect work/life balance.”
Here are the key highlights from the survey;
· Growing emphasis on protecting the environment: About 95 per cent of Indian Gen Zs and millennials try to minimise their impact on the environment. Compared with Gen Zs and millennials globally, Indian Gen Zs and millennials strongly agree that large companies are taking substantive/tangible actions to combat climate change and that their national government is highly committed as well.
o Most of the Gen Zs (68 per cent) and millennials (72 per cent) have persuaded their employers to act on climate change, which is significantly higher than the global average.
o Gen Zs and millennials in India want to see their employers invest in areas, including banning single-use plastic and providing training and incentives to help people make better environmental choices.
· Financial concerns and the prevalence of side jobs: With over two-thirds of Gen Zs and 8 in 10 millennials feeling confident that they’ll be able to retire comfortably and pay all their monthly expenses, financial concerns are of less importance in India compared with the global average. Furthermore, a large proportion of Indian Gen Zs (62 per cent) and millennials (51 per cent) have an additional paying job in addition to their primary job.
· Flexible work as an opportunity to improve work/life balance: About 19 per cent of Gen Zs and 23 per cent of millennials state that if they were in charge, they would allow employees to work flexible hours and remotely to improve work/life balance. The third option for Gen Zs would be to experiment with reduced working weeks, but Indian millennials would rather prioritise ensuring that those employees who work part-time have comparable career advancement opportunities to full-time employees.
· Growing demand for hybrid work arrangements: Just like the global average, the majority of the respondents would prefer a hybrid working pattern. The survey revealed that 66 per cent of Indian Gen Zs and 67 per cent of Indian millennials would prefer this arrangement.
· Economic and political outlook: The optimism regarding the economic and sociopolitical situation amongst the Indian Gen Zs is like that in 2020 with about half of the respondents thinking that these situations will improve in the next 12 months.
· Top issues of greatest concerns: This year, Gen Zs cited education, skills, and training as the top concerns in India, while Indian millennials are more concerned about unemployment. Additionally, climate change/protecting the environment is the next concern for both groups, which is in line with their global counterparts.