Deloitte’s latest survey, conducted in 2024, unveils the perspectives of Gen Z and Millennials on the evolving world and workplace dynamics. With over 22,800 respondents from 44 countries, the survey scrutinises their perceptions, emphasising the significance of work-life balance and a sense of purpose in job satisfaction and overall well-being.
The survey methodology involved over 22,800 respondents from various regions, providing comprehensive insights into the attitudes and behaviours of members of Gen Zs and the Millennials. Conducted between November 2023 and February 2024, the findings shed light on the evolving dynamics shaping the future of work and society.
The survey revealed Gen Zers and Millennials are optimistic about the positive impact of GenAI on their work-life balance and productivity. More than half of both groups, comprising 51 per cent of Gen Z and 54 per cent of Millennials, utilise GenAI frequently at work and strongly believe it will enable them to allocate more time to creative and strategic tasks. However, they acknowledge the necessity of reskilling and anticipate that GenAI will shape their career paths and potentially lead to job displacement.
Interestingly, women display higher enthusiasm for GenAI and are marginally more comfortable incorporating it into their work routines compared to men.
Both generations, irrespective of gender, are anticipated to seek training in GenAI. Furthermore, the vast majority, with 81 per cent of Gen Zers and 88 per cent of Millennials, feel that their employers are adequately providing training on the functionalities, advantages, and significance of GenAI.
Gen Zers, particularly in India, express concerns about the financial implications of these policies, including commuting and accommodation costs. Additionally, the inability to physically interact with colleagues is identified as one of the top reasons for leaving an organisation, alongside a lack of growth opportunities.
Environmental sustainability remains a significant concern for Gen Zers and Millennials, with over 80 per cent expressing anxiety about the environment and advocating for climate-positive actions. They are more likely than average to encourage their employers towards sustainable practices.
In India, these generations are particularly conscious of environmental impacts, with a notable percentage altering their relationships with organisations based on their environmental practices. Both groups actively take measures to minimise their environmental footprint, such has avoiding fast fashion and paying more for sustainable products.
A strong sense of purpose is crucial for job satisfaction, as highlighted by 86 per cent of Gen Zers and 96 per cent of Millennials. These cohorts are prepared to turn down assignments and even job offers based on ethical considerations—more than two-thirds of Gen Zs (69 per cent) and Millennials (67 per cent) have declined tasks, bwhile a similar proportion of Gen Zs (64 per cent) and over half of Millennials (57 per cent) have rejected job offers. They hold high expectations from businesses in addressing social inequality issues such as environmental protection, inclusive employment opportunities, equal pay, mentorship and educational programmes.
The return-to-office policies have evoked mixed sentiments among both generations, with a growing preference for hybrid work models. While more than two-thirds of respondents have returned to on-site work, the recent implementation of return-to-office mandates has led to varying reactions.
Millennials exhibit optimism regarding the economic and social outlook, fuelled by India’s sustained economic growth amidst global challenges. A majority of Millennials and a significant portion of Gen Zs anticipate improvements in the country’s economic situation in the coming year, reflecting increased confidence compared to previous years.
According to Deepti Sagar, chief people and experience officer, Deloitte India, both generations view GenAI positively, anticipating it to enhance work-life balance and productivity. However, environmental concerns remain paramount, with a significant portion urging their employers to adopt climate-positive actions.
“Keeping this consciousness in mind, businesses should incorporate eco-friendly practices into every operation and display their commitment towards environmental sustainability to gain a competitive advantage,” she adds.
