Unveiling the Realities: Deloitte's Annual Gen Z and Millennial Survey 2023 (Summary - Part 2)
Unveiling the Realities: Deloitte's Annual Gen Z and Millennial Survey 2023 (Summary - Part 2)
Written by: Paula Antalffy | 8-10 minute read
In an era defined by rapid change, unrelenting challenges, and unprecedented disruptions, understanding the pulse of the younger generations becomes more crucial than ever. Deloitte's annual survey provides a comprehensive insight into the thoughts, aspirations, and concerns of millennials and Gen Zs, shedding light on the unique dynamics that shape their lives, choices, and perspectives.
As the world continues to grapple with the aftermath of a global pandemic and navigates the complexities of a transforming landscape, the stressors that impact the younger workforce persist. From stress and burnout to climate anxieties and workplace dynamics, the survey delves into six key areas, uncovering intricate connections and revealing where society, employers, and individuals need to take action.
The key areas covered within the survey are:
Progress and expectations
Financial concerns
Work/life balance
Mental health
Workplace harassment
Climate action
Check out the first-installment of this blog, covering the first 3 areas.
Finding 4: Stress and Burnout Remain Key Issue for both Millennials and Gen Z
Stress and burnout continue to affect Gen Zs and millennials, with levels of stress and anxiety remaining consistent over the pandemic years. In 2020, 48% of Gen Zs reported feeling stressed all or most of the time, a number that slightly decreased to 46% in 2023. Similarly, millennials experienced a decline from 43% feeling stressed in 2020 to 39% in 2023.
Despite facing challenges like the cost-of-living crisis, climate change, and geopolitical tensions, Gen Zs rank mental health as their fourth top societal concern, while millennials place it ninth. The primary stress drivers for both groups are finances and the well-being of friends and family. Furthermore, workplace issues such as heavy workloads, poor work/life balance, and unhealthy team cultures contribute to their stress levels.
Burnout is a significant concern, with 52% of Gen Zs and 49% of millennials reporting feelings of burnout, up from 46% and 45% in 2022. Gen Zs specifically experience exhaustion (36%), mental detachment from work (35%), and struggles with performance (42%). These figures are similarly high among millennials.
Progress and Challenges in Workplace Mental Health Support
While Gen Z and Millennial employees report mental health struggles, they acknowledge that their employers are taking these concerns seriously. Over half of Gen Zs (57%) and millennials (55%) acknowledge their employers' serious approach towards mental health.
Similarly, a significant portion (56% of Gen Zs and 53% of millennials) believe these efforts lead to positive changes, marking an improvement from the previous year when such impacts were doubted. Notably, mental health support and policies are a key consideration for eight in 10 of both generations when evaluating potential employers.
However, despite this progress, there remains a gap in the utilization of mental health resources and an ongoing reluctance to openly discuss mental health issues with employers. Around one-third of respondents express discomfort in openly discussing stress or anxiety with their managers. Furthermore, of the Gen Zs (39%) and millennials (34%) who have taken mental health-related time off, more than half did not disclose the true reason for their absence. This highlights the persistent stigma associated with mental health.
While organizations provide various mental health support tools, utilization rates remain low. Less than one-third of Gen Zs and even fewer millennials utilize these resources. Interestingly, the only mental health resource more likely to be used by millennials compared to Gen Zs is vacation time.
The Complex Relationship Between Social Media and Mental Health
When approaching the complex dynamics and impact of social media both Gen Z and Millennials exhibit mixed sentiment. Dellotte’s survey reported that 56% of Gen Zs and 51% of millennials acknowledged the positive aspects of these platforms such as:
Creating a platform for creative expression
Allowing users to connect with loved ones
Leveraging advocacy for social issue
Enhancing the availability of mental health resources
Approximately 87% of Gen Zs and 80% of millennials use social media to consume news, often turning to friends and family for information. However, the constant stream of information from social media and the 24-hour news cycle contribute to heightened stress levels. To mitigate this, around 63% of both generations limit their exposure to news to safeguard their mental well-being.
Disconnecting from online activities in favor of in-person interactions and physical exercise emerges as a pivotal approach for improving mental health, according to respondents. Respondents shared that these platforms bring about feelings of loneliness and inadequacy (46% of Gen Zs versus 40% of millennials) and pressures to maintain an online presence (45% of Gen Zs and 40% of millennials).
In contrast, entertainment in the form of TV, streaming services, or movies is embraced as a positive form of escapism by 70% of Gen Zs and 72% of millennials, contributing to their overall well-being.
Finding 5: Harassment and Microaggressions in the Workplace Remain a Key Concernt for Gen Z
Harassment and microaggressions are growing concerns among Gen Z employees, with Deloitte's survey data revealing high levels of inappropriate behaviors at work, ranging from microaggressions to harassment. This is particularly significant as Gen Zs are increasingly citing sexual harassment among their top societal concerns.
Over 60% of Gen Zs and 50% of millennials have reported experiencing harassment or microaggressions at work in the past 12 months, indicating a concerning issue within the workplace.
While most incidents occur in-person, approximately a quarter of both generations report facing harassment and microaggressions while working remotely, underscoring the need for organizations to foster inclusive and ethical behaviors in both virtual and physical work environments.
Reporting and Handling of Workplace Incidents
Around 77% of Gen Zs and 81% of millennials reported their experienced harassment to their employers, but about 30% noted that the issue was poorly handled. Notably, women, non-binary individuals, and LGBTQ+ respondents are less likely to report harassment and often feel their organizations don't handle the situation adequately.
LGBTQ+ millennials are more inclined to report harassment to their employers compared to LGBTQ+ Gen Zs, highlighting variations in reporting behavior within different age groups and identities.
Finding 6: Climate Change Remains a Key Concern for Millennials and Gen Z
The impact of climate change anxiety extends across various aspects of Gen Zs' and millennials' lives, driving shifts in decision-making and behaviors.
Around 60% of Gen Zs and 57% of millennials experience anxiety about the environment, often triggered by extreme weather events and wildfires. This prompts active efforts by 69% of Gen Zs and 73% of millennials to minimize their environmental impact.
Climate's Role in Career and Consumer Choices
Climate concerns have also been shown to significantly influence career decisions, with over half of Gen Zs and millennials researching brands' environmental impacts before accepting jobs. A notable percentage have already changed jobs or sectors due to climate concerns.
While a majority are willing to pay more for sustainable products, economic constraints affect their ability to do so. Over half feel that affording sustainability will become harder if economic situations don't improve.
Business Responsibility and Greenwashing Awareness
Around 80% of the overall respondents want businesses to facilitate sustainable purchasing decisions and express sensitivity to greenwashing. Delottie’s survey shows that 30% of Gen Z and millennials consider the sustainability claims and certifications provided by businesses when buying products.
Most Gen Zs and millennials agree that their employers are addressing climate change, but want stronger commitments. Many feel pressure to act on climate change within their organizations and highlight the need for better communication of climate strategies.
Focus on Employee Empowerment and Low-Carbon Skills
Gen Zs and millennials prioritize environmental subsidies and education to fight climate change. They are looking to employers for skills development related to the transition to a low-carbon economy.
Around 50% of Gen Zs and 46% of millennials believe their employers provide necessary skills training for a low-carbon economy, acknowledging the importance of preparing for climate extremes' impact on jobs.
Charting a New Course: A Holistic Approach
So what does this mean for business owners? Deloitte's survey insights indicate that companies must pivot their strategies to align with the values of Millennial and Gen Z employees.
This shift isn't just about attracting and retaining talent; it's about embodying a higher purpose. By championing diversity, equity, and inclusion, emphasizing mental health support, and displaying genuine commitment to environmental stewardship, businesses can create a workplace that resonates deeply with these generations.
Introducing MyDay: A Modern Solution
The path to transformation might seem daunting, but solutions like MyDay's workplace wellness app pave the way.
Founder James Parkes recognizes the challenges businesses face and emphasizes the importance of a guiding hand. MyDay's app offers a comprehensive approach, allowing employees to engage in daily wellness challenges that not only nurture their well-being but also contribute to carbon credits, aligning with the values of eco-conscious generations.
Furthermore, MyDay's support groups foster connections that transcend organizational boundaries. Individuals can find solace and understanding in shared struggles, enabling them to thrive both professionally and personally. For businesses committed to the well-being of their employees and the planet, MyDay provides a ready-made platform for achieving these intertwined goals.
In the dynamic landscape where generations are at the forefront of change, businesses can't afford to remain static. Adapting to the desires of Millennial and Gen Z employees is not only a smart business move but also a choice that will help better the planet.
Explore the possibilities with the MyDay app and embark on a journey toward a more holistic and impactful future.
Discover MyDay and Shape Tomorrow
Ready to take the next step?
Schedule a call with our team today and uncover how MyDay's workplace wellness app can help your business thrive by putting well-being, connection, and sustainability at the heart of your mission.
Together, let's create a workplace where the aspirations of generations merge seamlessly with the values of your business.
If you would like to learn more about MyDay and how our platform can support the health and wellbeing of your workforce, reach out to schedule time for a call.
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