Gen Z and Millennial Workers: Top 4 Concerns and How to Address Them

Almost 3 billion people or around 30% of the world population are Gen Zs and millennials. Deloitte's survey takes us to what concerns them the most in 2022, and what business leaders can take away from it.

It has been a disconcerting few years with the onset of the pandemic, political divisions, climate change, and so forth. Last year, Deloitte conducted a Gen Z and Millennial Survey and found that both generations are indeed having an insecure time.

As the sum of Gen Z and Millenials combined takes over around 3 billion people around the world, they are significant contributors to the world. Their concerns and demands influence the market, making them crucial to those whose business depends on the market.

There are four basic concerns that were expressed in the survey results. This article will dive deeper into them.

Financial Anxiety

According to the survey, 29% of Gen Z and 36% of millennial workers' biggest concern is the cost of living. This includes housing costs, transport, and concerns about the economic situation in their country. Many of them do not feel financially secure, so they work a part-time job on top of their primary job..

Yet, the survey found that these side jobs are not always about money. Gen Zs and millennials are seeking to refine their skills in various fields, thus increasing their entrepreneurial ability. Moreover, the trend of hybrid working is making it easier for them to set their own schedules.

Looking at these facts, business leaders and organizations can support Gen Z and millennial employees more by providing a more flexible work schedule. In addition, giving them learning and development opportunities is also a helpful way to channel their desire for growth. 

Current Working Environment

This has been mentioned often, but the pandemic has had such an impact that it changes the way things happen. For instance, one of the many reasons the Great Resignation happened is because the health crisis caused a shift in priorities. This triggered the quitting wave, Kristie McAlpine told BBC Worklife.

This also concerns Gen Zs and millennials. Deloitte's survey found that four in ten Gen Zs and nearly a quarter of millennials would like to leave their jobs within two years. It is mostly because of the lack of healthy work/life balance and they don't feel empowered by their company.

As this situation might continue until late 2023, retaining employees becomes increasingly important. Along with better work-life balance and compensation, business leaders should listen more to their employees, especially Gen Z's. Known for their opinionated nature, they are also very appreciative of companies and organizations that are able to value them. 

Demands for Sustainable Action

Aside from being vocal in the workforce, Gen Z and millennials are also more inclined to environmental problems and other social issues. BBC Worklife stated that Gen Z lives so closely with technology that they cannot turn away from the discourse. It is only natural that they become socially or politically aware at a young age.

Deloitte's survey stated that a total of 90% of Gen Zs and millennials are making efforts to reduce their own impact on the environment. Accordingly, they also expect their employers to do the same, or even more. One of their top demands is banning single-use plastic in work or office environments.

Positively, for business leaders, this is a wonderful opportunity to start providing a more sustainable workplace. Besides banning single-use plastics, companies can also reduce unimportant business trips or green office areas to reduce greenhouse gas emissions.

Workplace Mental Health

The last point in Deloitte's survey is the stress and anxiety levels experienced by Gen Z and millennials at work. For instance, 46% of Gen Zs and 38% of millennials said they were stressed most of the time in 2022. One of the reasons is that they are concerned about their long-term financial future.

Thus, Gen Z and millennials agree that workplace mental health is a necessity. However, although there are companies that already talk more about mental health, it hasn't had any real impact on their employees. Almost half of Gen Zs and millennials are still uncomfortable talking about their psychological needs with their higher-ups.

Business leaders must provide better mental health resources like educational resources, and company-sponsored counseling or therapy. It is also important to create a stigma-free workplace so that employees don't feel uncomfortable seeking help.

At last, Gen Z and Millennials' concerns are not without coherent reasons. They are actively pursuing what is best for them, and also pushing businesses to drive change alongside them. It is possible that the right solutions to their concerns could have an impact not only on the business sector but also on the course of world events.

Next Read: How to Be a Leader That Supports Mental Health in The Workplace