Gen Z and Millennials are happy with flexible work arrangements but are still feeling stressed in the wake of the COVID-19 pandemic, according to a new report from financial services firm Deloitte.
The report defines Gen Z as people born between 1995-2004, and Millennials as people born between 1983-1994.
Deloitte surveyed 22,000 young people across 44 countries. Here’s what it found.
Gen Zs and Millennials reported a better work/life balance than before the pandemic. Last year, a survey found 84% of people hadn’t worked from home before the pandemic.
Around 33% said they were very satisfied with their work/life balance, up from about 20% in 2019. This was attributed to hybrid work – when an employee is able to work from an office and from home.
When asked how they’d respond if an employer asked them to return to the office full-time, 75% said they would consider looking for a new job.
Cost of living was the biggest concern for young people in the survey.
35% of Gen Zs and 42% of Millennials were worried about price increases across things like food and rent. This is a result of high levels of inflation (rising prices) around the world.
The survey also found an “always on” workplace culture was causing stress and anxiety for young people, with 70% of respondents sending work emails and messages after work
hours at least once a week.
Deloitte tracked the moods of Gen Z and Millennials by measuring their optimism on things like personal finances, environment and politics.
The results show Gen Z is bouncing back to pre-pandemic levels (38% now vs. 39% pre-pandemic), but Millennials’ recovery is slower (35% vs. 40%).
One of the most significant differences between Gen Z and Millennials came from harassment or microaggressions (subtle or indirect discrimination) at work. 61% of Gen Zs had experienced this, compared to 49% of Millennials.
The most common microaggressions included exclusion, unwanted jokes and undermining someone based on their gender.
Women, non-binary, and LGBTQIA+ workers were less likely to report harassment to their employer.