A Deloitte Ireland survey released today has found that Gen Z and millennials are concerned about an economic downturn but desire a better work/life balance, and want more flexible working arrangements than they currently have.
The 2022 Gen Z and Millennial Survey solicited the views of 14,808 Gen Zs and 8,412 millennials (23,220 respondents in total), from 46 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa and Asia Pacific. There were 400 respondents in Ireland - 300 Gen Zs and 100 millennials.
The Irish participants who took part in the study say they are more willing than ever to leave for fresh opportunities. They are seeking options to provide them with better salary/reward, work life balance, higher flexibility and opportunity offered by employers, and, to a lesser extent, organisations focused on climate change. In the wake of the pandemic, many started to reassess what is important to them and to make decisions based on this reassessment.
In Ireland, some employees are at a breaking point – either mentally or financially. As well as cost of living concerns, most of the Gen Zs (75%) and millennials (77%) who took part in the survey prefer hybrid or fully remote work, but less than half currently have the option to do so.
Deloitte say this presents an opportunity for employers to move closer to flexible ways of working, providing the balance so desired by today’s workforce. An additional benefit, according to Deloitte, is that it expands the talent pool beyond the radius of an office location and allows people to factor in cost of living when considering staying or moving on from their current organisation.
Commenting on the research, Director for Human Capital at Deloitte Ireland, Gary Notley said, "The top trend that stood out in the Irish context in this survey is a strong desire and decisiveness around a better work/life balance. The fact that one-in-four of the millennials surveyed have already left their roles due to burnout – no doubt exacerbated by the demands and stresses of the pandemic – shows that this is area employers really need to address and focus on, if they are to retain talent."
He added, "While Ireland did experience the ‘Great Resignation’, there is however an opportunity to redefine it to the ‘Great Reimagination’. Organisations can recover and thrive by reflecting, revisiting, and reinventing work to better leverage technology, harness the power of workforce, and reimagine the workplace."
Source: www.businessworld.ie
