More than half of Gen Z and four in 10 of Millennials plan to leave their current jobs within two years, citing concerns about the economy and a desire for a better work-life balance and more flexible working arrangements, depending on Deloitte.
Some 56% of Gen Z workers, those born between the mid-1990s and early 2000s, and 40% of millennials, those who reached adulthood in the early 21st century, will seek new roles in the next two years.
Some 53% of millennials think the economic situation will get worse over the next 12 months, compared to 36% of Gen Z, and the cost of living is the top concern for Irish millennials, with 25% of millennials leaving their employers in 2022 as a result of Burnout.
Study participants from 45 countries are more willing than ever to leave for new opportunities, Deloitte said, seeking better salaries, work-life balance, flexibility and organizations focused on climate change as a result of the pandemic.
Many have reassessed what is important to them after Covid-19 and will make career decisions based on their reassessment.
“The main trend that stood out in the Irish context in this survey is a strong desire and determination around a better work-life balance. The fact that one in four of the millennials surveyed had already left their position due to burnout – no doubt exacerbated by the demands and stress of the pandemic – shows that this is an area employers really need to address and focus on if they are to retain talent,” said Gary Notleydirector of human capital at Deloitte Ireland.
“While Ireland has seen the ‘Great Resignation’, there is however an opportunity to redefine it as the ‘Great Reimagining’. Organizations can recover and thrive by reflecting, revisiting and reinventing work to better leverage the technology, harnessing the power of the workforce, and reinventing the workplace.
“One in two millennials and one in three Gen Zers said better work-life balance is the top consideration when looking at an organization’s offering in 2022. This correlates with the second trend in mental health. Globally and in Ireland, Gen Z employees were most affected by anxiety, stress and mental health issues in 2021 and 2022.
“Climate change is also a major concern, with three-quarters of both cohorts in Ireland agreeing that the world is at a tipping point in its response to climate change. Concern about this is becoming increasingly central to the decision-making processes of people in their 20s, 30s and 40s,” Notley concluded.
Three-quarters of Gen Z (75%) and Millennials (77%) prefer full hybrid or remote work, with nearly half of Gen Z reporting feeling stressed all or most of the time, and millennial stress levels are down slightly from a year ago.
More than half of respondents say their employer has focused more on workplace wellness and mental health since the pandemic began, but many don’t think this increased focus has had a meaningful impact on employees.
Over 90% of all millennials and Gen Z globally are now actively trying to impact the environment through positive choices, with a third of both groups in Ireland ranking climate change and protecting the environment among the top three concerns.
Nine in ten of the two groups surveyed here said they try to minimize their personal impact on the environment, but only 6% of Irish millennials and 12% of Gen Z think big business is taking concrete action to combat climate change.
Their feelings about the Irish government’s performance rate are even more lackluster with just 3% of Irish millennials and 7% of Gen Zers here agreeing they are strongly committed to climate change.
Of the 23,220 respondents from 46 countries in North America, Latin America, Europe, the Middle East, Africa and Asia-Pacific, 14,808 were Gen Z and 8,412 Gen Z. Generation Y. There were 400 respondents in Ireland: 300 Gen Z and 100 millennials.
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