More than half of Gen Z workers plan to change roles to achieve better work/life balance.
Although Gen Z and millennials are concerned about an economic downturn, 56% of Gen Z workers and 40% of millennials plan to leave their current roles within the next two years.
According to a Deloitte Ireland survey, they are seeking a better work/life balance but also want more flexible working arrangements than they currently have.
“The fact that three in ten of the Gen Z generation also do part-time work to supplement their income, really underpins this critical issue”
The study reveals that 53% of millennials believe the economic situation will worsen in the next 12 months compared to 36% of Gen Z. Around 55% of Irish millennials cite the cost of living as being their number one greatest concern while 25% of millennials left their organisations in 2022 as a result of burnout.
The Great Reimagination
The post pandemic ‘Great Resignation’ theme is being witnessed as a global trend, and is also permeating Irish workplaces. Less stress, better career advancement opportunities and more attractive conditions like hybrid and remote working, are driving employees to leave organisations that do not support these needs.
Businesses also recognise the challenge with CEOs ranking labour and skills shortage as the number one external issue expected to influence or disrupt their business strategy in the next 12 months, according another recent Deloitte survey of global CEOs.
The Irish participants who took part in the millennial and Gen Z global study of over 45 countries, responded that 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. This makes for an interesting employment climate – full of risk but also full of opportunities.
Climate change and mental health
“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,” said Gary Notley, director of Human Capital at Deloitte Ireland.
“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. 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.
“One in two millennials and one in three of Gen Zs said that better work/life balance is the main consideration when looking at an organisation’s offering in 2022. This correlates with the second trend around mental health. Globally and in Ireland, Gen Z employees have been most affected by anxiety, stress and mental health issues over 2021 and 2022.
“The concern around the cost of living is much higher in Ireland when compared with global figures, with 55% of Irish millennials citing the cost of living as being their number one greatest concern, in comparison to 36% globally. The fact that three in ten of the Gen Z generation also do part-time work to supplement their income, really underpins this critical issue.
“Climate change is also a key concern with three quarters of both cohorts in Ireland agreeing that the world is at a tipping point in responding to climate change. Concern about this is becoming increasingly pivotal in the decision-making processes of those in their 20s, 30s and 40s,” Notley concluded.