Young Employees Loyal to Credible, Responsible Employers

HR

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Young employees want their employers' values to be aligned with their own and to be able to drive social change through purposeful, meaningful work, according to the latest Deloitte Global Gen Z and Millennial Survey.

The survey tracked the priorities, concerns, and motivations of the youngest generations in the workforce over the past 12 years.

"80% of Deloitte's 330,000 employees belong to these two generations. My role is focused on listening to their views and empowering them to drive change," said Elizabeth Faber, Deloitte global chief people & purpose officer..

Encouragingly, in this year's survey, Generation Z and Millennials believe that employers are making progress in key areas such as diversity, equity and inclusion, work-life balance, and driving positive social change. At the same time, however, the responses also show that more is expected of companies in terms of embedding important goals at work.

These generations have high expectations of companies and make career decisions accordingly: almost four in ten respondents said they had turned down a job offer because of ethical concerns. More than a third have turned down employers who they feel are not doing enough on issues such as the environment, diversity, fairness and inclusion, or mental health. Notably, less than half think that the impact of business on society is positive overall.

Research has shown that organizations that prioritize socially relevant goals and real impact perform better. But for many young employees, working for a purpose-driven organization is not enough. Generation Z and Millennials want to be involved in driving change through their own individual work and are more likely to stay in their current jobs if they feel empowered to do so. Respondents indicated that they are more confident in their ability to influence social change through their work than through personal choices in their private lives.

Despite this, only half of this year's survey respondents feel empowered to drive change at work, with a third saying that decisions are made from above, while their feedback is often not taken into account.

This is particularly true when it comes to climate change, with only 15% of Gen Z and Millennials feeling empowered to influence their organization's sustainability efforts. Climate change is increasingly affecting career prospects: more than half of respondents said they would consider a brand's environmental impact and policies before taking a job. A quarter said they would consider changing jobs or industries because of climate concerns.

"Developing a purpose-driven organization requires a long-term and consistent strategy, and it is clear from the data that Generations Y and Z are holding their employers accountable on these issues. Faced with cumulative challenges and increasing uncertainty, these employees expect the organizations they work for, and beyond that the wider business community, to play a greater role in addressing social and environmental challenges," says Dániel Kiss, technology advisory partner at Deloitte Hungary.

"Companies therefore need to put big and noble goals at the heart of their priorities and individual responsibilities to ensure long-term engagement of young talent and long-term financial and social value creation," he adds.

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