Gen Z and Millennials Influence Corporate Business Practices

Enough is Enough

In what has been called “the great resignation,” millions of Americans have left their jobs. March saw 4.5 million workers heading for the door. In its “Global 2022 Gen Z & millennial survey,” Deloitte sought out the why behind the exodus and assessed the sentiment of today’s employees.

The survey found there are a lot of dissatisfied workers in the US. Citing stress and burnout, 40% of Gen Zers and 24% of millennials said they would like to quit their jobs in the next two years. A third of those polled would leave their current employer should another opportunity become available.

Show Me the Money

The survey identified the primary reason younger employees quit their jobs was pay. Also, about 45% of workers reported experiencing burnout. The related feeling that some workplaces undermined their mental health was also a factor underlying the dissatisfaction. Other key issues included the desire for work-life balance, as well as for more opportunities to learn and grow.

Most also either want to be able to work remotely or have a hybrid option. Alignment with personal values was also cited, with many particularly interested in inclusive workplace practices and sensitivity to environmental and social issues.

Deal Sweeteners

Especially given the current tight labor market, many employers are rethinking business practices in response to worker concerns. A PwC Pulse survey found that 43% of its C-suite respondents were offering a hybrid option. Other sweeteners include programs to address financial and mental health, and more flexible work arrangements. Employees may get to choose a four-day workweek, take a sabbatical, or work wherever they want.

These perks may resonate with skittish employees, but with 75% of Gen Z and millennials reporting climate change as an issue of concern they feel companies are lax on, it remains to be seen if the redesigned employment package goes far enough.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS22051903