Nearly half of Millennials in the UK (45%) have rejected a potential employer because of their values and beliefs, according to Deloitte’s 2024 Gen Z and Millennial Survey.
Around nine in 10 Gen Zs and Millennials (90%) in the UK agree that working for a company that shares their values and ethics is important for workplace satisfaction and wellbeing. Over half of Gen Zs in the UK (54%) say they have made this clear to their employer by rejecting an assignment or project at work based on their values.
Cautious optimism about their personal finances
For the third year in a row, the cost of living is the top concern for Gen Z and Millennials in the UK (41% and 44% respectively). This is higher than the global average (34% of Gen Zs and 40% Millennials globally). This is mirrored by levels of stress for UK Gen Zs and Millennials who experience slightly higher levels of stress compared to their global peers (40% of Gen Zs and 35% of Millennials globally), with 47% of Gen Zs and 41% of Millennials feeling anxious or stressed most of the time.
However, optimism about the economic outlook in 2024 has been growing year on year since 2020. This is particularly true for their own personal financial situations with around two fifths of Gen Zs and Millennials optimistic about an improvement in the next 12 months; 40% of UK Gen Z and 38% of Millennials expect them to improve (an increase of 10 and 12 percentage points respectively from 2023).
Kate Sweeney, Partner in Human Capital at Deloitte, said: “In the UK, we’re seeing Gen Zs and Millennials staying true to their values as they navigate a rapidly changing world. Financial insecurity, stress and climate anxiety are impacting their careers decisions. Since the pandemic and across the market, we started to see them leave their employers for work that better aligns with their values and ethics.
“However, as the economy has worsened, the cost of living has emerged as a top concern and could be impacting decisions on whether they find different employers. With people expecting a slight improvement to the economy in the coming year, the importance of values and ethics might grow further.”
Climate anxiety leads Gen Zs and Millennials to put pressure on their employers
Gen Zs and Millennials in the UK are more worried about climate change than their global peers (66% of Gen Z and 64% of Millennials, a difference of 4 and 5 percentage points respectively compared to global figures). As a result, the majority (62% of Gen Z and 60% of Millennials) have pressured their employer to take climate action, with many researching companies’ environmental impact or changing job due to environmental concerns. This is higher than their global counterparts (54% of Gen Z and 48% Millennials).
The survey found that some take climate action as consumers; nearly a quarter of UK Gen Zs and Millennials (24% and 23%) have stopped or reduced their use of a business’ products or services if they feel they negatively impact the environment.
To learn more about the Deloitte Global 2024 Gen Z and Millennial Survey based on the findings, click here [LINK – www.deloitte.com/genzMillennialsurvey.]
Methodology
The Deloitte Global 2024 Gen Z and Millennial Survey reflects the responses of 14,468 Gen Zs and 8,373 Millennials (22,841 respondents in total), from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific. In the UK, there were a total of 801 respondents including 501 Gen Zs and 300 Millennials.
As defined in the study, Gen Z respondents were born between January 1995 and December 2005, and millennial respondents were born between January 1983 and December 1994.
For extra reading, why not check out Empower Up’s guide to fostering a healthy workplace culture here?
