Purpose, social issues, drive Gen Z and millennial decision-making: report

Younger generations adhere to values in professional and personal lives.

Nearly all Gen Zs and millennials in the city-state agree that finding purpose is key to their job satisfaction, more than the global average, according to a report by Deloitte.

A survey by Deloitte showed more than half of Gen Zs and 71% of millennials revealed they would reject work that failed to meet this criteria, with 52% of Gen Zs and 60% of millennials having rejected these potential jobs already.

Cost of living remained a top societal concern for Gen Zs (56%) and second for millennials (31%). Despite the financial woes, half of Gen Zs and 61% of millennials said they are still optimistic that their financial situation will improve over the next year.

“What they are asking for is what most employees in the workforce, regardless of age, likely want: meaningful work within purpose-driven organisations, the flexibility to balance work and personal priorities, supportive workplaces which foster better mental health, and opportunities to learn and grow in their careers,” Elizabeth Faber, global chief people and purpose officer at Deloitte, said.

Meanwhile, climate change emerged as the top concern for millennials (38%) and a major concern that influences career decisions. A quarter of Gen Zs and millennials revealed they had changed jobs or industries due to climate anxiety.

The majority of Gen Zs and millennials also said they were willing to pay more for more sustainable products and services amid climate issues. Over a quarter of Gen Zs (29%) and millennials (28%) also began avoiding businesses with negative effects to the environment.

“Protecting the environment is the societal challenge where Gen Zs and millennials feel businesses have the most opportunity and necessary influence to drive change,” the report said. “As such, Gen Zs and millennials are using their career decisions and consumer behaviour to push for action.”

The report surveyed 300 respondents from Singapore.