Meeting the expectations of Gen Zs + Millennials: Insights for HR and people leaders

Staying informed about the perspectives and expectations of Gen Z and Millennials is crucial for HR and people leaders working to foster a thriving workforce. Deloitte's 2023 Gen Z and Millennial Survey offers valuable insights into the mindset of these generations, highlighting their outlook on various topics like personal finances, business impact, social and political situations, and environmental concerns.

Here are the key findings that can inform HR and people leaders in shaping their talent attraction, engagement and development strategies.

Optimistic outlook on personal finances: Gen Zs + Millennials remain hopeful despite challenges.

• Despite economic uncertainties, 44% of Gen Zs and 35% of Millennials expect their personal financial situations to improve in the next twelve months.
• Gen Zs demonstrate slightly more optimism than Millennials, signaling the importance of addressing financial concerns to attract and retain talent.

HR and people leaders can leverage this financial optimism by offering competitive salaries, benefits packages and financial wellbeing programs to support employees in achieving their financial goals.

Embracing social responsibility: Gen Zs see positive business impact on broader society.

• 48% of Gen Zs believe businesses are positively impacting the wider society, reflecting an increase compared to the previous year.
• Among Millennials, 44% share this belief, indicating the value of aligning organizational values with social and environmental initiatives.

HR and people leaders can attract younger talent by showcasing their company's commitment to social responsibility, sustainability and purpose-driven work.

Navigating economic and sociopolitical uncertainties: Encouraging signs for Gen Zs, while Millennials remain cautious.

• Gen Zs show slight improvements in their outlook on the overall economic and social/political situations compared to the previous year.
• However, optimism in these areas remains low for both generations, indicating the need for organizations to foster resilience and open communication channels.

HR and people leaders can address concerns by creating transparent and inclusive work environments, providing opportunities for employee voice and prioritizing employee wellbeing.

Climate change anxiety: A growing concern among Gen Zs + Millennials.

• Nearly six in 10 Gen Zs and Millennials strongly agree/agree they have felt worried or anxious about climate change in the last month.

HR and people leaders can embrace environmentally friendly practices and initiatives, showcasing their commitment to a sustainable future. In addition, organizations can support sustainability efforts and educate employees on their role in combating climate change to alleviate anxiety and promote a sense of purpose.

Strategies for engaging + retaining employees change with generations.

Deloitte's 2023 Gen Z and Millennial Survey provides valuable insights into the mindset of these generations, offering HR and people leaders the opportunity to align their strategies with the expectations and concerns of young talent.

Addressing financial concerns, promoting social and environmental responsibility and creating inclusive and engaging work environments is crucial. By understanding and responding to the unique needs of Gen Zs and Millennials, HR and people leaders can attract, engage and retain top talent, ultimately driving organizational success in the rapidly evolving business landscape.

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