Millennials and Gen Zers want to stay with their employers for a longer time, said Deloitte which recently released results of its 2020 global millennial survey.
This year’s survey consists of two parts: a “primary” survey of 18,426 millennials and Gen Zers across 43 countries conducted between November 2019 and early January 2020, and a “pulse” survey of 9,102 individuals over 13 countries taken between April and May of 2020 in the midst of the worldwide pandemic, the firm noted.
Millennials included in the study were born between January 1983 and December 1994 while Generation Z respondents were born between January 1995 and December 2003, according to Deloitte.
Young people'd stay for five or more years
What comes as a surprise is that more millennials in the primary survey — for the first time since the questioned was asked four years ago — indicated they want to stay with their employers for five or more years rather than leaving within two years, Deloitte noted.
It isn't known whether the reason behind this is that employers are finally starting to better meet workers’ needs or millennials were feeling the need to find stability even before the pandemic, the company noted.
Those who would leave in two years or a shorter period dropped from 49% to 31%, while those who’d prefer to stay long-term jumped from 28% to 35%, Deloitte said.
Gen Zers remain more interested in moving, but only half said they’d like to change jobs within two years, down from 61% last year, Deloitte added.
In addition, almost 30% of Gen Zers and nearly a quarter of younger millennials (25-30 years old) said they had either lost their jobs or been placed on temporary, unpaid leave, survey results indicate.
Only a third of millennials and 38% of Gen Zers taking the pulse survey said their employment and income status had been unaffected, Deloitte added.
Fewer see business is a force for good
However, view of business overall continues to decline despite increase in employer loyalty.
In the primary survey, 51% of millennials said business is a force for good, down from 76% three years ago and 55% in 2019.
In the pulse survey, these numbers continued to decline to 41% for millennials and 43% for Gen Zers.
Working from home helps relieve stress
Prior to the pandemic, 52% of Gen Zers and 50% of millennials in the 13 countries that were surveyed twice said they were stressed all or most of the time, survey results indicate.
Respondents cited family welfare, long-term finances, and job prospects as primary sources of stress, said Deloitte.
Interestingly, stress levels fell eight points for both generations in the second survey, possibly indicating that the slowdown of life in lockdown may have reduced stress levels, Deloitte observed.
This is backed by a recent Deloitte UK study of over 2,000 UK workers, which found that 48% of employed and self-employed Londoners say the lockdown has had a positive or very positive impact on their wellbeing, the firm said.
About one-third of millennials and Gen Zers took time off work due to stress before the pandemic, though around half told their employers it was for a different reason, the firm added.
In addition, 69% of millennials and 64% of Gen Zers agreed having the option to work from home in the future would relieve stress, according to Deloitte.