Gen Z and millennials, like millions of other Americans, are looking for a new way to work.
Stressed and burned out, many have walked away from their jobs. Others still plan to do so, according the Deloitte Global 2022 Gen Z and millennial survey.
Some 40% of Gen Zers and 24% of millennials would like to leave their jobs within two years. About a third would quit without another job lined up, the global survey found. More than 14,000 Gen Z members and over 7,400 millennials from 46 countries were polled between November and January.
Pay was the No. 1 reason younger people left their jobs in the last two years, followed by feeling the workplace was detrimental to their mental health and burnout. Some 46% of Gen Zers and 45% of millennials reported feeling burned out due to their work environment.
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When choosing a new employer, good work-life balance and learning and development opportunities were the top priorities. About three-quarters would prefer a hybrid or remote work situation.
They are also willing to turn down job offers that don't align with their values. In addition, those who are satisfied with their employers' environmental and societal impact, as well as their efforts to create an inclusive culture, are more likely to stay with their employer for five years or more.
"The expectations of business to drive societal change [and] environmental change has never been higher," said Michele Parmelee, Deloitte Global deputy CEO and chief people and purpose officer.
Older generations may not have expected organizations to take a stand on social topics, but younger generations now do, she added.
"They are more empowered to ask for things," Parmelee said. "They have always demonstrated they are willing to leave … and they expect more."
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Climate change ranks high as a concern among Gen Z and millennials, with about three-quarters agreeing the world is at a tipping point in responding to climate change. Only 15% of Gen Zers and 14% of millennials believe large companies are taking substantive actions to combat the issue, the survey found.
A year into the Great Resignation, also known as the Great Reshuffle, employers are responding to what they're hearing from workers and job seekers. Millions of Americans have quit their jobs, with a record 4.5 million walking away in March alone.
Companies are looking to add flexibility around hours worked and location. Some 43% of companies are offering hybrid models, PWC's Pulse Survey of C-suite executives found. Benefits focusing on financial and mental wellness are becoming more popular, and other perks like four-day workweeks, sabbaticals and work-from-anywhere are popping up.
In order to stay competitive, especially when it comes to attracting and retaining the younger generations, employers should implement those hybrid work strategies, Parmelee said.
They should also prioritize climate action, and empower their employees to help fight climate change, as well as support better workplace mental health, Deloitte's survey suggested.
That can entail being transparent about the decisions the company is making, being clear about mental health benefits and having a plan to combat burnout, Parmelee said. For instance, Deloitte has "disconnect days," where the entire company is given the day off.
"It's also creativity around certain benefits that really drive to the heart of what the concerns are today," she said.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.