The Gen-Zs and Millennials of today are saddled with student loan debt, which can significantly limit their financial mobility. However, despite affordability challenges, they are less likely to sacrifice work-life balance for higher salaries. A higher corporate title and compensation are less attractive if they don’t translate into a better quality of life for these young adults.
As the relentless demands of the modern workplace persist, Gen-Zs (54%) and Millennials (52%) report the highest levels of burnout, according to a recent survey by Eagle Hill Consulting published on Tuesday.
As a result, these younger generations are reevaluating their approach to work. In contrast to Baby Boomers and Gen-Xers, they are placing a heightened emphasis on striking a healthier equilibrium between their professional and personal lives by opting out of the traditional corporate climb.
How Younger Generations Are Pushing Back Against The Corporate Rat Race
Gen-Zs and Millennials are seeking autonomy in when, where and how they work, and are looking to find meaning and purpose in their careers over just chasing the trappings of success. The rigid corporate hierarchy and demands of climbing the ladder may not align with these values.
Although a significant portion of Gen-Zs and the majority of Millennials still derive a sense of identity from their careers, they are no longer willing to compromise their overall well-being for the sake of their jobs, Deloitte research revealed.
Prioritizing Flexibility
When asked how organizations can cultivate a better work-life balance, the Gen-Z and Millennial respondents pinpointed reduced or flexible working hours, despite acknowledging that working fewer hours could potentially hinder their personal finances, career advancement and skill development opportunities.
Their top priorities include enhanced career growth prospects for part-time roles, condensed four-day workweeks, job-sharing arrangements and the ability for employees to work flexible hours. Around 75% of respondents expressed a keen interest in reducing their overall work hours, underscoring the growing desire for a more balanced lifestyle among these generations.
Being Their Own Bosses
With the rise of the gig and creator economies, younger generations are becoming increasingly more drawn to the freedom and flexibility of entrepreneurship over being confined to a traditional corporate path.
According to a recent report by Justworks and the Harris Poll, a staggering 71% of employed Gen-Zs and Millennials expressed that they are “somewhat or very interested” in becoming entrepreneurs or establishing their own businesses.
This resolute focus on entrepreneurship reflects their deep-seated desire for innovation, independence and self-determination, as well as their eagerness to forge uncharted paths in the future of work.
Source: Forbes
