Gen Z and Millennials prioritising work/life balance over salary, research finds

Young workers are prioritising a balanced life over high salary or other financial benefits, though pay not being high enough was the top reason people left their previous job.

More than half of both generations work fully on-site while 27pc are doing hybrid work. Twenty-one percent of Gen Z and 17pc of millennials work remotely.

“What is clear from the findings is that Gen Zs and millennials need a sense of purpose to feel happy at work and their top priority in the workplace is a good work/life balance,” Deloitte Ireland partner Gary Notley said.

The cost of living, though, was still a top concern for more than two-thirds of millennials and more than one in four members of Gen Z in Ireland.

Research carried out by Big Four accounting firm Deloitte surveyed 23,000 people across 44 countries. Concerns around the cost of living were more common in Ireland than in the other countries surveyed.

Those born between January 1995 and December 2005 (age 18 to 29) were included in Gen Z for the survey while millennials are those born between January 1983 and December 1994 (age 29 to 41).

Irish people are also more pessimistic about the economic situation than their global counterparts. 21pc of Gen Z in Ireland and 12pc of millennials believe the economy will improve compared with 32pc of Gen Z and 31pc of millennials globally.

“Cost of living remains a key concern for both Gen Zs and millennials, but the survey also shows they are worried about mental health, climate change, navigating a return to the office and GenAI,” Mr Notley said.

“For some Gen Zs, the post-Covid period didn’t involve a return to the office, but rather their first time working on-site. This can present a mixture of opportunities and challenges as Gen Zs learn to navigate office culture,” Mr Notley added.

“The survey shows the mixed effects return to office policies are having on this group. Gen Zs reported having a better routine and structure when working in the office, as well as feeling more engaged and connected with colleagues and their organisation”.

Respondents were asked for their thoughts on generative AI in the workplace; 23pc of Gen Z in Ireland use it frequently at work compared to 12pc of millennials.

More women in Gen Z (42pc) were uncertain about generative AI than male Gen Zs (21pc), however, the opposite was true with millennials with more men than women uncertain.

“AI is now mainstream and its uses and potential impact continues to be debated. The standout from this survey is that uncertainty is the top emotion Gen Zs and millennials say they feel about GenAI,” Mr Notley said.

“More than half of Gen Zs and millennials believe that AI will cause the elimination of jobs.

“Organisations must actively address and alleviate employees’ fears about job elimination by fostering transparent communication, providing retraining opportunities, and emphasising the potential for AI to augment rather than replace human roles.”