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  • Writer's pictureZiggurat Realestatecorp

Millennials, Gen Zs struggling

More Filipino millennials and Generation Zs are taking on side jobs to make ends meet and are struggling as a result, Deloitte said on Monday.

The survey of more than 22,000 Gen Zs and millennials across 44 countries examines their shifting relationship with work, how they continue to make lifestyle and career decisions based on their values, and underscores continuing concerns about finances, climate change, and mental health.

A 2023 survey by the professional services firm found that 71 percent of Filipino millennials — defined as those born between January 1983 and December 1994 — and 65 percent of Gen Zs — born between January 1995 and December 2004 — were working part- or full-time gigs on top of their primary jobs.

This was markedly higher than the global averages of 37 percent for millennials and 46 percent for global Gen Zs, Deloitte noted, and also the previous year's Philippine scores of 61 percent and 64 percent, respectively.

"When asked why they decided to take on a side gig, 66 percent of millennials and 56 percent of Gen Zs said they need a secondary source of income, while about 40 percent of both generational groups believe their side job helps them develop important skills and relationships," Deloitte said in a statement.

"More than half of Filipino millennials (58 percent) and Gen Zs (59 percent) admit to living paycheck to paycheck and worry they won't be able to cover their expenses," it added.

The same is happening globally with 52 percent of millennials and 51 percent of Gen Zs worldwide concerned about their financial situation.

Six in 10 Filipino millennials and Gen Zs also "believe it will become harder or impossible for them to get a new job" if the economy does not improve in the next 12 months, Deloitte said.

Anxious or stressed

This has had a negative impact, with 66 percent of millennials and 81 percent of Gen Zs feeling burned out due to workload intensity and demands. The rates are also higher compared to the previous year's 63 percent and 70 percent.

"As with last year, more Filipino millennials (49 percent) and Gen Zs (63 percent) report feeling anxious or stressed all or most of the time compared to their global peers," Deloitte said.

Eric Landicho, managing partner and chief executive officer of Deloitte Philippines, said: "These results reflect the economic uncertainty millennials and Gen Zs find themselves in as the world continues to recover from the global pandemic."

"And while these young workers are leaning on their resourcefulness to stay afloat, organizations can play a big part in ensuring the financial well-being of their employees," he added.

Landicho said organizations could consider offering health care or commuting benefits to ease the impact of soaring prices.

Employers, however, appear to have learned some lessons from the pandemic and are doing the right thing in terms of caring for worker mental health.

Nearly 80 percent of Filipino millennials (78 percent) and Gen Zs (79 percent) agreed or strongly agreed with the statement "my employer takes the mental health of employees seriously and has policies/resources designed to help," Deloitte said.

More than 80 percent (87 percent millennials, 82 percent Gen Zs) also acknowledged that an increased focus on mental health at work had led to positive workplace changes.

Over 40 percent of Filipino millennials and Gen Zs want their organizations to create more job-sharing options while some 40 percent want businesses to ensure comparable career advancement for part-time employees.

Not keen on office work

Most millennials and Gen Zs don't want a return to full-time work, Deloitte said, with 76 percent of the former and 81 percent of the latter saying they would consider seeking a new job if told to return to the office full time.

"About half of the Filipino survey respondents would prefer to either work fully remote or have full choice over whether they work remotely or on-site," Deloitte said.

"Less than 10 percent of Filipino millennials (9 percent) and Gen Zs (7 percent) prefer to work completely on-site," it added.

Millennials and Gen Zs, meanwhile, prioritize their values over jobs, with more than 60 percent claiming that they had rejected an assignment based on their personal ethics or beliefs. Over 50 percent also said they rejected a potential employer for the same reason.

In terms of driving positive change at work, Filipinos were significantly more optimistic than their global peers: 90 percent of millennials (compared to 55 percent globally) and 89 percent of Gen Zs (58 percent globally) believe they can do so and that their organization seeks input and incorporates feedback from workers.

About half of Filipino millennials and Gen Zs are also very satisfied with their organization's diversity, equity and inclusion efforts, compared to just 28 percent and 33 percent globally.

As for their organization's societal impact, 36 percent of Filipino millennials (26 percent globally) and 46 percent of Gen Zs (30 percent globally) are very satisfied.

"As we've seen in our survey throughout the years, these two generational cohorts put a premium on authenticity, and that includes adhering to their personal beliefs across all aspects of their life," Landicho said.

"Keeping millennials and Gen Zs engaged in shaping organizational culture and values will be key to maintaining cohesion in a world of work that is looking increasingly borderless, flexible and unpredictable," he added.

Deloitte's 2023 Gen Z and Millennial Survey was conducted between November and December last year. It polled 14,483 Gen Zs and 8,373 Millennials from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa and Asia Pacific.

In the Philippines, 321 Gen Zs and 109 Millennials were surveyed.

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Source: Manilla Times

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