This week we want to share some highlights from Deloitte’s 2023 Gen Z and Millennial Survey, which shows how much these generations care about sustainability. This should be well understood by any business since your future (and sometimes current) clients and employees are part of these generations. The full thing is an interesting read, but here are what we believe are some of the most relevant findings:
- “Gen Zs and millennials are now more likely to be satisfied with their work/life balance. They feel they have more flexibility in where they work.”
- “They believe their employers have made progress in driving greater diversity, equity, and inclusion (DEI).”
- “More Gen Zs (19%) and millennials (17%) now strongly agree that large companies are taking substantive action to protect the environment, a slight improvement since 2019. “
- “…one-third of respondents say that seeing business leaders speak out on sustainability has influenced their own thinking and behavior.”
- “…39%/34% have turned down employers that do not align with their values.”
- “Climate change remains a top three concern for both generations.”
- “Climate change is a major stressor for Gen Zs and millennials. Six in 10 (60% of Gen Zs/57% of millennials) say they have felt anxious about the environment in the past month. Roughly the same percentage cite extreme weather events and wildfires as a stress driver. The majority are taking action, with 69% of Gen Zs and 73% of millennials actively trying to minimize their impact on the environment. This has a major impact on their lifestyle choices.”
- “Over half of Gen Zs (55%) and millennials (54%) say they research a brand’s environmental impact and policies before accepting a job from them.”
- “While six in 10 Gen Zs (59%) and millennials (60%) are willing to pay more for sustainable products and services, more than half (53% of Gen Zs/55% of millennials) think it will become harder or impossible to do so if the economic situation does not improve.”
- “50% of Gen Zs and 46% of millennials say they and their colleagues are pressuring businesses to take action on climate change…”
The Deloitte Survey underlines the fact that Gen Z and millennials hold distinct and evolving expectations from their workplaces and the companies they buy products from. Much of it has to do with sustainability concerns. Leaders need to tune into these voices, understanding their concerns, aspirations, and hopes for the future.
I hope you found this interesting. As usual, if there is anything we can help you with, or if there is an ESG topic you would like to know more about, please let us know.
CEO, Miranda ESG
Contacts at Miranda Partners