June 2023
Deloitte's 2023 Gen Z and Millennial Survey reveals alarming levels of stress in workplaces around the world, with 46% of Gen Z and 39% of Millennials experiencing constant anxiety. Poor work-life balance, cost of living concerns, and the stigma around discussing mental health are key contributing factors; with over half of both generations living paycheck to paycheck, there is also a growing pessimism about reaching financial goals, starting families, and owning homes. (Deloitte)
Recent pay transparency laws in the U.S. have fallen short of expectations as employers tend to list broad salary ranges rather than specific numbers. Analysts suggest that these wide ranges may obscure actual salary figures, potentially hampering recruitment efforts and undermining the original intent of the transparency laws – to narrow wage disparities and boost equity. (Worklife)
The growing ranks of the “jobless employed,” i.e., workers who are chronically underutilized, pose a significant threat to productivity and overall workplace morale due to negatively impacting company culture, breeding inefficiency, and leading to broader employee disengagement. Robust performance tracking mechanisms, clearly defined job roles, and a culture of accountability are critical to keeping all team members equally engaged. (Vox)
Financial stress among all workers is rising, impacting productivity and social interactions across generational lines. This tension has the potential to significantly degrade not only workplace performance, but overall morale and team cohesion among both employees and managers alike – organizations are encouraged to offer resources like financial education and wellness support to mitigate these stressors. (Fast Company)
A recent survey of future corporate workspace plans shows a strong preference for hybrid work models, with 56% of surveyed firms favoring this mixed approach, versus only 31% preferring “office first” and 12% preferring “remote first”. However, there is also an acknowledgement that managing workplaces will become more challenging: Fully 60% of these firms predict that managing their workplace will become more or much more complex over the next three years. (The Guardian)
Fewer than half of Millennials are factoring Social Security into their future financial plans, compared to 90% of Boomers, and over three quarters of young Americans believe that these benefits will be drastically reduced or gone by the time they retire. This significant shift in retirement expectations is based on legitimate concerns, and Millennials are planning accordingly: The vast majority of this risk-averse generation anticipates depending primarily on their personal savings in retirement. (CBS News)
Offering more individual flexibility and the potential for greater efficiency, remote work is a boon for many seasoned employees – but does it offer the same advantages for younger workers? The lack of collective cultural fabric and “proximity benefits” may be negatively impacting the career progression of newer hires, a group that is currently reporting historically low levels of engagement at work. (Forbes)
An op-ed by the CEO of the virtual assistant platform, Time Etc., highlighted the company’s transition from traditional management to a coaching-centric model focused on goal-setting, feedback, and professional development opportunities. This novel approach led to both higher productivity and workplace happiness, with the company consistently ranking in the top 1% of teams worldwide for employee engagement since implementation. (Fortune)