Gen Zs, millennials are being 'intentional' about their career progress
Landing leadership roles is attractive for Singapore's young professionals, but it's not on top of their priority list as financial pressure reshapes their career goals, according to a new report.
Findings from Deloitte's new global report, which included 302 Gen Z and millennial respondents in Singapore, revealed how young professionals are making "deliberate choices" when pursuing leadership.
"This year's findings show that these generations are adaptable, pragmatic, and intentional about progress, even as economic pressure and rapid technological change raise the stakes," said Elizabeth Faber, Deloitte's global chief people and purpose officer.
On leadership, the findings revealed that just six per cent of Gen Zs and three per cent of millennials consider it their primary goal.
This is despite the majority of Gen Zs (81%) and millennials (67%) saying they are interested in pursuing leadership roles at some point in their careers.
According to the report, the top priority for Gen Zs is financial independence (26%), while millennials strive for work-life balance (31%).
More young professionals in the country also said they seek steady career progress instead of pursuing fast-paced growth.
But the report underscored that this doesn't mean young professionals are rejecting ambition.
"They are recalibrating it around well-being and long-term fit," the Deloitte report read.
It underscored that the findings call for a reassessment of the leadership role in organisations.
"When leadership is consistently associated with burnout and excessive strain, organisations could likely see decreased interest and delayed uptake," the report warned.
"The opportunity is to redesign leadership roles so they are well supported and focused on enabling others — sharing responsibility, building capability, and creating clarity — rather than absorbing endless demands."
Financial pressure reshapes goals
These career perspectives from Singapore's young professionals are shaped by their ongoing financial pressures, according to the findings.
The cost of living emerged as the top concern for Gen Zs (49%) and millennials (59%) in Singapore, mirroring their counterparts globally.
In fact, half of Gen Zs (51%) and millennials (50%) said they have delayed major life decisions due to their financial situation.
These life decisions include major personal milestones, such as marriage, starting a family or business, or furthering their education.
Responding with competitive pay and benefits that can help address financial constraints will put employers in a better position to attract and retain talent, according to Deloitte.
"Clear, consistent approaches to location, flexibility, hybrid work, and scheduling can meaningfully expand employees' options and reduce unnecessary tradeoffs," its report read.
"Equally important is acknowledging financial pressure openly and normalising these conversations rather than leaving employees to manage them quietly."
Sense of purpose also important
Meanwhile, another crucial factor influencing career decisions is purpose, according to the report.
Nearly all Gen Zs (94%) and millennials (99%) in Singapore agreed that having a sense of purpose at work is important for their job satisfaction.
It is a quality that they share with their global counterparts, where most Gen Zs (96%) and millennials (97%) also agreed that purpose is important to their job satisfaction and well-being.
"Purpose shows up most clearly in how work is prioritised, whose input is sought, and whether people feel their contributions genuinely matter," the report read.
"When values are reflected consistently in day-to-day decisions, employees are more likely to feel aligned and invested."
