New report reveals the trends shaping the career decisions of Gen Zs, millennials
Young Australian professionals are seeking steady progress in their career paths as the cost-of-living concerns force them to be more intentional in their employment decisions, according to a new global report from Deloitte.
The report, which included 500 Gen Z and 300 millennial respondents in Australia, revealed that chasing leadership roles is not the primary career goal for many of the respondents.
Instead, young Australians are more likely to seek "steady progress" at work.
Only six per cent of both Gen Zs and millennials said leadership is a "primary career goal," according to the report, despite more than three in four employees from each group noting they are interested in it.
Overall, maintaining a good work-life balance is the primary goal of Gen Zs (23%) and millennials (29%).
However, half of the respondents said higher compensation would raise their interest in leadership roles, followed by flexible working arrangements.
Cost-of-living concerns shape decisions
The findings come as the cost of living emerged as the top concern of both Gen Zs (46%) and millennials (54%), according to the findings.
Many of the respondents also noted that the affordability of housing impacts their career decisions.
"Younger Australians are making career decisions against a backdrop of persistent cost of living pressure and growing concern about their financial future," said Rhiannon Yetsenga, Associate Director at Deloitte Access Economics, in a statement.
"This is shaping when they enter the workforce, the roles they pursue, and their expectations around pay."
Pip Dexter, Chief People and Purpose Officer at Deloitte Australia, also pointed out the "level of realism" revealed in their findings.
"Gen Zs and millennials are not disengaged from work or growth, but they are far clearer about what they are prepared to trade off," Dexter said in a statement.
"They are looking for careers that are sustainable over the long term, and they expect employers to meet them there with the right support, skills and pathways."
Purpose also a factor in employment
Another strong consideration in employment for Australia's young professionals is purpose, according to the report.
Most respondents said having a sense of purpose is important for their job satisfaction.
In fact, many Gen Zs (41%) and millennials (49%) said they rejected a potential employer in the past due to their personal beliefs.
Another 43% of Gen Zs and 44% of millennials also said they turned down an assignment for similar reasons.
"Purpose is not a 'nice to have' for these generations. It is central to job satisfaction and plays a direct role in whether people stay, leave or even apply in the first place," Dexter said.
"When work lacks meaning or balance, younger generations are prepared to walk away."
