DELOITTE’S 2023 Gen Z and Millennial survey reveals two generational cohorts that may be juggling too many things at the same time and are struggling as a result.
Seventy-one percent of Filipino millennials (compared to 37 percent of global millennials) and 65 percent of Filipino Gen Zs (compared to 46 percent of global Gen Zs) have taken on either a part- or full-time paying job on top of their primary job—an increase from last year’s 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.
Indeed, 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. Their peers around the world aren’t faring any better: 52 percent of global millennials and 51 percent of global Gen Zs are in the same boat.
And if the economy does not improve in the next 12 months, 6 out of 10 Filipino millennials and Gen Zs believe it will become harder or impossible for them to get a new job.
This need to supplement their paycheck appears to be having a negative impact on these young workers: 66 percent of Filipino millennials (compared to 63 percent last year) and 81 percent of Filipino Gen Zs (compared to 70 percent last year) feel burned out due to the intensity and demands of their workloads. 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.
Eric Landicho, Managing Partner and CEO of Deloitte Philippines, shared his take on the findings: “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. Especially during this period of high inflation, organizations can look at offering flexible benefits such as those relating to health care or commuting costs to ease the impact of soaring prices on workers.”
Organizations can also provide support in caring for the mental health of employees. On this front, it appears Philippine companies have taken to heart the lessons learned during the height of the pandemic. Nearly 80 percent of Filipino millennials (78 percent) and Gen Zs (79 percent) either agree or strongly agree with the statement, “My employer takes the mental health of employees seriously and has policies/resources designed to help.” And more than 80 percent (87 percent for Filipino millennials, 82 percent for Filipino Gen Zs) acknowledge that an increased focus on mental health at work has led to positive changes within their workplaces.
Millennials and Gen Zs have also identified specific areas that organizations could focus on to improve work/life balance: more than 40 percent of Filipino millennials and Gen Zs would like to see their organizations create more job-sharing options, while about 40 percent would like businesses to ensure that part-time employees have comparable career advancement.
When it comes to where they get their work done, millennials and Gen Zs seem determined to resist a return to full-time on-site work: 76 percent of Filipino millennials and 81 percent of Gen Zs say they would consider looking for a new job if their employer asks them 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. Less than 10 percent of Filipino millennials (9 percent) and Gen Zs (7 percent) prefer to work completely on-site.