Two in five (40%) Gen Z ’s are willing to be unemployed than be unhappy in jobs, with a significant percentage of them confident to walk away from employers if organisation values aren’t in line with their personal beliefs, reveals Randstad’s Workmoniter survey.
As per survey findings, which received inputs from 35,000 workers in the Australian and New Zealand region, Gen Z and Millennials are driving a revolution in the employee-employer dynamic. However, despite growing expectations of the younger generations, employers are unable to keep up with the demands.
Despite 83% of employees saying flexible hours are important and 71% saying the same for flexible locations, half of global workers say that they don’t have flexibility in terms of where they work and 40% have no control over the hours they work.
“There’s a clear power shift underway in offices around the globe, including Australia, driven by a workforce still recovering from the pandemic, businesses need to rethink their approach to attracting and retaining staff,” said Nick Pesch, CEO ANZ at Randstad.
Millennials currently make up 35% of the Australian workforce and are expected to account for 70% of the workforce by 2030. Accompanying the growing inflow of millennials is the rising influx of Gen Z into Australia’s job market. Yet, employers remain oblivious to the evolving employee preferences.
“Many workers are rethinking priorities and choosing to prioritise personal fulfilment,” Pesch shared.
Interestingly, this thinking is more prevalent in younger workers. The survey found that 40% of 18–25-year-olds would rather be unemployed than be unhappy in a job compared to 25% of 55–67-year-olds. In fact, younger workers are willing to walk away from employment if the company’s values aren’t in line with their personal beliefs.
“Young people want to bring their whole selves to work, which is reflected in their determination not to compromise their personal values when choosing an employer. Our research and experience working with candidates in Australia points to an increasing expectation that organisations will take a stand on social and environmental issues. Companies that are shown to be taking positive action will find themselves more attractive and better able to retain loyal talent,” Pesch added.
According to the survey, nearly half of millennials (48%) and Gen Zs (49%) wouldn’t accept a job with a business that doesn’t align with their social and environmental values. They are also conscious of proactive efforts towards diversity and equity, and are open to a smaller paycheck provided their job was contributing towards the betterment of the world and society at large.
Reports caution employers of the risks they carry if they don’t act on these needs soon, especially with no signs of the great resignation slowing down. 70% of workers today are open to new job opportunities, and nearly a third (32%) of Gen Zs and 28% of millennials are actively seeking a new role. In fact, 49% of workers are confident they would quickly find a new job if they were to lose their current job.