Half of boomers and late Gen Xers who took early retirement during the first Covid wave have fallen into poverty
BYORIANNA ROSA ROYLE
Half of older Covid quitters in poverty after wave of early retirement
GETTY
Thousands of seasoned professionals. dropped out of the workforce early during the pandemic, but far from enjoying an early retirement, new research now shows that nearly half of them have been forced into poverty.
Researchers suggest around 390,000 of the 50 to 70-year-olds who retired in 2020-21 were forced to leave the workforce, as opposed to "retiring in comfort”.
Researchers suggest around 390,000 of the 50 to 70-year-olds who retired in 2020-21 were forced to leave the workforce, as opposed to “retiring in comfort.”
Millennial and Gen Z employees are rejecting assignments, turning down offers, and seeking purpose. Here’s what they expect of their employers, according to Deloitte’s latest survey
Nearly 4 in 10 respondents said they have rejected work assignments due to ethical concerns–and more than a third have turned down employers.
Amazon employees and supporters gather during a walk-out protest against recent layoffs, a return-to-office mandate, and the company's environmental impact in Seattle on May 31. JASON REDMOND - AFP - Getty Images
Having tracked the priorities, concerns, and motivations of the youngest generations in the workforce for the last 12 years, the annual Deloitte Global Gen Z and Millennial Survey has revealed a consistent theme: Young employees want their employers’ values to be aligned with their own–and they want to drive societal change through purposeful and meaningful work.
As I assume my new role as Deloitte’s global chief purpose and people officer, this is an area that I’m paying close attention to: More than 80% of Deloitte’s workforce–some 330,000 of Deloitte’s people worldwide–belong to these two generations. Actively listening to their views and empowering them to drive change is central to my role.
Encouragingly, this year’s survey finds that Gen Zers and millennials believe employers have made progress in key areas such as promoting diversity, equity, and inclusion (DEI), enabling work/life balance, and driving positive societal change. But it also finds that they expect more from businesses when it comes to embedding purpose in work.
These generations hold organizations to high standards–and make career decisions accordingly.
Nearly four in 10 respondents said they have rejected work assignments due to ethical concerns. More than a third have turned down employers that they feel aren’t doing enough on matters such as the environment, DEI, or mental health. And less than half believe the impact of business on society is generally positive.
Research has proven that organizations that prioritize purpose and impact perform better. But, for many young employees, working for a purpose-driven organization is not enough.
Gen Zers and millennials want to take part in driving change through their individual work–and they are more likely to stay in their current organization when they feel empowered to do so. In fact, respondents have indicated for some time that they are more confident in influencing societal change through their work rather than through their personal choices.
Yet only half of this year’s respondents feel empowered to drive change at work, while one-third say that decisions are made from the top down within their organizations and that their feedback is not often acted upon.
Research has proven that organizations that prioritize purpose and impact perform better. But, for many young employees, working for a purpose-driven organization is not enough.
This is particularly true when it comes to climate action: Only 15% of Gen Zers and millennials feel able to influence their organization’s efforts on sustainability. And climate change increasingly shapes career decisions: More than half of respondents say they research a brand’s environmental impact and policies before accepting a role, and a quarter say they plan to change jobs or sectors due to climate concerns.
Being a purpose-led organization requires a long-term and consistent focus, and Gen Zers and millennials are holding their employers accountable. Faced with cumulative challenges and rising uncertainty, they expect the organizations they work for, and the broader business community to play a bigger role in tackling societal and environmental challenges.
Thus, to secure their talent’s long-term commitment and create financial as well as social value, organizations must put purpose at the heart of both corporate priorities and individual responsibilities.
Millennial and Gen Z employees are rejecting assignments, turning down offers, and seeking purpose. Here's what they expect of their employers, according to Deloitte’s latest survey | Fortune
Nearly 4 in 10 respondents said they have rejected work assignments due to ethical concerns–and more than a third have turned down employers.fortune.com
Source:https://fortune.com/2023/07/07/covid-retirement-poverty-boomers-gen-x/
