A thumping 70 per cent of Gen Z and 67 per cent of millennials are considering earning additional income through a side project or business in the next year as flexibility, mobility, and entrepreneurial freedom are non-negotiable for younger employees, according to findings from Microsoft’s annual report, ‘2022 Work Trend Index’, released on Wednesday.
Gen Z, the generation after the millennials, is how those born between 1997 and 2012 are commonly referred to as, and it is the youngest age group in the workforce today. While 59 per cent employees are looking beyond their day jobs for creative opportunities, the numbers are significantly higher among Gen Z and millennials at 70 per cent and 67 per cent, respectively.
This is creating new challenges for leaders not just in attracting and retaining top talent, but in engaging current employees who increasingly define and design their careers around creative pursuits, the report pointed out.
Besides, Gen Z rank the highest compared to overall numbers on several flexibility metrics. For instance, 58 per cent of Gen Z are considering changing jobs in the year ahead versus 43 per cent overall; 58 per cent are considering a shift to hybrid work in the year head versus 53 per cent overall; 56 per cent are considering a shift to remote work in the year ahead versus 49 per cent overall; and 52 per cent of Gen Z hybrid employees say they're moving to a new location because they’re able to work remotely versus 38 per cent overall.
Similarly, Gen Z’s likelihood to engage with a company which mentions "flexibility" in LinkedIn post is far higher (77 per cent) than millennials (30 per cent) and others on the platform.
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Besides, Gen Z and Millennials are more likely to envision doing some of their work in the metaverse in the next two years. The numbers are 51 per cent and 48 per cent, respectively, for the two younger age groups, while 37 per cent and 28 per cent among Gen X and Boomers, respectively.
When it comes to emerging technologies at work, 52 per cent of employees are open to using digital immersive spaces in the metaverse for meetings or team activities in the next year, while 47 per cent of employees are open to representing themselves as an avatar in meetings in the next year. But 16 per cent of employees said they never expect to do any work in the metaverse and 13 per cent said they don’t know what the term ‘metaverse’ means.
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The study was based on responses from 31,102 full-time employed or self-employed workers across 31 markets between January 7, 2022 and February 16, 2022, along with an analysis of productivity signals in Microsoft 365 and labour trends on LinkedIn. At least 1,000 full-time workers were surveyed in each market, the methodology said.
Note: For more on this topic, catch the latest issue of 'BT-Taggd Best Companies to Work For in India' which hits the stands this week.
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