Gen Z and Millennials: Reshaping the Future of Workforce

This report is an attempt to gauge the perspectives of both Millennials and Gen Z - with respect to benifits they are seeking, preferred work models and what drives them to build long careers in technology organizations.

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Key Findings

While the World Gets Older, India is Getting Younger, also reflected in the tech industry with Gen Z and Millennials accounting for majority of the workforce

52% of Gen Z and Millennials in overall Population in India in 2021, higher than the global average of 47%
20% of Global Gen Z population is in India
86-90% share of Gen Z and Millennials in total Indian tech workforce
70% of Gen Z college students aspire to join tech companies (basis NASSCOM’s Gen Z student Survey)

Drivers: Company Culture & Brand, Learning & Growth

What Gen Z Want
- Culture, Learning and Growth in addition to company’s brand - which tops the chart for both Millennials and Gen
- More willing to be in office - only 15% highlighted the need to go completely remote compared to 26% Millennials
How Millennials Differ:
- Financial benefits is the major the additional ask
- Share of Millennials looking for complete work from office is nearly half that of Gen Z

Key Drivers for Continuing in an Organization

Gen Z - Job Satisfaction and Good Working Environment apart from Financial Benefits and Career Growth which is a common ask with Millennials; Financial Benefits - As salary (in-hand), not very appreciative of Bonus/ variable benefits; ▪ Non-Financial Benefits - Learning and Development is a key ask
Millennials - Job Security and Better Non-Financial Benefits were the other key retention benefits; Give 2X more importance to financial benefits, compared to Gen Z; Greater Flexibility and Job Security were the key non-financial benefits highlighted

What Companies are Doing:

Initiatives focused on Learning and Growth, Redesigning Benefits, working towards providing a good working environment, Hybrid work and flexibility, Gig working models
CHRO Suggestions for the new-age workforce - Willing to unlearn and learn - Bring trust, ethics and empathy, open communication, collaboration and cocreation share learnings be a team player, focus on long-term career goals

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