October 2025
Gen Z, millennials and the meaning of work
The workforce is transforming before our eyes. Within the next few years, millennials and Generation Zers will comprise nearly two-thirds of American workers.
The career path less traveled
The traditional concept of career advancement takes a surprising detour for millennials and Gen Zers. According to a recent study by Deloitte Global, only 6% of millennial and Gen Z respondents identified reaching a leadership position as their primary career goal.
The power of purpose
It turns out that a strong majority of younger workers find having a job that gives them a sense of purpose is critical to both their mental well-being and job satisfaction.
say a sense of purpose is a “very or somewhat important” factor in creating job satisfaction and mental well-being
In fact, among those who identify as feeling a sense of mental well-being, 72% of millennials and 62% of Gen Zers say they're in jobs that allow them to make a positive impact on the world around them.
Conversely, a lack of professional purpose can drive valuable members of both generational cohorts from a workplace they find unfulfilling.
report having left a role they felt lacked purpose
Burnout is real
Overall burnout and work/life balance have been motivators driving job changes year over year across all demographics, including millennials and Gen Zers. With stress on the rise, it's important for employers to recognize the value of vacation time and mental health days for talent retention and work productivity.
stated overall burnout has tempted them to leave their current employer
Learning and development are key
According to Deloitte Global's study, learning and development opportunities may be powerful tools for attracting, engaging and retaining a strong millennial and Gen Z workforce.
say they're developing skills to advance their careers once a week or more
This data suggests that workplace-based education and development opportunities may be worthwhile employer investments.
Technology is important — soft skills are essential
While 62% of millennials and 59% of Gen Zers believe generative AI skills are “somewhat or highly required” to get ahead in their careers, soft skills ranked even higher: 85% of millennials and 86% of Gen Zers believe soft skills like communication, empathy and leadership are “somewhat or highly required” for job success.
What does this mean for you?
What were once considered immutable truths have changed as workers who grew up in the 21st century play an increasingly dominant role in the labor force. Understanding and accommodating the unique needs of millennial and Gen Z employees is essential for talent acquisition and retention, along with productivity and job satisfaction.
What can you do to help ensure you're creating a compelling workplace for younger talent?
- Take time to understand what's important to your employees. Knowing what motivates millennial and Gen Z workers is key to fully harnessing their talents, skills and passions.
- Provide opportunities for learning and development. Offering work-based learning and mentorship programs can help young workers grow while keeping them inspired to excel.
- Help them build financial wellness. With nearly 9 in 10 Gen Z/millennial employees carrying some type of debt,
offering competitive salaries is just the start. Financial education and benefits designed to promote overall financial wellness are an important part of the equation. - Create a culture of empowerment. Letting younger workers have a voice — and actually listening to it — is imperative for creating a congenial work environment in which everyone feels a sense of value and shared success.
Key takeaways
- For more insights into what's on the minds of employees, download the Bank of America 2025 Workplace Benefits Report(PDF, opens in new tab).
- Reassess your total benefits package to ensure it meets the needs of younger employees.
- Speak with your Bank of America representative to explore financial education programs that can help address the concerns of millennials and Gen Zers.
- Encourage younger workers to plan now for their financial future and take steps to help build a foundation for long-term financial wellness.
