Examining the ‘trifecta’ of expectations shaping young Australian workers

The workforce is undergoing a seismic shift as Gen Zs and millennials continue to enter – and increasingly dominate – professional environments across Australia.

Projected to make up 74% of the global workforce by 2030, these two generations are not just filling jobs but redefining them.

No longer viewed as the up-and-coming generations, these digital natives are now forming the majority in many organisations, reshaping workplace norms, values and expectations in the process. Their influence extends far beyond age demographics, driving change in how businesses operate, engage with employees and define success.

This is playing out in workplaces across Australia with the generational identity of Gen Zs (born between 1995 and 2006) and millennials (born between 1983 and 1994) coming into “sharp focus”.

According to 2025 Gen Z and Millennial Survey findings – published annually by Deloitte – this evolving workforce is increasingly defined by a “trifecta” of expectations: money, meaning and well-being.

“The centrality of purpose to job satisfaction is a driving force behind the career aspirations of these two generations,” said Pip Dexter, Chief People and Purpose Officer at Deloitte Australia.

“For them, career satisfaction hinges not just on salary, but on a job’s ability to offer growth opportunities while aligning with their values. In this we see a greater expectation on employers to offer growth opportunities and meaningful work.”

As part of the global study, Deloitte surveyed over 800 Australian Gen Z and millennial respondents to better understand the forces shaping their careers, values and ambitions.

Findings reveal a generation facing significant economic pressures, navigating rapid technological change and demanding more from their employers not just in terms of pay but also in purpose, growth and social responsibility.

In short, Gen Z and millennials are combining to challenge traditional notions of career progression and organisational loyalty.

While employees demanding more from employers is nothing new, this moves beyond pure compensation and asks probing questions related to company culture, inclusion and societal impact.

Money Matters

Economic pressure is the defining challenge for young Australians today, reshaping how Gen Z and millennials approach work, education and life.

As the cost of living crisis continues to take centre stage, economic stress dominates young Australians’ concerns. Over half of Gen Zs (55%) and millennials (51%) cite cost of living as their top worry, with most living pay day to pay day (64% Gen Zs, 59% millennials).

Unsurprisingly, financial security strongly impacts happiness: 61% of financially secure Gen Zs and 77% of secure millennials are happy, compared to 30% and 25% of their financially insecure peers.

Staying on this theme, cost and time constraints are locking many young Australians out of traditional higher education.

For Gen Zs, financial barriers are the primary obstacle: 56% cite tuition costs as the main reason for not pursuing further study. For millennials, the biggest hurdle is family and personal responsibilities, though 44% also point to tuition costs.

Another key factor to consider for businesses is that in Australia, practical experience is prized.

According to Deloitte, 92% of millennials and 89% of Gen Zs consider on-the-job training “essential” for career advancement.

Despite this demand, many feel their workplaces aren’t keeping up, with employers falling short of expectations around training and mentorship and missing a key opportunity to support growth and retention.

“Financial and time pressures are dissuading some Gen Z and millennial Australians from pursuing traditional higher education pathways,” Dexter explained. “Many are now turning to their workplaces for training and career growth. But too often, that support just isn’t there.”

Chasing Purpose

Dexter said career decisions for these generations are increasingly influenced by a desire to make a “meaningful impact”, with values and ethics taking precedence over traditional ambitions.

In Australia, purpose matters – 94% of Gen Zs and 92% of millennials prioritise meaningful work, often choosing roles aligned with personal values and sustainability.

On purpose, other key findings include:

• 40% of Gen Zs and 39% of millennials have rejected a potential employer based on personal ethics and/or beliefs
• 52% of Gen Zs and 46% of millennials have left a job because it lacked purpose
• Few Gen Zs (7%) prioritise senior leadership, favouring work-life balance over traditional career ambition
• Environmental and social responsibility are critical; many young Australians weigh a company’s sustainability record as heavily as a salary or title

“These generations are redefining success in the workplace,” Dexter added.

“It’s no longer just about titles or salary but aligning with personal values and contributing to a sustainable, purpose-driven future. When there’s no clear purpose or alignment people leave. It’s a key factor in whether people stay and stay motivated.”

Tech: Friend or Foe?

For young Australians navigating the changing job market, technology is a source of “promise and uncertainty”, influencing career choices and expectations for the future.

Notably, tech-savvy young Australians are embracing artificial intelligence (AI).

Based on the data, 47% of Gen Zs and 63% of millennials already use generative AI (GenAI) at work, with most expecting it to heavily impact their roles. Around 80% of Gen Zs and millennials feel GenAI has freed up their time as well as improved what they produce at work.

Despite high usage rates, most have not engaged in formal GenAI training however. Just 14% of Gen Zs and 21% of millennials say they have already completed GenAI training, while 30% of Gen Zs and 40% of millennials say they plan to complete training within the next 12 months.

“Embracing AI in workplace has seen the lines between opportunity and uncertainty blur,” Dexter outlined.

“While AI offers immense potential for career advancement and efficiency, some feel insecure about its long-term impact on their job security. Employers who meet the demand for practical training to boost employees’ AI literacy will benefit through higher retention rates and a more productive and confident workforce.”

The generational transition highlighted in this research is not without friction however.

Tensions around work ethic, leadership styles and values can emerge, especially in multi-generational teams. However, organisations that embrace the energy, adaptability and ambition of these cohorts will be better positioned to thrive.