Money & Banking

Gen Z hardest hit professionally by the economic impact of Covid-19: Report

Our Bureau | | Updated on: Nov 30, 2021
image caption

Report is based on ADP’s survey of more than 32,000 adult workers across 17 countries

Generation Z has been hardest hit professionally by the economic impact of the Covid-19 pandemic, according to a new study by the ADPRI research Institute, called ‘People at Work 2021: A Global Workforce View.’

The report is based on ADP’s survey of more than 32,000 adult workers across 17 countries.

As per the report, over 78 per cent of the 18–24 year-old cohort said that their professional lives have been affected by the pandemic.

Also read: Chipping off the old block

The survey also found two in five (39 per cent) had lost jobs, were furloughed, or suffered a temporary layoff from their employer. Whereas 28 percent of workers of all ages said the same.

Generation Z also indicated they were twice as likely to have been impacted by the pandemic compared to those aged over 55, the oldest age bracket where 19 per cent of respondents lost a job, been furloughed or were temporarily laid off with the same employer.

“This may explain the plunge in optimism of 10 percentage points (83 per cent) among them,” the report said.

In comparison, 29 per cent of professionals in the 25-34 age bracket, 25 per cent aged between 35-44 and 21 per cent of the 45-54 cohort said that they lost a job, been furloughed or were temporarily laid off with the same employer.

Gen Z to be professionally agile

Rahul Goyal, Managing Director of ADP India & Southeast Asia, said Generation Z has had to be the most professionally agile of any age group in the face of Covid-19.

“In India, more than half of young workers say they have taken up additional responsibility for fear of job loss during the pandemic,” said Goyal.

“Employees often define job security by the reach of their professional network and the ability to tap into relationships to find non-linear jobs that can extend a career. That’s exactly what Generation Z is doing: finding new ways to climb the ladder,” Goyal said.

The report also highlighted the impact the pandemic has had on employees’ attitudes toward the current world of work, their expectations of and what they hope for in the workplace of the future.

In India, 89 per cent of the Generation Z mentioned that they had to choose between work and well-being or family.

“They attributed working from home to blurring the boundaries of definitive working hours,” it said.

“The unfortunate reality of entering the workforce in a recession is large initial earnings losses. This triggers significant changes to local labour market structures that can take years to recover from. The more young people can be proactive, the better,” Goyal said.

“Covid-19 has been an emotional burden for the younger generation of workers in India, but they see themselves getting better and stronger through self-motivation, adaptability, and new personal skills. This could have long-term implications for the jobs people do and how they work in the future,” Goyal further added.

Published on November 30, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you