One-time success was basically described by a single equation: work hard, move up the corporate ladder, buy a house, and at the end of your day, retire peacefully. But it seems like the old story is not working for Millennials and Gen Z. These two generations are not only designing their own contours of what success means but also changing the cultural discussion about the one they call satisfaction, work, and happiness.
Millennials (born 1981–1996) and Gen Z (born 1997–2012) grew up in times of turmoil. The 2008 financial crisis had left Millennials with an uncertain job market and dwindling retirement options, while Gen Z grew up into adulthood with the threat of a pandemic and an increasingly digitized society. Throw in repeated exposure to world problems such as climate change and social justice, and what you have is a generation that defines success differently: resilience, adaptability, and purpose.
A paycheck is not enough for many young people nowadays. Deloitte’s surveys indicate that over 70% of Millennial and Gen Z employees want employers whose values are aligned with their own. It is not only “what” they do but also “why” they do it. This is the reason why startups, nonprofits, and mission-driven businesses are so attractive. The gig economy too flourishes under this thinking, providing younger workers with flexibility, autonomy, and opportunities to align work with personal values.
One more enormous difference? Work-life balance. The virus crisis pushed millions to rethink what matters most to them, while the youth did not think twice about demanding jobs that would be compatible with their lives, instead of the opposite. It is not good that remote and hybrid are still regarded as formats; they have become expectations. Keeping time for friends, family, hobbies, and traveling is how the Millennials and Gen Z now perceive success. Mental health has also become a great part of the issue. Getting burnt out is not a goal to be achieved; rather, it is something that individuals want to keep at a distance. Those companies that put money into resources for well-being and offer flexible work schedules are more likely to win over their loyalty.
Classic markers such as homeownership or designer purchases aren’t as important now. Rather, these generations value experiences, personal development, and interpersonal relationships over collecting possessions. Less is more, and financial independence—living well and having the means to save, travel, and live life—are becoming the true indicators of success.
People have been resorting to social media platforms like TikTok, YouTube, and Instagram to develop new types of careers that are not only different from the traditional nine-to-five jobs but also entirely innovative. This trend has brought individual branding, content creation, and entrepreneurship to the fore. However, the trend also has a less magnificent feature, i.e., the angle: the constant comparisons and the need to show only the nice aspects of one’s achievement are the main reasons why this phenomenon feels so suffocating that these factors are even mentioned. The concept of successful democracy, on the other hand, assumes that success can be very different from one person to another.
This trend is of major concern for institutions and employers as well. Programs and incentives based on competitiveness are no longer sufficient to guarantee employee loyalty and productivity. Young employees want to have a stake in a project, be able to work at a time and place most convenient for them, and get comprehensive well-being support from their employer. The traditional idea that burning the midnight oil and a fat paycheck get you to the top is losing ground. The values that matter the most now are harmony, power, and authenticity.
At the core of it all, Millennials and Gen Z are showing that success is not one-size-fits-all. It’s individual, value-based, and defined by something other than money or titles.