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More Filipino millennials, Gen Zs doing side gigs to boost income — Deloitte

By John Victor D. Ordoñez, Reporter

MILLENNIALS and Filipinos belonging to Generation Z have taken on more side gigs on top of their primary full-time jobs for additional sources of income, according to the business consulting firm Deloitte.

About 71% of Filipino millennials and 65% of Gen Zs have taken on extra part-time or full-time paying jobs, higher than last year’s 61% and 64%, respectively, Deloitte said in a study released on Monday.

This was also higher than the global averages of 37% of millennials and 46% from Gen Z who said they sought more work.

“These results reflect the economic uncertainty millennials and Gen Zs find themselves in as the world continues to recover from the global pandemic,” Frederic B. Landicho, managing partner and chief executive officer of Deloitte Philippines, said.

“And while these young workers are leaning on their resourcefulness to stay afloat, organizations can play a big part in ensuring the financial well-being of their employees.”

Millennials are those born between the early 1980s and the late 1990s, while those from Gen Z are born between 1995 to 2004, the firm noted.

Deloitte said 40% of both generational groups believe their side jobs have allowed them to develop important skills and relationships.

It added that six out of 10 Filipino millennials and Gen Zs believe that if the Philippine economy does not improve in the next year, it would become harder to land a new job.

Job quality worsened in April, as the underemployment rate, which measures workers seeking further employment or longer hours, increased to 12.9% from 11.2% a month earlier, the Philippine Statistics Authority reported last week.

The country’s jobless rate fell to a four-month low in April at 4.5% from 4.7% in March.

Deloitte said 49% of Filipino millennials and 81% of Gen Zs felt burned out due to the intensity and demands of their work.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said workers from these age groups seek additional sources of income since many of them start families and need to send their children to school.

“People that have been hit hard by the pandemic in terms of reduced livelihood would have to find more work to meet the needs of their respective families, especially as expenditures increase due to higher prices,” Mr. Ricafort said in a Viber message.

Meanwhile, Deloitte’s study found that 76% of Filipino millennials and 81% of Gen Zs would consider looking for a new job if their employers would ask them to return to the office full-time.

Also, about 60% of members from both generational groups have rejected an assignment that went against their personal beliefs and values.

“As we’ve seen in our survey throughout the years, these two generational cohorts put a premium on authenticity, and that includes adhering to their personal beliefs across all aspects of their life,” Deloitte Philippines’ Mr. Landicho said.

The study also showed that more than 80% of workers from both groups agreed that an employer’s increased focus on mental health at work would lead to positive changes within their workplaces.

Deloitte’s study gathered responses from 14,483 Gen Z workers and 8,373 millennials across 44 countries. Of the respondents, 321 Filipino Gen Z employees and 109 millennials provided responses.

Bienvenido S. Oplas, Jr., founder of free market think-tank Minimal Government Thinkers, said younger members of the workforce also tend to be more ambitious than older generations, compelling them to seek more sources of income.

“Young people are just more ambitious and take on bigger dreams than older generations, such as becoming a billionaire by age 50 or younger,” Mr. Oplas said in a Viber message.

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