Outlook on the Future
Confidence and ambition are two major assets individuals need to advance their careers. Yet some generations are lacking in one or both, making the future look less promising. This section dives into each generation’s feelings about what’s ahead, including their levels of confidence in the future and career aspirations.
Key Finding
Millennials are the most optimistic about the future, while Gen Z is the most uncertain
Millennials have the most positive outlook on their futures and their abilities to weather struggles, with 76% of respondents saying they are confident they will get the success they deserve in life. But the future looks murkier for younger individuals. Contrary to the memes that flood social media about Gen Z’s workplace empowerment, hard boundaries on work hours, and refusal to take on tasks they believe are beneath them, our study found that compared to older generations, they have less confidence in a positive future for themselves. Only about 63% believe they are strong enough to overcome life’s struggles, and just 61% are confident they will get the success they deserve in life.
A Bright Future for Older Generations
To what extent do you agree with each of the following statements?
I am strong enough to overcome life’s hurdles
63%
Z
78%
YM
81%
OM
69%
X
73%
B
I determine what will happen in my life
63%
Z
73%
YM
77%
OM
72%
X
72%
B
When I try, I generally succeed
60%
Z
75%
YM
79%
OM
69%
X
72%
B
I am confident I get the success I deserve in life
61%
Z
75%
YM
76%
OM
63%
X
62%
B
Source: Egon Zehnder and Kearney, 2022
Feeling a lack of resilience and control may stem from the events Gen Z has lived through at relatively young ages: a global pandemic and its lasting economic impacts, large-scale social unrest, and a planet that is becoming less stable by the day, to name just a few.
If we zoom in on seniority level to examine individuals’ confidence, the story is slightly different. Here, management-level employees are the most confident, and executive leaders are ahead of the other groups in their level of confidence to steer their lives in the direction they want. Senior managers in particular feel the most empowered to overcome their struggles (82%) and achieve the success they deserve (80%).
Feelings of Confidence by Seniority Level
To what extent do you agree with each of the following statements? (By seniority level)
I am strong enough to overcome life’s hurdles
I determine what will happen in my life
When I try, I generally succeed
I am confident I get the success I deserve in life
Source: Egon Zehnder and Kearney, 2022
Looking back at the data by generation, younger peoples’ uncertainty in the future carries over to their career aspirations. When asked about the level of leadership they aspire to, only 19% of Gen Z respondents seek an executive leadership role, compared to almost 38% of Millennials. Boomers and Gen X had lower numbers for this question as well, but that is likely because they’ve already reached such roles or have opted out of that track by this point in their careers.
However, a lack of confidence in the future may not be the primary reason many members of Gen Z don’t aspire to reach the C-suite. It could also be their desire to have more control over their lives. This generation had the highest number of respondents (16%) who said they wanted to work for themselves or own their own business.
Millennials Have the Most Ambitious Aspirations
What level do you aspire to reach in your career?
All
Z
YM
OM
X
B
Source: Egon Zehnder and Kearney, 2022
From a seniority-level angle, nearly half of senior managers (45%) aspire to reach the C-suite, as do nearly one-third of people in entry-level roles (31%). Junior managers (20%) are not as interested, at least for now, to rise to the top of the house.
Senior Managers and Entry-Level Employees Have the Highest Career Ambitions
What level do you aspire to reach in your career?
Source: Egon Zehnder and Kearney, 2022
Our take: Define success for yourself.
Your end career goal does not have to be in the C-suite; it may be comfort and stability. This is especially true for younger generations who have weathered many upheavals as they entered the workforce and have had fewer opportunities to experience a stable workplace. Achieving a high level of job satisfaction and stability takes time and building resilience along your career journey comes in small steps — starting with deep self-exploration. Even C-suite leaders often feel insecure and struggle to connect and listen to others, putting them in a place of solitude.
Creating a more positive outlook for the future is the responsibility of both leaders and employees. Leaders should intentionally design the culture and mechanisms to create a nurturing work environment for everyone, regardless of age and experience level. Giving people the opportunity to develop and feel valued can dramatically boost morale. On the individual level, employees from every generation should explore their potential — developing their curiosity, insight, engagement, and determination — to chart today’s achievements into their own version of success in the future.