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New Straits Times
3 days ago
- Business
- New Straits Times
AI could save up to US$70bil a year in disaster losses by 2050: Deloitte
KUALA LUMPUR: Artificial intelligence (AI) has the potential to help global leaders build stronger, more resilient infrastructure to better anticipate, manage, and recover from increasingly frequent and severe natural disasters, potentially avoiding up to US$70 billion in annual infrastructure losses by 2050, according to a Deloitte report. The report estimates that average yearly losses from natural disasters could rise to between US$460 billion and over US$500 billion by 2050, with storms and floods making up the largest share of these losses. Deloitte said that embedding AI into infrastructure planning and operations can enhance prevention, detection, and response capabilities, allowing both public and private sector leaders to proactively manage and reduce disaster-related risks. "If deployed strategically, AI can help leaders identify risks sooner, optimise resources, prevent costly failures and disruption, and accelerate response and recovery times during natural disasters. Investing in both preventative and reactive AI-powered infrastructure solutions can help safeguard economic value and increase business resilience," said Jennifer Steinmann, Deloitte global sustainability business leader. Adopting AI technologies, from infrastructure planning through operations, can offer preventative, detective, and responsive solutions to help address natural disasters, providing private and public sector leaders options to proactively mitigate these risks. The benefits are significant. Deloitte Global's report found that AI can help prevent damages of US$30 billion on average per year from storms alone globally by 2050. AI-powered detection and reaction systems, like early warning systems, can reduce risks from wildfires and floods. For example, early bushfire detection can help mitigate losses of between US$100 million and US$300 million annually in Australia, depending on detection and reaction times. Deloitte said although AI offers significant potential to boost the resilience of critical infrastructure, leaders must collaborate to overcome barriers to adoption, including outdated infrastructure, regulatory shortcomings, and financial limitations. Coordinating among stakeholders worldwide to develop AI tools that complement other resilience measures is crucial for driving innovation and building a more robust future, said Costi Perricos, Deloitte's global generative AI business leader. "With broader adoption and improved AI capabilities, projected annual savings in direct disaster costs by 2050 could reach as much as US$115 billion, potentially eliminating nearly one-third of disaster-related losses. "This research demonstrates the clear economic, environmental, and societal value AI can provide, and leaders should take action to help ensure minimal disruption."
Web Release
24-06-2025
- Business
- Web Release
Deloitte study reveals Middle East youth are rewriting the rules of success, seeking money, meaning, and well-being
As one of the world's youngest regions in terms of its demographics, the Middle East is at the forefront of a generational shift in workforce values. Young people in the region are prioritizing financial stability, personal purpose, and mental well-being over traditional markers of success such as climbing the corporate ladder, according to the 14th edition of Deloitte Global's Gen Z and Millennial Survey. The survey findings are particularly relevant for the Middle East, where over 60% of the population is under the age of 30: in Saudi Arabia alone, two-thirds of nationals fall within this age group, while nearly half of the UAE's population is between 15 and 35.[1] Mutasem Dajani, CEO of Deloitte Middle East, commented, 'As our region navigates the ongoing economic and social transformation, as well as the disruption caused by emerging technologies, it's imperative for organizations to recognize and adapt to the priorities of our youth. On top of financial stability our youth today are expressing a need for a sense of personal purpose, which is essential for their mental well-being and career satisfaction. At Deloitte, we are committed to supporting young talent by fostering an environment that empowers them to thrive and enjoy meaningful careers.' Deloitte's global study is based on responses from over 23,000 Gen Z and millennial participants across 44 countries. Three-quarters of respondents in these generations believe GenAI will transform their work in the coming year. Gen Zs and millennials are using GenAI more frequently, prioritizing training to boost their skills, and seeing improvements in their work quality. More than half already use GenAI in their day-to-day work, with 29% of Gen Zs and 30% of millennials using it all or most of the time. However, more than 60% of youth worry GenAI will eliminate jobs and are motivated to seek jobs that they perceive as safe from GenAI-driven disruption. Working alongside GenAI, more than eight in 10 Gen Zs and millennials say developing soft skills, like empathy and leadership, is even more important for career advancement than honing technical skills. Yet only 6% of Gen Zs say reaching senior leadership is their top career goal. Instead, they are gravitating toward roles that allow for learning, growth, and balanced living. Notably, these generations are questioning the value of higher education. Around one-quarter expressed concerns about the relevance of the curriculum to the job market, and the practical experience it offers. The pursuit of money, meaning, and well-being When asked about the factors that impact their career decisions, Gen Zs and millennials gave responses that fell into three categories: money, meaning, and well-being. The Deloitte survey underscores that these areas are tightly interconnected as respondents seek to find the right balance. Financial insecurity is on the rise: nearly half of Gen Zs (48%) and millennials (46%) do not feel financially secure, up from 30% of Gen Zs and 32% of millennials in last year's survey. The survey data also reinforces that without financial security, Gen Zs and millennials are less likely to have a positive sense of mental well-being and less likely to feel their work is meaningful. Moreover, purpose influences job satisfaction. Roughly nine in 10 Gen Zs (89%) and millennials (92%) consider a sense of purpose to be important to their job satisfaction and well-being. Among those who report positive mental well-being, 67% of Gen Zs and 72% of millennials feel their job allows them to make a meaningful contribution to society compared to 44% of Gen Zs and 46% of millennials who report poor mental well-being. Rana Salhab, People & Purpose Managing Partner at Deloitte Middle East said: 'Gen Zs and millennials are rebalancing priorities at work, amid a dynamic business landscape that is being constantly reshaped by technologies such as AI. What we're seeing in the Middle East is a redefinition of ambition, not a lack of it. Younger people want to build careers that are aligned with their aspirations. It's a powerful call for more human-centered leadership, one that is thoughtful about the impact of technology and supporting the workforce while advancing organizational goals.' To learn more, read the full report here: [1]
Mid East Info
23-06-2025
- Business
- Mid East Info
Deloitte study reveals Middle East youth are rewriting the rules of success, seeking money, meaning, and well-being
Three-quarters of Gen Zs (74%) and millennials (77%) believe GenAI will impact the way they work within the next year. Gen Zs and millennials are focused on growth and learning, but they believe their managers are missing the mark on key areas of their development. Only 6% of Gen Zs say their primary career goal is to reach a senior leadership position. Middle East – June, 2025 – As one of the world's youngest regions in terms of its demographics, the Middle East is at the forefront of a generational shift in workforce values. Young people in the region are prioritizing financial stability, personal purpose, and mental well-being over traditional markers of success such as climbing the corporate ladder, according to the 14th edition of Deloitte Global's Gen Z and Millennial Survey. Advertise here. The survey findings are particularly relevant for the Middle East, where over 60% of the population is under the age of 30: in Saudi Arabia alone, two-thirds of nationals fall within this age group, while nearly half of the UAE's population is between 15 and 35.[1] Mutasem Dajani, CEO of Deloitte Middle East, commented, 'As our region navigates the ongoing economic and social transformation, as well as the disruption caused by emerging technologies, it's imperative for organizations to recognize and adapt to the priorities of our youth. On top of financial stability our youth today are expressing a need for a sense of personal purpose, which is essential for their mental well-being and career satisfaction. At Deloitte, we are committed to supporting young talent by fostering an environment that empowers them to thrive and enjoy meaningful careers.' Deloitte's global study is based on responses from over 23,000 Gen Z and millennial participants across 44 countries. Three-quarters of respondents in these generations believe GenAI will transform their work in the coming year. Gen Zs and millennials are using GenAI more frequently, prioritizing training to boost their skills, and seeing improvements in their work quality. More than half already use GenAI in their day-to-day work, with 29% of Gen Zs and 30% of millennials using it all or most of the time. However, more than 60% of youth worry GenAI will eliminate jobs and are motivated to seek jobs that they perceive as safe from GenAI-driven disruption. Working alongside GenAI, more than eight in 10 Gen Zs and millennials say developing soft skills, like empathy and leadership, is even more important for career advancement than honing technical skills. Yet only 6% of Gen Zs say reaching senior leadership is their top career goal. Instead, they are gravitating toward roles that allow for learning, growth, and balanced living. Notably, these generations are questioning the value of higher education. Around one-quarter expressed concerns about the relevance of the curriculum to the job market, and the practical experience it offers. The pursuit of money, meaning, and well-being When asked about the factors that impact their career decisions, Gen Zs and millennials gave responses that fell into three categories: money, meaning, and well-being. The Deloitte survey underscores that these areas are tightly interconnected as respondents seek to find the right balance. Financial insecurity is on the rise: nearly half of Gen Zs (48%) and millennials (46%) do not feel financially secure, up from 30% of Gen Zs and 32% of millennials in last year's survey. The survey data also reinforces that without financial security, Gen Zs and millennials are less likely to have a positive sense of mental well-being and less likely to feel their work is meaningful. Moreover, purpose influences job satisfaction. Roughly nine in 10 Gen Zs (89%) and millennials (92%) consider a sense of purpose to be important to their job satisfaction and well-being. Among those who report positive mental well-being, 67% of Gen Zs and 72% of millennials feel their job allows them to make a meaningful contribution to society compared to 44% of Gen Zs and 46% of millennials who report poor mental well-being. Rana Salhab, People & Purpose Managing Partner at Deloitte Middle East said: 'Gen Zs and millennials are rebalancing priorities at work, amid a dynamic business landscape that is being constantly reshaped by technologies such as AI. What we're seeing in the Middle East is a redefinition of ambition, not a lack of it. Younger people want to build careers that are aligned with their aspirations. It's a powerful call for more human-centered leadership, one that is thoughtful about the impact of technology and supporting the workforce while advancing organizational goals.' About Deloitte Global 2025 Gen Z and Millennial Survey: Deloitte's 2025 Gen Z and Millennial Survey reflects the responses of 14,751 Gen Zs (born between 1995 January and 2006 December*) and 8,731 millennials (born between 1983 January and 1994 December). In total, 23,482 respondents were surveyed from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia-Pacific. The survey was conducted using an online, self-complete-style interview between 25 October and 24 December 2024. The report includes quotes from survey respondents, attributed by generation and gender, who answered open-ended questions, as well as from participants in one-on-one, ethnography style, qualitative interviews conducted separately from the online survey between 19 December 2024 and 10 January 2025. *Gen Zs are typically defined as being born between January 1995 and December 2010, but this study does not include respondents younger than 18, so each year the definition of Gen Zs in this survey shifts a year to include all adult Gen Zs
Forbes
18-06-2025
- Business
- Forbes
From Sidelines To The Core: Now Is The Time For Business To Reframe Its Approach To Well-Being
In recent years, the importance of employee well-being has steadily climbed the corporate agenda – with a growing number of organizations offering dedicated programs and support resources to help address mental health at work. Prompted by the growing expectations of younger generations in the workplace, and accelerated by the COVID-19 pandemic, this increased focus is welcome. However, data increasingly points to a need for organizations to redefine their strategies for supporting well-being in the workplace - to move beyond an approach where support sits on the 'sidelines' to one that firmly embeds well-being into the core of the work experience. This means addressing the root causes of stress and anxiety at work to prevent them, rather than just treating them. Deloitte Global's annual Gen Z and Millennial Survey, now in its 14th year, explores the views and experiences of over 23,000+ Gen Z and millennial respondents across 44 countries. And this year's findings make evident the wide range of factors impacting people's well-being, many of which are related to work and can be directly influenced by leadership behaviors. Work/life balance features prominently as an enabler, or as a limiting factor, to well-being – and to happiness. Indeed, over half of respondents who say they are happy also say they are satisfied with their work/life balance, but in those who report being unhappy, satisfaction with work/life balance drops to three in 10. Achieving work/life balance isn't just seen by these generations as a 'nice to have' – it is now a fundamental expectation. To this end, maintaining a good work/life balance features in the top career goals for both generations, along with financial independence and job stability. Yet many have not consistently achieved work/life balance – with around a quarter of Gen Zs (28%) and millennials (26%) having changed industries or career paths for better work/life balance. While the importance of achieving a work/life balance is clear – it is equally clear that there is a mismatch between expectations and reality when it comes to a leader's role in helping to achieve it. Around four in 10 look to their leaders to enable work/life balance, yet just under a quarter say this happens in reality. Workplace culture and recognition also play a key role. The data shows that both are closely linked to employee well-being. Indeed, for those who report good mental well-being, feeling valued at work, satisfaction with the recognition they receive, and satisfaction with career growth opportunities are common workplace experiences. For example, six in 10 Gen Zs and seven in 10 millennials who feel satisfied with the recognition they receive for their work report good mental well-being. Yet the picture is less positive for a third of respondents who say that their job contributes significantly to their stress levels, with long working hours and a lack of recognition being most cited (by nearly half). And for around four in 10 of these respondents, workplace stress is driven by toxic workplace cultures and unfair decision-making processes. Here we again see the importance of the role of line managers and leaders – along with a mismatch in expectations and experience. More than four in 10 respondents believe managers have a responsibility to foster a positive and inclusive work culture, but only one-fifth believe that they do this – with a lack of recognition, unfair decision-making practices and toxic work environments cited as top workplace stress drivers. Financial reward for work is important to these generations, but so is doing meaningful work, and both impact well-being. Sixty-two percent of Gen Zs and 68% of millennials who are satisfied with their pay and benefits report good mental well-being, while only 39% Gen Zs and 44% millennials who are dissatisfied with these elements report the same. When it comes to meaningful work, nine in 10 respondents overall say having purpose to their work is important to their well-being. When these generations don't experience meaning or purpose in their work it negatively impacts stress and anxiety levels as well as retention – indeed, four in 10 say that not getting a sense of meaning or purpose from work contributes to their feelings of anxiety and stress. And nearly half (44% of Gen Zs and 45% of millennials) have left a role they felt lacked purpose. This data paints a clear picture: well-being is impacted by workplace experiences – it cannot be regarded as a stand-alone issue on the sidelines that is solely addressed by providing mental health resources. It is about fundamentals at the core – work/life balance, culture, recognition, financial reward and meaningful work – and it is about leaders who understand and enable this. Some may read this article and be comfortable that they have embedded well-being in all they do. But for those who read it and think there is more to do, here are some questions to think about: By asking these questions and being open to reframing how they consider their approach to workplace well-being, employers can start to meaningfully meet the expectations of younger generations and reap the full benefits of a thriving, productive and loyal workforce.
Yahoo
14-05-2025
- Business
- Yahoo
Deloitte Global's 2025 Gen Z and Millennial Survey finds these generations focused on growth as they seek money, meaning, and well-being
Key takeaways Three-quarters of Gen Zs (74%) and millennials (77%) believe GenAI will impact the way they work within the next year. Gen Zs and millennials are focused on growth and learning, but they believe their managers are missing the mark on key areas of their development. Only 6% of Gen Zs say their primary career goal is to reach a senior leadership position. When asked about the factors driving their career decisions, Gen Zs and millennials say it comes down to money, meaning, and well-being NEW YORK, May 14, 2025 /PRNewswire/ -- The 14th edition of Deloitte Global's Gen Z and Millennial Survey examines the responses of more than 23,000 participants across 44 countries. Projected to make up 74% of the global workplace by 2030, the survey finds that these generations are seeking a "trifecta" of money, meaning, and well-being while building the technical and soft skills that they believe will prepare them for the workplace of the future. "Gen Zs and millennials launched their careers in the shadow of a global pandemic and a financial crisis—events that respectively shaped their expectations of work and what success looks like," says Elizabeth Faber, Deloitte Global Chief People & Purpose Officer. "These generations prioritize work/life balance and meaningful work as they strive for financial stability. And now, as they navigate the way GenAI is changing work, they are reevaluating the capabilities they need to succeed and the support they want from their employers." Learning and development and the leadership gap Gen Zs prioritize career growth opportunities and learning when choosing an employer, but few want to reach senior leadership positions. Both Gen Zs and millennials expect their employers and managers to support learning and development, but there's a wide gap between their expectations and experiences. Some also have doubts about higher education's ability to prepare students for the job market: Climbing the corporate ladder is not the end goal, but they're still ambitious: Only 6% of Gen Zs consider reaching a senior leadership position as a primary career goal, but they cite learning and development among the top three reasons they chose their current employer, just behind good work/life balance and opportunities to progress in their careers. Gen Zs and millennials want more from their managers on key areas of their development: Roughly half (50% of Gen Zs and 48% of millennials) want their managers to teach and mentor them, but only 36% of Gen Zs and 32% of millennials say this happens in reality. They also would like their managers to provide more guidance and support and to do more to inspire and motivate them. These generations are questioning the value of higher education: Around one-quarter expressed concerns about the relevance of the curriculum to the job market, and the practical experience it offers. The impact of GenAI at workGen Zs and millennials are using GenAI more frequently, prioritizing training to boost their skills, and seeing improvements in their work quality. However, concerns about GenAI's impact on the workforce persist: GenAI usage is continuing to rise: Three-quarters of Gen Zs (74%) and millennials (77%) believe GenAI will impact the way they work within the next year and more than half of respondents already use GenAI in their day-to-day work, with 29% of Gen Zs and 30% of millennials using it all or most of the time. GenAI users have mixed feelings about its impact: GenAI users report that GenAI improves the quality of their work and their work/life balance. But more than six in 10 also worry it will eliminate jobs and say it is motivating them to seek jobs that they perceive as safe from GenAI-driven disruption. Soft skills are seen as critical for career advancement: As they work alongside GenAI, more than eight in 10 Gen Zs and millennials say developing soft skills, like empathy and leadership, is even more important for career advancement than honing technical skills. The pursuit of money, meaning, and well-being When asked about the factors that impact their career decisions, Gen Zs and millennials gave responses that fell into three categories: money, meaning, and well-being. The survey underscores that these areas are tightly interconnected as respondents seek to find the right balance: Financial insecurity is on the rise: Nearly half of Gen Zs (48%) and millennials (46%) say they do not feel financially secure, up from 30% of Gen Zs and 32% of millennials in last year's survey. The survey data also reinforces that without financial security, Gen Zs and millennials are less likely to have a positive sense of mental well-being and less likely to feel their work is meaningful. Purpose influences job satisfaction: Roughly nine in 10 Gen Zs (89%) and millennials (92%) consider a sense of purpose to be important to their job satisfaction and well-being. But purpose at work is subjective. Some Gen Zs and millennials say it's about having a positive impact on society. Others say their purpose is to earn money, find work/life balance, or to learn new skills so they have the time and resources to drive change outside of working hours. Positive well-being supports a sense of purpose at work: Among those who report positive mental well-being, 67% of Gen Zs and 72% of millennials feel their job allows them to make a meaningful contribution to society compared to 44% of Gen Zs and 46% of millennials who report poor mental well-being. "Gen Zs and millennials have been consistent about their priorities at work, but as the world of work shifts rapidly around them, employers need to rethink how they can best meet their needs," continues Elizabeth Faber. "By being thoughtful about the impact of technology and modernizing the way work is structured, leaders have an opportunity to evaluate how the workforce is supported while advancing their organization." To learn more, read the full report here: About Deloitte Global 2025 Gen Z and Millennial SurveyDeloitte's 2025 Gen Z and Millennial Survey reflects the responses of 14,751 Gen Zs (born between 1995 January and 2006 December*) and 8,731 millennials (born between 1983 January and 1994 December). In total, 23,482 respondents were surveyed from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia-Pacific. The survey was conducted using an online, self-complete-style interview between 25 October and 24 December 2024. The report includes quotes from survey respondents, attributed by generation and gender, who answered open-ended questions, as well as from participants in one-on-one, ethnography style, qualitative interviews conducted separately from the online survey between 19 December 2024 and 10 January 2025. *Gen Zs are typically defined as being born between January 1995 and December 2010, but this study does not include respondents younger than 18, so each year the definition of Gen Zs in this survey shifts a year to include all adult Gen Zs About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see to learn more. Deloitte provides leading professional services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets and enable clients to transform and thrive. Building on its 180-year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte's approximately 460,000 people worldwide make an impact that matters at View original content to download multimedia: SOURCE Deloitte Global Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
