Fulfillment over Payment? The Generational Divide.
According to a McKinsey study, over 50% of employees considering leaving their jobs aren’t doing so because of compensation. While this polled workers at large, there is an emerging difference in how each generation is handling the “Great Resignation” trend. According to new research from Amdocs, 27% of Millennials and 31% of Gen Z have admitted to re-evaluating their job situation. Only 13% of Boomers have considered leaving their jobs.
How do you keep or attract these employees?
Understand why they are leaving. Before you offer those pay raises, consider implementing the “perks” that these workers are looking for.
1. Do they feel valued?
Their measurement of success is not necessarily tied to their paycheck. Favoring acknowledgement over payment, these employees are not as likely to be incentivized by bonuses or perks.
2. Are they part of the company’s culture?
These employees are looking to be part of a team. They want to be interconnected with a company culture that shares the same goals.
3. Is the workplace healthy and diverse?
Stress management and work/life balance are key. These generations are looking for a healthy and inclusive workplace that encourages diversity and personal connection. Place value on what individuals bring to the table and it nourishes the whole.
4. Do they have room to grow?
They are eager for training and development programs. Reskilling or upskilling your employees motivates them. There is more fulfillment and job satisfaction when employees are engaged and given purpose.
5. Is the company empathetic?
These are unprecedented times. While Boomers and Gen X may be “pulling themselves up by their bootstraps,” Millennials and Gen Z don’t subscribe to the same ideology. They seek a more empathetic and flexible workplace.
6. Looking to hire or retain Millennials and Gen Z?
Recognize that they aren’t focused on the material benefits of work. Offer them a workplace that recognizes the human behind the position.
De Smet et al. (2021, September 8). ‘Great Attrition’ or ‘Great Attraction’? The choice is yours. McKinsey Quarterly
Michael Zema, Michael (2021, September 13). Research: Workforce of 2022: Reskilling, Remote and More . Amdocs