What do Gen X and Gen Y really want in the workplace?
By Mario Cywinski | July 13, 2008
For decades, Gen X and Y have been at the forefront of the workforce, taking over for many retiring baby boomers and establishing their own careers. However, what exactly do they want out of a given job?
Ability to advance in the workplace was the most popular answer with 90 per cent of Gen X or Y respondents saying it was quite or extremely important, according to a new survey.
Interestingly, it seems that employers are a little of our sync with the workforce, as only 60 per cent would say they offered their workers an ability to advance, with their main incentive being the corporate support of local charities (70 per cent), said the David Alpin Recruiting survey.
If we take a look at the next five answers offered by respondents, we see a discrepancy start to emerge.
Second on the list of most important incentives was performance-based bonuses and salary increases (88 per cent want it, 66 per cent of companies offer it).
Next was an excellent benefits package (86 per cent, 62 per cent); followed by new challenges and a variety of interesting projects (85 per cent, 55 per cent); pension or retirement savings plan (83 per cent, 63 per cent); and number six was a high salary, with 83 per cent of respondent wanting it and 31 per cent of employers believing they offer it.
Further gaps in ideology are apparent when we break up Gen X and Y into separate categories and compare them to answers provided by employers.
The four areas that had the largest discrepancies were:
- High salary with 49 per cent more Gen Y respondents wanting it than employers who offer it (80 per cent vs. 31 per cent);
- signing bonus, 48 per cent (59 per cent vs. 11 per cent);
- subsidized transportation, 43 per cent (55 per cent vs. 12 per cent); and
- free fitness memberships at 42 per cent difference (60 per cent vs. 18 per cent).
Many of these statistics show how hard it can be for an individual to find a company they would like to work for, that features many of the incentives they would appreciate.
Here are some incentives that are the least likely to sway Gen X, Y and baby boomer respondent to work for a specific company.
Starting with baby boomers, the three incentives they do not want are:
- an on-site childcare service, 12 per cent;
- subsidized childcare, 14 per cent; and
- a fully stocked kitchen, 17 per cent.
Moving on to Gen X, we see a shift in mentality, as child care is not rated as high. The top three answers are:
- corporate support of global charities and causes, at only 23 per cent support;
- a fully stocked kitchen, 27 per cent; and
- having an employee lounge, 29 per cent.
Finally, Gen Y - in what may seem like a surprise as many are entering their child bearing years and are beginning to start family - rate an on-site childcare centre lowest on their list at only 29 per cent. The next two least attractive incentives are corporate support of global and local charities and causes, at 31 per cent and 37 per cent, respectively.
One last example of companies being out of touch with their workforce is what they believe is the most important issue in their employees lives. Family and friends are the top choice among Gen X and Y respondents, while employers believe it is the fun and enjoyment of life.
It is important to note, that as a company grows larger, it is more likely to offer incentives that their workforce wants, according to the survey.
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