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Recent research shows that pay is not the key driver for Millennials

By Jocelyn Chapman, 1st August 2016

Interesting research from two very different organisations shows that Millennials specifically are having an impact on the whole workforce and their attitude to pay.

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This generation are less driven by salary than those that joined the workforce as Generation X or the Baby Boomers that came before them, but even these different audiences are now less driven by pay alone.

The ‘Futurestep Millennial Survey’ of 1,000 executives from around the world, conducted by Korn Ferry Futurestep, highlights the priorities for Millennials in the workplace. 28% reported the ability to make an impact on the business as most important, closely followed by work-life balance at 26%, whereas only 3% valued income as the most important. When asked what will make them choose to accept a job offer, 38% said “visibility and buy-in to the mission and vision of the organisation,” followed by 29% wanting a clear path for advancement and 18% opting for title and pay.

Millennials reflect the changing nature of society, and one that organisations need to adapt to in order to attract and retain the best talent. Those looking to hire those at the start of their career also need to consider Generation Z, which includes those individuals born since just before the new Millennium, who are now just getting ready to enter the workforce. 

This generation has grown up in a world in political and financial turmoil and as a result, they are keen to look after their money and make the world a better place. In an article on definitions for the generations, The Telegraph mentioned a report by Sparks & Honey, a US advertising agency, who described this soon-to-be-adult generation as the "first tribe of true digital natives". According to this report , Generation Z are keen to volunteer and aware that an education is to be treasured, with 60% of them wanting to have an impact on the world, compared with 39% of Millennials.

While not focused just on Millennials, new research just published by CV-Library, reveals that 81.9% of working Brits would take a pay cut if it meant landing their dream job. This survey asked 2,000 workers to share their career priorities and sacrifices they would be prepared to make in order to secure their ideal job. A clear route for career progression came in at the top of the list, with a staggering 73.3% advising that development and progression was important when considering a new job.

Much research has been conducted into the diverse work drivers between the generations, especially with individuals who fall in the Baby Boomer generation choosing to work longer, rather than retiring. This alone means that organisations need to adapt to at least 3 different work styles and attitudes to ensure they can retain their most experienced talent, whilst keeping their younger recruits engaged and motivated too. This is in addition to actually adapting to how these different audiences actually look for work and engage with job applications too.

If you would like some guidance or advice on how best to attract and retain across the generations, please give the team at Park Street People a call on 01753 830 607 to find out more.

Tags: Baby boomers, Different audiences, Workforce, Salary, Pay, Generation, generation x, Digital & Technology client, Sales & Marketing client, Office Support client, Languages Client, Pharmaceutical, assign Jocelyn Chapman

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