Whether in recognition at work, job security or technologies used, the opinions of baby boomers and Generations X or Y are different. This is an aspect that companies must take into account to avoid excessive staff turnover and improve the level of job satisfaction.
The “State of Human Capital 2013” survey conducted by the Ceridian Canada HR solutions provider once again reveals the differences that exist between the expectations of the baby boomers and those of Generations X and Y. Under these conditions, relying on a single approach to human capital management can go against the company’s interests.
Mushrooming communication
First point: new technologies have revolutionized the way we communicate in business. Although direct communication between people remains the preferred means by employees of all generations, other tools have still had a real impact. Social networks, for example, now have a role to play in a company’s reputation. 29% of the respondents already publicly promote their company through them. Among Generation Y employees this rate increases to 41%. Even though these employees might speak well of their employer, they can also use Facebook or Twitter to complain. According to the study, more than one Generation Y employee out of 10 has already done so. This may be the reason why Canadian employers are reluctant to use social networks in a work context. According to Ceridian Canada, only 24% of respondents indicate that they use these new modes of communication with their company’s approval.
Fewer monetary compensation
Interviewed on the type of compensation they would like to receive in recognition of their performance, most respondents of all generations showed a preference for non-monetary benefits. However, the study also reveals that the younger generations seem more in support of this type of compensation (74% for Generation Y and 65% for Generation X, compared to 56% for the baby boomers). Among the preferred compensation are personal days off (37%), free food or meals (20%), tickets to events (19%), club memberships (17%) or even technological resources such as smartphones or tablets (15%).
Better organized career paths
A final point of difference between generations is expectations regarding the performance appraisal. The survey reveals that 15% of Generation Y employees would like to be evaluated three or four times per year compared to 5% of the baby boomers. In the field, this isn’t happening since the frequency of evaluations seems to be on the decline. While 62% of respondents reported having had at least one meeting with their superior for the 2011 and 2012 surveys, only 54% did in 2013. Yet this is a key point for companies that wish to better approach their employees' expectations.