TORONTO, July 15 /CNW/ - The more things change, the more different generations of workers become the same, suggests a new study (http://www.roberthalf.com/workplaceredefined) from Robert Half. The research shows that workers of all ages have a new appreciation for company stability when making career decisions. Yet, for many, getting to firmer ground may entail a career change: Four out of 10 professionals polled said they are more inclined to look for new opportunities outside their firms as a result of the recession. Other findings include:
- Pay is not keeping up with performance. More than one-third (37 per
cent) of employees felt they are not being fairly compensated for
assuming a greater workload during the recession.
- Work is more engaging. About one in four (28 per cent) said they are
more engaged in their work as a result of the recession.
- Generational views on next career steps differ. For Gen Y, looking
for a new job is the most common post-recession career plan, whereas
Gen Xers polled said they are more inclined to update their skills.
For baby boomers surveyed, staying put at their companies was the
most commonly cited post-recession career plan.
- Cross-generational teams bring challenges, rewards. Nearly three-
quarters (72 per cent) of hiring managers said managing
multigenerational work teams poses a challenge. But more than one-
third of workers polled felt having a group of employees at different
experience levels increases productivity.
- Retirement plans are being put on hold. Nearly half (46 per cent) of
workers believe they will work past the traditional retirement age,
and more than one-third said the recent recession has had a very
strong impact on those plans.
The study was developed by Robert Half, the world's first and largest specialized staffing firm, and conducted by an independent research firm. More than 1,400 professionals across Canada and the United States who are employed full-time and have university degrees, or are earning university degrees, were surveyed for the project, including 502 hiring managers. Respondents included members of the baby boomer generation (approximately 46 to 64 years old), Generation X (approximately 32 to 45 years old) and Generation Y (approximately 21 to 31 years old*).
*Does not include all of Generation Y, only the segment old enough to have entered the workforce who have college degrees or are currently attending university.
"Our research reveals that there are several parallels across generations, which may be partly attributed to recent economic challenges," said Kathryn Bolt, president of Robert Half International's Canadian operations. "As the job market rebounds, understanding what motivates employees can help companies augment their recruitment and retention efforts."
Following are five similarities among the generations revealed in the Robert Half research:
1. For all generations surveyed, working for a stable company and
having job security were two of the most important aspects of the
work environment, beating out having a short commute or working
for a socially responsible company.
2. When evaluating employment offers, salary, company stability and
benefits were the most important factors for all three
generations, according to those polled.
3. Extended healthcare coverage, dental coverage, vacation time and
RRSP matching were the highest valued benefits for all generations
4. Among professionals who plan to work past the traditional
retirement age, strong majorities in all generations cited the
past recession as an important factor in their decision.
5. The most commonly cited benefit of being part of multigenerational
work teams was bringing together various experience levels to
provide knowledge in specific areas.
Following are five differences among the generations revealed in the Robert Half research:
1. When it comes to post-recession career plans, more Gen Yers (36
per cent) than Gen Xers (30 per cent) and baby boomers (24 per
cent) planned to look for new job opportunities.
2. Gen Xers polled were more inclined to enhance their skills sets
(38 per cent) and build tenure with their companies (33 per cent)
in the aftermath of the recession than other generations.
3. A greater percentage of baby boomers (54 per cent) than Gen X (46
per cent) or Gen Y (39 per cent) respondents said they will work
past the traditional retirement age.
4. More Gen Xers (34 per cent) than baby boomers (27 per cent) said
they had increased their retirement savings since the recession
5. More baby boomers (54 per cent) than Gen X (45 per cent) or Gen Y
(35 per cent) employees identified the greatest challenge when
working with multiple generations as having differing work ethics
and approaches to work/life balance; more Gen Yers attributed
difficulties to differing communication styles (29 per cent for
Gen Y versus 16 per cent for both Gen X respondents and baby
"With the job market stabilizing, many employees, particularly Gen Y professionals, may start to consider other employment opportunities," said Bolt. "Developing a sound retention strategy, including the review of top performers' career paths and compensation levels should be a priority for companies looking to maximize emerging growth opportunities,"
About Robert Half International
Robert Half International is the world's first and largest specialized staffing firm with more than 360 worldwide staffing locations. The company's specialized staffing divisions include Accountemps(R), Robert Half(R) Finance & Accounting, and Robert Half(R) Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam(R), for highly skilled temporary administrative support; Robert Half(R) Technology, for technology professionals; Robert Half(R) Legal, for project and full-time staffing of lawyers, paralegals and legal support personnel; and The Creative Group(R), for creative, advertising, marketing and web design professionals. Find more information at www.roberthalf.com and follow us on Twitter at www.twitter.com/RobertHalf_CAN.
SOURCE Robert Half International (Canada)
For further information: For further information: Kristie Perrotte, (416) 350-2330, firstname.lastname@example.org, www.twitter.com/KPerrotteRHI.