Employers Must Adopt New Technologies, Practices and Policies to Attract and Engage Gen Y, Gen X and Boomer Employees
TORONTO, April 23, 2013 /CNW/ - Ceridian Canada's Pulse of Talent 2013 reveals that Canadian companies must address generational differences to avoid the cost of high turnover rates, low engagement, and missed new business opportunities. Generation Y and the rapid evolution of technology use in the workplace is forcing organizations to adopt a more personalized approach to employee feedback and new policies that support a modern workforce. In March 2013, Ceridian Canada commissioned their annual Pulse of talent survey conducted by Harris/Decima. Over 800 employed Canadians, ranging from Boomers, Generation X and Generation Y, were surveyed regarding their perceptions of job security, technology, performance reviews, job recognition and career satisfaction.
"With the Canadian workforce spanning four generations, employers must realize that the "one-size fits all approach" to managing people is ineffective. The survey points to rewards and recognition, communication, career performance and progression as the key impact areas essential for individual and organizational success. The required approach to these impact areas is different across all generations due to the evolution and influence of technology in the workplace," says John Cardella, chief people officer, Ceridian Canada.
Key findings show that generational differences must be accommodated to ensure optimal employee engagement, retention and overall organizational success. Here are some of the highlights:
Technology has transformed communication between employer and employee. Organizations must embrace different communication styles depending on the situation to effectively engage with a diverse workforce.
- Face-to-face communications is the richest medium and still the most preferred method to receive feedback :
- 89% of all the respondents would prefer face-to-face communication over any other method like email or the phone.
- Social media permeates work/life communication and can impact organizational reputation:
- 29% of all respondents said they have promoted their company in public ways with comments on social media sites. Among Gen Y respondents, 41% admit to promoting their workplace/employer on social media sites.
- Gen Y are also more likely to complain about their employer or performance review via online channels than any other generation (12%).
- A high percentage of Canadian businesses are not embracing new communication technology
- Only 24% of respondents said that their employers allow them to use social media tools at work.
Rewards & Recognition
In today's diverse workforce, employers must tailor reward and recognition programs to account for generational differences, individual preferences and technological innovation:
- When asked which rewards they would like their company to offer, the majority of Generation Y (74%) said they would prefer non-monetary performance rewards; as did Generation X (65%) and Boomers (56%).
- Preferred non-monetary rewards include:
- Free personal days off (37%) free food/meals (20%); event tickets (19%), club memberships (17%) and technology resources (15%) such as smartphones, iPads etc.
Career Performance and Progression
Employers must do a better job of outlining career paths if they want to keep employees motivated and focused, and retain top talent:
- Among those who had at least one formal meeting with their boss/supervisor only 1 in 4 respondents (25%) said that a career plan was implemented for them at their level.
- The frequency of performance reviews is declining with 62% of respondents who had at least one meeting with their supervisor in 2011 and 2012 compared to only 54% in 2013:
- Gen Y differs from Boomers as they prefer more constant feedback than their peers; 15% of Gen Y would prefer 3-4 performance reviews per year versus 5% of Boomers;
- Of note, 12% of the respondents would prefer to have no performance reviews at all.
- Among those who expect to receive a salary increase/bonus/promotion within the next year, 29% said they would start looking for a new job if they did not receive one; this number is even higher among Gen Y (52%) .
The Pulse of Talent surveys provide valuable Canadian industry insight on workforce metrics, to help identify talent gaps, reveal opportunities and identify emerging trends within the Canadian workforce.
To download a whitepaper on the Pulse of Talent 2013 results entitled The Need for an Agile Approach to HCM go to: www.ceridian.ca/pulse_of_talent/
About Ceridian Canada
Ceridian Canada is a human resources solutions provider that helps customers optimize their workforce, reduce costs and save time by finding, paying, developing and engaging their talent. With over 40 years of experience, proven expertise and recognized service excellence, Ceridian Canada is a trusted partner to more than 43,000 Canadian customers. Ceridian's solutions include payroll, Dayforce Human Capital Management, HR information services, recruitment and staffing services, Employee Assistance Programs, training and more. With offices from coast to coast, Ceridian Canada provides services to more than three million Canadians. Ceridian Canada was established in 1968 and is based in Toronto, Ontario. Follow Ceridian on: Twitter, Facebook, and LinkedIn.
SOURCE: Ceridian Canada Ltd.
For further information:
Ceridian Canada Ltd.
905-947-7251 (c) 647-388-2464
416-599-0024 ext. 231