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New research has revealed a distinct gap in how different generations are rewarded and recognised at work.
According to the latest Workmonitor report, which zoomed in on Generation Z (18-24 years), young Millennials (25-34 years), older Millennials (35-44 years), Generation X (45-54 years) and Baby Boomers (55-67 years), different generations have experienced mixed outcomes when it comes to reward and recognition given to them at work over the past 12 months.
When asked the question: “I have received an increase in my remuneration package in the last 12 months (pay rise, bonus)”, 42 per cent of young Millennials either “strongly agreed” or “agreed”, compared to 37 per cent of older Millennials, 30 per cent of Gen Z, 27 per cent of Baby Boomers and 26 per cent of Gen X respondents.
Gen Z reported the highest percentage of increased training and development opportunities over the last 12 months (36 per cent), followed by young Millennials (27 per cent), older Millennials (23 per cent), Gen X (17 per cent) and Baby Boomers (11 per cent).
When asked the question: “I have received increased benefits in the last 12 months (leave allocation, healthcare, car allowances, etc.”, 39 per cent of Gen Z said they had, compared with 19 per cent of young Millennials and 18 per cent of older Millennials.
Just 9 per cent and 4 per cent of Gen X and Baby Boomers, respectively, had received increased benefits in the last 12 months.
A further 30 per cent of Gen Z said they had received increased support for families and dependents (childcare support, parental leave, carers’ leave), followed by 23 per cent of young Millennials, 19 per cent of older Millennials, 12 per cent of Gen X and 5 per cent of Baby Boomers.
The report noted there are actions employers can take to improve their offering to employees:
- Flexible working arrangements
- Training and development opportunities
- Wellness and mental health support
- Salary protection and fair remuneration
- Career development opportunities
“The good news is that over 80 per cent of all Australian age groups believe their employers offer good work/life balance. And a further 68 per cent of Aussies say their current job offers flexibility in terms of working hours and 54 per cent in terms of location/deciding where to work from. Again the biggest gains are being enjoyed by Gen Z’s (93 per cent and 75 per cent consecutively),” the report explained.
The Workmonitor report also looked into how happiness levels at work play a big part in employee retention and key drivers influencing Gen Z’s decisions in wanting to work with certain businesses.
