In the wake of the pandemic, flexible work schedules have become a more common employee recruitment option. Many companies, a significant 88% of employers, now offer different remote work options. These options include the following:
50% of surveyed employers offer fully remote work
75% of surveyed employers offer flexible schedules with remote options on specific days
24% of surveyed employers offer compressed work weeks
This option allows employees to complete a standard 40-hour workweek in fewer than five days. This shift in how we work has profound implications for the modern workplace.
In the fast-evolving business world, companies continually search for innovative recruitment strategies. One such employee strategy that has gained increasing attention is the adoption of a four-day workweek. This work schedule is designed to provide employees with more flexibility and an improved work-life balance.
Introduction to the Four-Day Work Week Trend
The International Foundation of Employee Benefit Plans recently conducted a survey of employers. Its goal was to examine the four-day workweek. For this purpose, the work schedule was defined as a reduction in weekly work hours from 40 to 32 hours.
The survey reveals that 5% of employers already offer a four-day workweek. For some, it is their official policy. Others do it on a case-by-case basis. An additional 14% of employers are contemplating implementing it, and 1% are in the process of piloting such a schedule. This showcases the growing interest in the approach.
Of employers offering a four-day or 32-hour workweek, the breakdown is as follows:
41% due to employee requests
36% as a retention strategy
36% for work-life balance and company culture
25% as a recruitment tool
Some employers apply the approach company-wide. Others restrict it to specific job roles, certain employees, or designated locations.
What Are the Benefits?
For the employers who offer their employees a 4-day workweek, they cited the following as benefits they experience. For those who are considering it, these are their desired outcomes of doing so.
Improved Work-Life Balance
A significant advantage of the four-day workweek is the potential for a better work-life balance. With a shorter workweek, employees can enjoy more leisure time. This can lead to increased job satisfaction and reduced burnout.
Increased Productivity
Surprisingly, a compressed workweek often leads to heightened productivity. When employees have fewer days in the office, they tend to focus more on essential tasks, reducing time-wasting activities. This can result in a more efficient use of work hours and, ultimately, a more productive workforce.
Attraction of Top Talent
The adoption of a four-day workweek can be a powerful employee recruitment tool. In a competitive job market, potential candidates are drawn to employers who offer unique and flexible benefits. Businesses offering this work arrangement are likely to stand out and attract top talent who value work-life balance.
Employee Retention
Once a company has recruited top talent, it’s essential to keep them. The four-day workweek can serve as a retention strategy. It ensures that employees are content with their work-life balance. Satisfied employees are more likely to stay with their current employer. This results in a reduced turnover and associated recruitment costs.
What Are the Potential Drawbacks?
Convincing decision-makers about the benefits can be a significant challenge. In fact, many employers, about 80%, are unconvinced. This can make implementing a four-day workweek difficult.
One of the primary concerns associated with a four-day workweek is the potential impact on business operations. Some companies worry that a reduced workweek may hinder their ability to meet customer demands.
The reasons employers choose not to offer a 4-day workweek break down thusly:
42% due to upper management disinterest
38% worry about widespread implementation challenges
36% due to potential negative impact on business operations
32% worry about the inability to support their customer base
Administrative burdens and potential costs also contribute to their hesitation.
What Is the Takeaway?
As they navigate the post-pandemic work landscape, businesses experiment with flexible work weeks. Plus, while some have already adopted a four-day work week, others are considering the shift.
Some choose to adopt a 4-day workweek as part of their employee recruitment strategy. To successfully do so, companies should consider their employees’ preferences, as well as the potential impact on the business operations. The four-day workweek may not be suitable for all organizations. However, it has the potential to revolutionize the way we view work and employment.
In conclusion, this is a promising recruitment strategy that can provide businesses with a competitive edge in the job market. Companies can use this innovative work arrangement to attract, retain, and nurture top talent. In the ever-changing landscape of recruitment and employment, the four-day workweek offers an exciting path forward.
Employee morale plays a pivotal role in shaping the dynamics and outcomes of a workplace. Simply put, when employees are content and motivated, they tend to be more engaged, creative, and productive.
Conversely, a dip in morale can lead to disengagement, increased absenteeism, and a higher turnover rate. All of which can spell trouble for an organization’s success.
Therefore, employers need to gauge and grasp the morale of their employees to foster a positive and thriving work atmosphere.
Chicago-based company, Launchways, has delved into the importance of measuring morale in the workplace. We offer this insight.
Why Measure Employee Morale?
Employee engagement is essential for a company’s success. To effectively attract and retain top talent, organizations should begin by assessing whether their current employees are happy. That helps employers know how to keep valuable employees.
Workplace morale affects the following:
Productivity and Performance: When employees are satisfied and motivated, they are more inclined to invest their best efforts and produce high-quality work.
Employee Retention: Employees who find content at work are less likely to seek opportunities elsewhere.
Engagement and Innovation: A positive work environment nurtures a culture of innovation and continuous improvement.
Measuring Employee Engagement
To gauge employee satisfaction, many employers continue to rely on employee engagement surveys. But lately, employee engagement has been at its lowest point in nearly ten years. Employers start to wonder if the usual surveys really show what employees think.
Instead of using the same old surveys, employers should think about new ways to see how engaged employees are. It’s also important to improve the surveys to make sure they show how employees truly feel. Here are a few ideas that can help employers better understand employee engagement.
Updating Employee Engagement Surveys
When done properly, regular employee surveys can still effectively measure employee engagement. A few factors to consider for updating your surveys:
Keep surveys short and timely. Send short 3-5 question polls for specific activities or occurrences. Reserve long surveys for annual or bi-annual reviews.
Be concise and clear about what you are asking. Simple questions often get the best answers.
Invite feedback and suggestions. Leaving an open-ended feedback section allows employees to provide additional information. This ensures they feel heard.
Although surveys are probably the most popular method for measuring employee satisfaction, they aren’t the only one. To get a holistic view of engagement in your organization, consider including the following options.
One-on-One Meetings
Many workers don’t feel heard when they only have a few pre-written multiple-choice answers to choose from. Conducting one-on-one interviews with employees offers valuable insights into their morale. Such interviews provide employees with a confidential space to express their concerns and emotions.
Companies should provide managers with the proper training to lead these meetings in a way that ensures employees feel heard and respected.
Company Forum or Chat Channel
Creating a “forum” where employees can discuss current business issues may promote broader discussions. This form of communication allows employers and HR leaders to identify current problems. They can use that information to initiate real conversations to work toward real solutions.
Tracking Metrics
Tracking employee behavior over time can serve as an indicator of morale. Consider monitoring the following and investigating their root causes.
Employee Turnover Rates
Absenteeism and Sick Leave
Performance Metrics
Identifying patterns can help organizations unearth and address underlying issues.
The Takeaway
Today’s employees know what their priorities are. By measuring employee engagement and morale, employers can improve their ability to attract and retain talent. This enhances the company culture and creates an environment where workers feel valued.
This, in turn, benefits not only employees but also the organization as a whole. In the grand scheme of things, the question “Are your employees happy?” should invariably top the priority list of every organization wishing to create a thriving and productive workplace. For more insight, check out Employer/Employee Relations: Who’s in Control?
The pendulum continues to swing. Going “back to normal” is a status many businesses long for even as they struggle to manage the “new normal.” With many workers insisting on the freedom they experienced working remotely, and employers calling for a return to their cultivated work culture, there is bound to be tension.
So, “Who’s in control of employer/employee relations?”
Employer/employee relations form the foundation of our modern workforce. By examining the current trends, we can gain insight into the evolving dynamics of employer/employee relations.
Remote Work and Flexible Arrangements
In recent decades, many trends have altered the employment landscape. Non-traditional work arrangements, such as freelance and contract work, have blurred the lines between traditional employer and employee roles. This results in new challenges in determining control and responsibility.
Remote work often requires a shift in management strategies, with a greater emphasis on results and performance. However, this shift means that employees may feel the need to be constantly connected to work. This sometimes blurs the line between their personal and professional life.
While workers have more control over their work environments and schedules, employers may fear that this lack of oversight could result in less productivity. The challenge is finding a balance. The desired solution would allow employees the flexibility they desire while ensuring employers can maintain control over work outcomes.
Mental Health Matters
Additionally, mental health has emerged as a prominent issue. More people are reporting feelings of depression and anxiety. Rates of drug abuse, addiction, and suicide have been steadily increasing. Although many are becoming more aware of mental illnesses, work-related stress, and burnout, businesses continue to find practical solutions to be a challenge.
Employers recognize that overly strict regulation can lead to feelings of employee dissatisfaction. That results in high turnover rates. In fact, the Great Resignation and quiet quitting trends have been linked to the level of support an employer offers its workers.
Workers prioritize their mental well-being and the quality of the work culture as they seek opportunities. Therefore, wellness and mental health have become important recruitment strategies for businesses.
Major health events, including mental health ones, change everything in a person’s life. As employers and HR advisors, we need to take the health of our workers seriously.
Balancing Employer and Employee Interests
With the increased attention that employee needs are getting, more employers are aware than ever before. Unfortunately, inflation has made wage increases difficult. Plus, more inclusive benefit options are increasingly expected to attract new talent. It has become challenging for many employers to keep up.
Employers are vested in ensuring their businesses’ productivity and profitability. This often involves making decisions that affect employee workloads, compensation, and job security. In contrast, employees seek job satisfaction, fair compensation, and security.
Employers often feel torn between wanting to support their employees and wishing to avoid price increases. This is clear in the healthcare benefits landscape. Balancing these sometimes conflicting interests is essential for a healthy workplace.
Where Do We Go From Here?
Although the pandemic redefined work dynamics, there’s a real sense of cooperation and negotiation. It’s in the best interests of both employers and employees to work for a mutually beneficial arrangement.
Employers can engage in open dialogue with their workforce. They can seek feedback and involve employees in decision-making processes that affect them. This inclusive approach can enhance employee satisfaction and reduce feelings of powerlessness.
When employees feel included in the process, they are more likely to cooperate. They may support initiatives that may initially appear restrictive.
As businesses weigh their needs with those of their employees, it becomes increasingly apparent. This support is required to attract and secure top talent in a competitive environment.
Over the coming weeks, we’ll be delving into a few innovative solutions for improving employer/employee relations. We’ll discuss measuring employee engagement as well as creative recruitment strategies.
Overall, the employer/employee relationship is in a decent place, with neither in the position to make many demands. That is a pretty good way to start.
The American workplace has long been an evolving landscape. From the industrial revolution to our contemporary global arena, businesses have had to become more flexible to adapt to the recent challenges. Since the pandemic, more than half of the workforce demographic of 18 to 25-year-olds have been questioning whether they are in the right occupation.
In fact, studies show that not only are 54% of Generation Z workers considering a new career, but 41% of the global workforce may also be handing in their resignation.
Since employee retention is a key factor in the success of any company, it’s important for employers to make sure that their employees are happy and satisfied with the work they do.
What Is the Great Reshuffle?
The Great Reshuffle is the process of adapting to the changing workplace. It is a natural consequence as workers search for jobs they feel better suit their lifestyles, values, and needs. Although individual requirements vary, having a flexible work environment has become one of the primary considerations for many.
If companies want their employees to stay, they need to make workers feel like they are appreciated and are part of something bigger. To keep employees happy, consider the following tips.
Offer Competitive Salaries and Benefits
A company should offer competitive salaries and benefits to their employees. Offering competitive salaries is one way that employers can help attract and retain the best talent. Higher pay means a higher quality of life, which in turn leads to more motivated workers who are more productive.
Receive and Respond to Feedback
Feedback is a two-way street. Employers should not only be giving feedback to their employees, but they should also be receiving feedback from them. Feedback can help employers learn what they are doing well and what they need to improve on. It also provides them with information regarding employee needs.
Employees are more likely to feel engaged in their work when they have the opportunity to give feedback to their employer and know that the employer is listening and will take it into consideration. This can lead to increased productivity, better morale, and a stronger sense of community among the employees.
Offer a Flexible Work Environment
The workplace should be a place where employees can work in an environment that is most suitable for them. The environment should be flexible and offer the employee the opportunity to work remotely if possible.
The benefits of a flexible work environment are numerous. Employees are able to focus better when they know they have the freedom to choose where they want to work from. They also feel more productive and satisfied with their jobs as compared to those who don’t have a flexible workplace and are stuck in one place throughout their shift.
Create an Inclusive Environment
Fulfilling work is one of the most important aspects for both Millennials and Gen Z. As such, it is important to offer them an environment that allows them to feel like they make a difference through their efforts.
A good work culture is one where the employees feel appreciated and are given opportunities to grow in their positions. This can be accomplished by having an open office space with a lot of natural light, and by offering training opportunities for employees.
Show Sufficient Appreciation for Hard Work
Employers should show ample appreciation for hard work. This is not to say that employers should be giving their employees gifts every day or an over-inflated paycheck every month. However, they can do things like giving an employee a day off or telling them how much they appreciate their work and all that they do. A simple, heartfelt “thank you” can go a long way.
There are many reasons why employee retention is one of the
most important considerations for your organization. Among these reasons, which
include employee satisfaction and team morale, the biggest reason—or at least
the easiest to measure—is cost.
And these costs also include the knowledge and experience
that an employee gained while at the company; a loss that will turn into a several
month-long learning curve for whoever replaces them.
Other reasons that employee retention should be carefully
considered are that the organization’s performance and reputation could suffer
with a lot of turnover, and that competition to hang on to top talent is
heating up in a country with the lowest unemployment rate in decades.
So how many people are actually leaving their jobs, and why?
What are the turnover costs for companies? And what can you do to revamp your
retention efforts?
Here’s what you need to know about why employee retention is
your best weapon in the war for talent.
Employee
retention stats
A BambooHR onboarding survey, which surveyed over 1,000 U.S.
employees, showed that 31%
of workers have left a job within the first
six months, and 68% of those workers have left within three. And data from the
Bureau of Labor Statistics (BLS) shows that since January 2019, every month
around 3.5
million employees have left their jobs voluntary. BLS
data from 2018 showed workers had been with their current employer for an average of
4.2 years.
The BLS also reported that workers in the baby boom
generation were found to hold an average of just under 12 jobs throughout his or her
lifetime, between ages 18 and 50. However, nearly half of the 12
jobs were held between ages 18 and 24. This means that younger workers are more
likely to shift more often, and so retention strategies should put emphasis on
what would appeal to this younger population.
Why
do employees leave?
It’s no surprise, really, that modern workers are hard to
retain. It’s easier now than it’s ever been to research a new company or
refresh a job board each and every day. With the endless resource that is the
Internet, workers are learning more about what’s fair and what isn’t, what they
could be getting paid versus what they are making.
But, the reason for the two-weeks’ notice has to stem from
something specific and not so broad as “I wanted something better.” So what
drives employees to leave?
The BambooHR survey mentioned above also reported the top
three reasons that surveyed employees left their positions within the first six
months:
They were no longer interested in
the work (28%)
Their jobs were not what they had
expected in the interview (26%)
They didn’t like their boss (23%)
This feedback shows that an important part of a new job is
transparency: if the work was nothing like what was described, employees aren’t
going to feel great about that. If they deal with a rude manager, that’s
another red flag. And when it’s only been a few months, they may feel less
inclined to stick it out—they are less attached or invested in the company at
this point than they would be years in.
As SHRM points out, other reasons that employees leave are because they found a better, more competitive alternative (perhaps a company that provides more benefits or higher salaries); they had a “predetermined plan” to quit because of life circumstances, such as going to get a degree or having a family; or they had a frustrating experience that led them to act on impulse. An example of the latter could be that they didn’t receive a promotion or raise when they thought they deserved it.
In addition, a survey from America’s Health Insurance Plan (AHIP) showed that 56% of respondents said health coverage was a key factor in whether or not they stayed at their current job. According to a SHRM survey, 92% of employees said that benefits remain important to their job satisfaction, and that 29% of employees cited their benefits package as one of the top reasons to look for another position within the next year.
The cost of turnover
The average cost per hire is over $4,000, according to a study from the SHRM, and it takes 42 days on average to fill a given position. Whether or not that number would be much higher or lower for your company, there’s no arguing that costs are substantial. In addition to these financial setbacks, there’s no one in the role doing the work, putting strain on your other employees.
Also keep
in mind that those covering the work while a position is being filled may
expect to be compensated for the extra work, adding to the costs even more. So
needless to say, turnover is not only frustrating, reputation-hurting, and
time-consuming, it’s also expensive.
How to revamp your employee
retention strategy
To win the
war for talent that’s currently going on in the U.S., it’s time to revamp your
retention strategy. Based on the common reasons people leave their jobs above,
consider these methods:
1. Clearly communicate job duties
and expectations
As already
mentioned, it can be upsetting or surprising to a new hire if the duties
discussed in the interview were not accurate to the job they suddenly find
themselves in. This is why it’s not always enough for an HR rep to do the
interview and why a manager or colleague who will have similar duties should be
engaged in the candidate-seeking process.
2. Update your benefits package
Because workers hold health and other benefits as a top priority in their decision to stay at their jobs, 85% of HR professionals say that they use benefits as a strategic tool to positively impact recruitment and retention, according to an SHRM benefits survey. For example, new trends include updates to parental benefits, such as maternity and paternity leave and adoption leave.
But
another part of updating your employee benefits is about work-life balance.
Modern employees look for jobs with flexibility offerings, such as working from
home or different working hours. These considerations are especially important
when catering to the younger generations, who value workplace culture and
flexibility.
According
to the Deloitte Global Millennial Survey
2019, half of
millennials surveyed said that they would consider working in the gig economy.
This lifestyle appealed to them because of the chance to earn more money (58%),
to work their own hours (41%) or to achieve better work/life balance (37%).
3. Encourage position transfers
within the company
Another
smart move to better retain and satisfy employees is to discuss their end goals
and their satisfaction in their current roles, and encourage them to look into
other departments if they’re not happy. Some companies are implementing this
idea into their policies and procedures, so employees can easily look at their
handbook and find out if this is an option.
4. Talk about pay equality and
diversity
Pay
equality and diversity are two hot topics in today’s workplace culture. Young
employees want to know that they’re being compensated for their hard work and
dedication, and it will be easy for them to tell if decisions like wage range
is based on discriminatory factors.
If this
hasn’t been a focus yet for your company, start by offering trainings or
seminars where employees can learn or share. Express your commitment to these
issues so that employees know you’re thinking about it.
5. Ask for feedback
Another
tried-and-true way to get inside the heads of your employees is to simply ask
them. Don’t try to guess how happy they are or how satisfied they are with
their work or department. Implement employee surveys that are anonymous so they
feel comfortable sharing. Hold discussions where employees can provide their
opinions, thoughts, and feelings about the company and what could be improved.
It also
can’t hurt to introduce new perks in the office, like a Friday lunchtime game
or regular outings after work. These opportunities for interaction can help
leaders become aware of issues or successes.
Key takeaways
Retention
is key with the current dips in the unemployment rate, which are only getting
lower. You need to create a retention plan that addresses real concerns that
your employees are having.
Remember
to:
Clearly
communicate expectations during interviews and throughout the candidate-seeking
process.
Update
your benefits package (including work-life balance and flexibility benefits)
regularly, based on what your workforce cares about.
Encourage
position transfers within the company.
Discuss
and address pay equality and diversity concerns that arise all the time in
modern workplaces.
Involve
employees in decision-making so that you can take their feedback into account.
These strategies will help you to stand out from competitors and retain quality talent. Make sure you give these considerations due care, and your overall workplace environment will improve (not to mention you’ll save on the high costs of filling positions that experience turnover regularly).
Generations Y and Z will become the largest living
generations in 2019, having already have surpassed Generation X in the workplace,
and by next year will represent half of all workers globally. With so many
working for you, understanding what makes them tick – and stick with you – is
essential to attracting and retaining the best available talent to support your
business goals.
You’ve got your work cut out for you: the younger
generations don’t have a very high opinion of business. The 2019 Deloitte
Global Millennial Survey found a decreasing percentage of Gen Y – 55% in 2019
versus 61% in 2018 — believe business has a positive impact on society and
that 67% of businesses “have no ambition beyond wanting to make money.” That’s
important because Generations Y and Z often put purpose before their paycheck.
But despite their reputation as job hoppers, Generations Y
and Z are slightly less likely to leave a job after a short time than
Generation X. In 2018 about 50% of Gen Y reported working for their current
employer for at least five years, and 80% said they had stayed at their job at
least 13 months.
Jobvite noted a 20% drop in workers who say they change jobs
every one to three years (16% in 2018 versus 20% in 2017). However, despite job
satisfaction at 68%, workers say they’re still open to other opportunities.
With unemployment at record lows, these workers have more possibilities if they
choose to leave.
What’s driving them away? Gallup’s 2017 “State of the American
Workforce” report noted 91% of the thousands surveyed said they left their last
job because there wasn’t a compelling reason to stay. And Deloitte found that
almost half would quit their current job within two years if they had a choice.
It’s well past the time to rethink your recruiting, hiring,
and retention practices to keep Generations Y and Z in your workforce.
In this post, we will discuss the state of employment in
2019 as well as what the younger generations believe is important at work, what
Gen Y and Gen Z don’t value at work, and strategies to keep these employees
working for you. We’ll cover:
What’s not important to Millennials at work:
Perks such as free food and games
Certain benefits, such as 401(k), are less
important
Being told the company holds their values –
without backing it up with action
Maintaining the status quo
What’s important to Millennials at work:
Company values and transparency
Work-life balance, including flexible work
hours, working from home
Diverse and inclusive culture
A variety of benefits
Strategies to keep Millennials working for your
organization:
Create a company culture with their input
Develop their talent
What’s not important to Gen Y and Gen Z at work
Pointless Work Perks
The startup and tech culture of the West Coast perpetuated
the idea that free cereal bars and fancy coffee machines in the breakroom,
foosball and ping pong tables in the hallways, and artsy open concept office
spaces were all that was needed to attract and retain workers. This is not so. Gen
Y and X employees know that perks like these don’t equal benefits – or say much
about the true nature of a company’s culture.
Lip-Service-Only
Values
If your recruiting materials and HR discuss a company
culture that embraces diversity and inclusion, but leadership at all levels
doesn’t support those ideals, Gen Y and X will figure that out quickly – and
they don’t appreciate these inconsistencies. In fact, about two-thirds of those
surveyed by Deloitte said business leaders only give lip service to diversity
and inclusion in the workplace.
Retirement-Focused
Benefits
The younger generation saves for retirement and wants you to
contribute to their 401(k). However, this cash-strapped generation saddled with
student debt also emphasizes other financial benefits available to them now and
emphasize financial wellness such as access to financial education platforms,
budgeting tools, and financial coaches.
Change-Adverse
Workplace
A “this is the way we’ve always done it” philosophy
perpetuated by managers and staff resistant to change will turn off younger
employees. They want to be heard, and have their suggestions taken seriously.
They have spent their lives adapting to ever-changing technologies and expect
to use technology to enhance work productivity.
What is important to Gen Y and Gen X at work
Company Values
How they spend their time, who they work for, and what they
do is often more important to Gen Y and X than earning a big paycheck. These generations
do not only expect their employers to strive for financial success, but also
want the organization to make a positive impact on the world. Working for an
organization that supports charitable causes and gives back is also important
to 75% of job seekers.
They’ll also expect you to maintain transparency by
communicating about finances and leadership. Generations Y and X want to learn
about challenges and mistakes made by their organization from leadership, not
the rumor mill.
Work/Life Balance
Flexible schedules and work-from-home options are no longer
benefits offered to favorite employees. Employees from the younger generations
understand that technology makes it easy for them to work remotely and they
don’t want to commute to the office every day. They expect you to treat them as
adults and understand they will be productive from home and outside of the
traditional 9 to 5 working hours. This isn’t a new concept: the 2015
AfterCollege Career Insight Survey noted 68% of Gen Y wanted the option to work
remotely.
The United States isn’t exactly known for work/life balance:
employees are expected to work long hours, take work home, and skip vacations. But
the AfterCollege survey noted that 68.78% of entry-level job seekers value
work/life balance more than any other factor after salary. A flexible work
schedule was No. 4 on the list, with 53.8% noting flexibility as an essential
factor.
Diverse and Inclusive
Culture
It won’t take employees from Gen Y and X long to learn
whether you back up your diversity and inclusion policies with real action.
They will review your leadership – C-suite and corporate board – for diversity
of race, ethnicity, age, gender identity, and more. In the era of the Me Too
Movement, these employees won’t settle for an organization that’s mostly-male
with a top-down management style.
Good Benefits
Don’t be mistaken, a focus on values and flexible work
schedules does not mean Gen Y and X are willing to forego traditional benefits.
Gen Y and X are more cash-strapped than previous generations because of student
loan debt, and many entered the workforce during the Great Recession. In
addition to flexible work schedules, traditional and non-traditional benefits
that are important to Millennials include:
Financial wellness and literacy programs
Student loan repayment assistance
Unlimited PTO plans
Opportunities for advancement
Health and wellness benefits
What you can do to keep Gen Y and Gen X working for you
Company Culture
Gen Y and X want to work for companies that understand and
support their values and understand their differences and the challenges they
face. Generally speaking, generations Y and X are better educated than previous
generations – and a higher percentage of women have degrees than men. But they
also have more student debt. They are more racially and ethnically diverse.
Many delay marriages and creating a home longer, often living with their
parents. More would rather travel and experience the world than buy a home. And
they’re delaying parenthood.
Diversity and
Inclusion
There is a correlation between Gen Y and Xers who want to
stay with their current employer and their belief that the organization
supports diversity and inclusion. How they define diversity and inclusion
varies from typical demographics to ideas/ways of thinking, and tolerance,
inclusiveness, and openness in the workplace, Deloitte’s global survey noted.
Share how your leadership defines diversity and inclusion.
To understand what your workforce values under diversity and inclusion, ask
them. Then develop policies that support these values and train all levels of
employees as these definitions evolve.
Work/Life Balance
These generations often value experiences over financial
gain and possession. However, they also want to be paid for the work they do
rather than work long hours in salaried positions that cause their work/life
balance to suffer.
Because they’re choosing to delay becoming parents, flexible
and work-from-home work options help retain Gen Y and Xers who want to keep
working for you but still be close to their kids.
These generations also want the flexibility to work a
schedule that supports vacation time for travel. And employers are responding:
the State of American Vacation 2018 found that employers are beginning to
encourage vacation cultures and as a result, employees are feeling more
confident about using earned time off. For three years in a row, the amount of
vacation time used increased. Still, 52% of American workers didn’t use up all
their vacation time in 2017. The younger generations are likely to decrease
that number.
Talent Development
Career growth opportunities rank No. 1 on the list of
factors most important to job seekers surveyed for a 2019 report by Jobvite.
The same survey noted only 17% of those who left their jobs within the previous
12 months did so for more money.
Accurate Job
Descriptions
Providing Gen Y and X with clear expectations of their work
begins during recruitment and hiring. A Jobvite study found that 43% of new
hires who left within their first 90 days did so because their job duties were
different than their expectations based on job descriptions and interviews.
Training that Adapts
Nearly two-thirds of employees are concerned about the
impact of AI and robotics on the workforce. Although generations Y and X are a
tech-savvy generation, many feel unprepared for Industry 4.0. They expect their
employer to provide the training they need to be productive and successful.
Just because purpose may be more important to many younger
workers than the size of their paycheck, don’t think that means Gen Y and X aren’t
ambitious: Deloitte found that more than half strive to be high-earners.
They’ll seek out opportunities for training and advancement at work, and if
they don’t find what they want, they’ll move on. They are more comfortable than
other generations in striving for jobs for which they don’t have all the
required skills if training is offered.
Key Takeaways
The great news is that making your workplace more friendly
for Gen Y and X will benefit your employees of all ages. Offering flexible work
schedules and work-from-home options not only appeal to younger workers but
also Baby Boomer caretakers of aging parents and grandchildren. Supporting a
variety of community organizations better ensures your employers will feel you
value what’s important to them. Developing the talents and strengths of every
employee while training them to adapt to ongoing changes in technology
increases productivity and adds to your bottom line.
