Gen Y Puts Personal Fulfilment Ahead of Pay Rates

Media Release 11th October 2012.

Gen Y Puts Personal Fulfilment Ahead of Pay Rates

A new study has revealed that young people are far more likely to choose a job based on whether they find the work personally fulfilling, rather than on the level of compensation.

According to the Kelly Global Workforce Index (KGWI), which surveyed over 170,000 workers in over 30 countries including 3,500 in New Zealand, 38% of workers from Generation Y said that finding work that was personally fulfilling and provided good work/life balance was the most important factor to them when deciding between employers. Only 19% said that the level of compensation or benefits was the most important factor when choosing a job.

Kelly managing director Debbie Grenfell said that there is often a lack of understanding about what motivates young employees.

“Employers looking to attract and retain the best young talent should consider what young people are looking for,” says Debbie Grenfell.

“Gen Y is often thought of as “Generation Me”, but what this survey shows is that young people are actually motivated by far more than just a desire to be paid well. They are looking to find work that they feel is personally rewarding – work that they find meaningful.”

According to the report, members of Generation Y also placed great importance on the opportunity for personal growth and advancement, with 36% saying it was an important factor for them when deciding between employers.

Debbie Grenfell said that a focus on personal growth over pay levels should make Generation Y appealing to prospective employers.

“There is this idea that Generation Y are a privileged group that is out for themselves, but this just isn’t true. Employers can get the best results out of young employees if they recognise that this is a generation that is used to working hard for causes that they believe in, on everything from global warming to organising a student army to clean up after earthquakes. Harnessing that sort of passion and commitment can be a real bonus for businesses.”

When asked what qualities they preferred in a potential employer, 23% of Generation Y said they looked for a positive corporate culture, compared to just 16% who said the most important factor for them was the financial performance of the employer was important, and only 15% who said it was the longevity of their employer.

“What these results show is that Generation Y are less likely to be impressed by the prospect of working for a market leader or a company with a prestigious track record,” said Debbie Grenfell.

“Instead young people are looking for a workplace that will enable them to grow their skill set in a supportive and encouraging environment. This means that businesses which are able to build a positive team will have a real advantage when it comes to the search for the best young talent.”

-ends-

© Scoop Media