Five trends in today’s multigenerational workforce: Robert Half

Examining the Multigenerational Workforce (CNW Group/Robert Half Canada)

TORONTO — Social and economic disruption over the past few years has transformed professionals’ priorities and perspectives on work, and understanding what motivates employees of different generations can help managers more effectively recruit, lead and retain strong teams. Examining the Multigenerational Workforce, a new report from talent solutions and business consulting firm Robert Half, reveals what to know about the top priorities and concerns of today’s multigenerational workforce. Insights include:

1. Money matters most for most workers. A competitive salary with regular merit increases has the biggest impact on job satisfaction and retention for millennials, Gen X and Gen Z. Further, by a small margin, Gen X workers (35 per cent) are most likely to feel underpaid. Baby boomers are the only generation for whom a positive team dynamic ranked as the most important factor of job satisfaction, with 49 per cent citing it as their biggest influence.
2. Gen Z wants the best of both worlds. More than 4 in 10 Gen Z professionals (44 per cent) prefer complete freedom to choose where and when to work. At the same time, nearly 1 in 4 (23 per cent) want more people to be in the office in the next few years. Gen Z also craves greater guidance, networking and mentorship than employees of other generations and, for them, missing out on those experiences is the greatest drawback of remote work.
3. AI is weighing on workers’ minds. Despite being digitally savvy, 73 per cent of Gen Z professionals are concerned about AI impacting their jobs versus 68 per cent of millennials, 44 per cent of Gen Xers, and only 33 per cent of baby boomers. That said, half or more Gen Z, Gen X and baby boomers are willing to reskill in order to pursue a new role with their current employer if their job was at risk. Millennials, on the other hand, would prefer to look for a new role elsewhere.
4. Contract work is attractive to younger professionals. Of those looking for new jobs in 2023, Gen Z is most likely to transition from full-time employment to full-time contract work (43 per cent), and baby boomers are least likely (8 per cent). Contracting appeals to younger workers, in part due to the opportunity to take on a variety of assignments and work at different companies to build skills and connections more quickly.
5. Deal breakers are similar across generations. Though not in the same order, all generations rank a lack of salary transparency, unclear or unreasonable job responsibilities, and poor communication with a hiring manager among the top reasons to withdraw from consideration for an open role.

“Understanding the priorities of multigenerational teams will help businesses attract and retain workers across generations,” said David King, Senior Managing Director, Robert Half, Canada, and South America. “Recognizing where the alignments are can aid companies in creating wider policies and workplace cultures that satisfy workers of all demographics. Identifying differences is also crucial, to ensure that you are offering appropriate development plans for people at various stages of their careers, and highlighting the perks and benefits most pertinent to each group.”