Monday, March 24, 2008
Get the message: Xers and Ys want work-life balance
During the interview, both on air and off, Don was baffled by the fact that Generations X and Y are spending an average of 20 months on a job before job-hopping, career changing, or starting their own businesses.
He simply couldn’t comprehend that salary and benefits wouldn’t motivate today’s young workers and he questioned me about their dedication and loyalty, saying:
“What’s wrong with these generations? It used to be that you worked hard and you were dedicated because there was a benefit to doing so. In the end you were rewarded with a great retirement package. Aren’t these Xers and Ys loyal? Aren’t they dedicated to anything? Don’t they want a great salary and retirement to look forward to?”
Ah, yes. Spoken like a true Boomer.
Of course, Mr. Shelby is one of millions of Baby Boomers who will be retiring in the next five years. His eyes are fixated on the retirement prize.
But while the Boomers lived to work, Xers and Ys work to live. They aren’t married to their jobs, they focus on the here-and-now, and retirement isn’t even on their radar.
In fact, a new report released by the American Savings Education Council shows that while 86% of Gen Xers and Ys know they should be saving for retirement, very few are actually doing it.
So what does motivate X and Y?
Work-life balance.
Work-life balance gives the what’s-in-it-for-me generation everything they want in a job, including these central perks:
- Flex-Time
Working nine to five is not the only way Xers and Ys want to make a living. They want the option to work when they want and where they want. This means they will work from home, at night, or whatever it takes to get the job done and still be able to attend their children’s soccer games on Wednesday afternoons. - Family-Friendly Benefits
Hard as it is for Boomers to believe, salary and retirement packages are not primary motivators for Generations X and Y. They want the opportunity to choose the benefit packages that best fit their young lives and address their needs here and now. This usually equates to child care and elder care benefits, tuition reimbursement, and reimbursement for home office equipment. - Learning Opportunities
Xers and Ys live in constant fear of losing their jobs, largely due to the fact that the 1970s introduced thirty years of massive layoffs in corporate America. Job security is like a fairy tale to them, so they pursue each and every opportunity to enhance their resumes and further their careers. When employers invest in their training, provide ample learning opportunities, challenge them and further their careers, Xers and Ys take notice. - Commitment to Community
Raised with a global and cultural perspective, Xers and Ys want their work to be meaningful and to make a positive difference in the lives of others. They actively seek out employers with organized employee service projects and a focus on volunteerism and community giving.
Mr. Shelby didn’t understand the work-life balance concept, and most employers still don’t either.
According to a recent workforce study from Smart Business Network, 86 percent of the employees identified work-life balance as the most important career priority. Employers, by contrast, ranked it dead last.
In Watson Wyatt Worldwide’s Global Strategic Rewards study, work-life balance appeared in "top 5" lists of both employers' and employees' views of why the latter stay at or leave a job.
Work-life balance programs are proven to boost employee morale and loyalty, prevent burnout, increase productivity and decrease turnover. Employers should be embracing this concept rather than sticking to the tired traditions of increasing annual salaries and one-size-fits-all retirement packages.
Simply put: Xers and Ys are not motivated by salary or retirement packages. And until Boomer managers realize this fact, they will have an incredibly difficult (if not impossible) time recruiting and retaining the next generation of employees.
Labels: Generation X, Generation Y, WCCO 830 Radio, work-life balance
However, I am very concerned that my fellow Xers aren't saving for retirement. Social security won't be there in 30 years, and folks will find it hard to retire.
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