May 18, 2018
Dani is the Managing Editor, Content Marketing at Ceridian.
Deloitte’s seventh annual Millennial Survey finds that while money attracts young workers, it’s not the key to retaining them.
The survey, which explores the views of 10,455 millennials and 1,844 Gen Z respondents worldwide, found that young workers seek workplace diversity and flexible working arrangements. “Unfortunately, survey respondents believe that most business leaders, rhetoric notwithstanding, are not truly committed to creating inclusive cultures,” the survey notes.
In a related point, only 48% of young workers believe businesses behave ethically, which is down from 65% in 2017. These employees think that businesses focus on their own agendas and are driven by, first and foremost, making money.
The study authors state, “these attitudes can have a direct impact on an employer’s future – and its bottom line,” adding that while none of these findings suggest general hostility towards employers, they want to see companies “more aggressively commit to making a tangible impact on society while preparing their organizations and employees” for the future.
Speaking of the future, both millennial and Gen Z respondents said they didn’t feel prepared for, as Deloitte calls it, Industry 4.0. These young workers added that they are especially interested in building interpersonal skills, confidence and ethical behavior – which they consider essential to business success.
Glassdoor has published a report based on more than 668,000 online job applications in the 40 largest metro areas in the U.S., exploring where American job applicants are interested in moving, and why they move.
The top five cities? San Francisco, New York City, San Jose, Los Angeles and Washington D.C. According to FastCompany, which reported on the findings, “the top destinations are not terribly surprising, especially given their status as home to large tech companies.”
The Glassdoor study’s findings echo those from the above Deloitte study. Younger workers are more likely to move, and the top factor when considering a move isn’t always money. Job-seekers are more attracted to great company cultures.
Salary does have an effect on whether candidates move or not, but it’s a small one. According to the study’s summary: “An extra $10,000 higher base salary predicts candidates are about a half percentage point more likely to be a metro mover – a statistically significant but small effect.”
The takeaway for employers is to consider rethinking their current talent candidate pool. “The employers who understand where talent is heading and what influences them to consider a move will have a recruiting advantage. Our research shows that employers should think broader when it comes to their recruiting strategies, as the quality talent they want may not only be found in their local market, but across the country,” said Glassdoor Chief Economist Dr. Andrew Chamberlain, who conducted the study.
The Mayor of London’s office has released a video public service announcement providing a view of what workplace gender equality looks like.
According to Quartz, which reported on the PSA, “the short video is, at its essence, a statement on how long it takes, and how much work is involved, in women’s advancement within an organization.”
The video was released to support the launch of the Our Time campaign, which, as the London Assembly’s website explains, “will pair high potential women with senior management level champions, either male or female, who will help to open up the professional networks, opportunities and contacts often needed to progress within workplaces.”
Our Time is part of mayor Sadiq Khan’s larger #BehindEveryGreatCity campaign, aimed at addressing gender inequality in London. Of the activities, The Guardian writes that the Greater London Authority is set to become “the first and largest public body to introduce a city-wide leadership scheme to tackle the shortage of women in senior positions and reduce the gender pay gap.”
Our Time follows the first gender pay gap reporting period in the U.K., which revealed that eight of 10 companies with more than 250 employees pay men more on average per hour than women.
Watch the video: