Workplace Redefined[1]

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Today\'s Generational Workplace

Transcript of Workplace Redefined[1]

  • 1Workplace Redefined

  • 0.0069 in

    1945

    1950

    1955

    1960

    1965

    1970

    2010

    1975

    1980

    1985

    1990

    1995

    2000

    2005

    The Hula Hoop is launched and sells for $1.98. Twenty-five million were sold in four months.

    The XEROX Model A becomes the worlds first xerographic copier.

    The IBM Selectric typewriter, an influential model of electric typewriters, is unveiled in 1961.

    The Busicom desk calculator uses the first commercial microprocessor.

    TV color broadcasting begins in 1953.

    E-mail starts as a way for multiple users of a time-sharing mainframe computer to communicate.

    Gen X

    Baby Boomers

    Table of Contents 1 Introduction

    3 What the Generations Really Want: Its Not so Different

    6 Career Plans: Building Skills and Moving On

    8 Ready to Retire or Not?

    10 Bridging the Generational Gaps

    12 Hiring Managers Weigh in on Worker Productivity

    14 Recession Lessons: Back to Basics

    15 Survey Methodology and Demographics

    16 About Robert Half

  • 10.0069 in

    1945

    1950

    1955

    1960

    1965

    1970

    2010

    1975

    1980

    1985

    1990

    1995

    2000

    2005

    The Nintendo Entertainment System is launched to eager video game enthusiasts.

    IBM launches its ThinkPad line of laptop computers.

    Founded in 2005, YouTube becomes the worlds most popular online video community.

    MTV, an American cable television network, launches in 1981.

    Microsoft releases its earliest version of the Office suite of productivity applications.

    Google is founded. Its name is a play on the word googol, the mathematical term for a one followed by 100 zeros.

    Gen Y

    any of your staffing needs. For more information on hiring and retention, visit roberthalf.com.

    Generations We Surveyed Generation Y: Born primarily between 1979 and

    1999, this generations oldest members, ages 21 to 31, are already in the workforce.

    Generation X: Born roughly between 1965 and 1978, workers representing this generation range in age from 32 to 45 years.

    Baby Boomers: Born between 1946 and 1964, members of this generation range from 46 to 64 years.

    OverviewHas the Great Recession changed the perceptions of multiple generations about the workplace? Has it re-arranged their priorities and goals for their profession-al lives? What issues concern them most? This report addresses the most notable changes in the workplace in the wake of the recession and the shifting attitudes of employees and employers in a changing economy. It also shows that the experience of working through this difficult period has served to unify generations.

    Workplace Redefined is a research initiative that high-lights key trends and provides timely advice to help you recruit and retain talented employee teams of all generations, both now and in the future. We hope you find it useful and invite you to contact us for help with

    Introduction

  • Findings Foosball Out; Salary, Benefits and Stability In

    Compensation, benefits and company stability are the top three factors for all generations when evaluating an employment opportunity.

    Healthcare and Time Off Are Prized Benefits These were cited as most important in determining job satisfaction for all generations.

    Many Intend to Seek Greener Pastures 40 percent of workers said theyre more inclined today to look for new

    opportunities outside their firms.

    31 percent of employees plan to stay put and build tenure with their companies.

    Retirement May Be on Hold 46 percent of people surveyed plan to work past the traditional retirement age.

    The Multigenerational Workplace Has Benefits and Challenges 43 percent of workers polled say that varying experience levels and areas of expertise

    are the greatest benefits of a multigenerational workplace, but they cite differences in work ethic and approach to work/life balance as the biggest challenges.

    72 percent of hiring managers find it challenging to manage teams composed of members of different generations.

    Hiring Managers Expect More Productivity 50 percent of managers polled expect their teams productivity levels to increase

    as the economy recovers.

    41 percent of hiring managers say they believe employees are working smarter.

    33 percent of managers supplement their teams with project professionals during annual workload peaks.

    33 percent use interim professionals to help with major new projects.

    About the ResearchThis white paper summarizes data from a multigen-erational study of currently employed workers in the United States and Canada. Robert Half commissioned a web survey of 1,453 working adults, including 502 hiring managers, sampling men and women from each generation. The purpose of the study was to gain insight into the various generations attitudes and opinions about the post-recession workplace and to compare the generational perspectives on:

    Employment opportunities

    Job satisfaction

    Multigenerational work teams

    Career plans

    Work environment preferences

    Retirement plans

    1962The Chevrolet Impala is the top-selling car in the United States.

    2

  • 3Salary and Stability for Securitys SakeWithout question, recent economic conditions have sharpened workers focus on stability. Having witnessed firsthand the downturns impact on the jobless rate, those we surveyed place more weight on jobs that offer greater financial security for the future. In fact, all generations rank working for a stable company and having a strong sense of job security as most important in their current work environment. In addition, baby boomers, Gen Xers and Gen Yers all prioritize salary, benefits and job stability highest when evaluating an employment opportunity.

    Generational Differences: For baby boomers, benefits and company stability

    surpass salary in level of importance.

    Gen Yers rank opportunities for advancement and job title higher than do Gen Xers and baby boomers.

    What the Generations Really Want: Its Not so Different 1976iCom launches the Frugal

    Floppy, an 8-inch drive that retails for $1,200.

    To assist with recruitment and retention, consider flexible scheduling and/or tele-commuting much-desired benefits for all generations.

    If possible, try to keep compensation in line with or slightly above what competitors in your market are paying. If raises are not possible, consider one-time bonuses.

    Award bonuses as soon as you are able. If they are typically provided annually, consider splitting them into more frequent payouts throughout the year.

    Bonuses and other financial rewards arent the only type of acknowledgement that mat-ters; consider offering on-the-spot awards, such as gift certificates or movie tickets.

    When recruiting candidates from all genera-tions, emphasize your companys competitive salary and benefits, stability, and reputation.

    To retain your best people, support their professional goals and create opportunities for training and career advancement.

    Given that all generations rank dental care among the top three benefits (see Page 5), it could be a smart recruitment and retention strategy to provide this benefit if your company doesnt already.

    for Employers

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  • 4What Workers Value MostEmployees were asked to rate the importance of the following work environment factors on a scale of one to 10 (one being least important and 10 being most important):

    Keeping an Eye on the PrizeEmployees surveyed were asked to rate on a 10-point scale the importance of the following when evaluating an employment offer (one being least important and 10 being most important):

    Having a nice office space

    Working for a sociallyresponsible company

    Working withstate-of-the-art technology

    Having a short commute

    Working with a managerI can respect and learn from

    Working with people I enjoy

    Having work/life balance 8.7

    8.6

    8.6

    7.5

    7.1

    7.1

    6.7

    8.8

    8.8

    Having a strong senseof job security

    Working for astable company

    Recession LessonsSurvey respondents were asked to identify the most valuable career lesson they learned during the recession:

    Gen Yer: Focus on skills and knowledge develop-ment to increase your value to your company.

    Gen Xer: Dont take your job for granted.

    Baby Boomer: Stability is king.

    Company's charity/philanthropic efforts

    Tuition reimbursement

    Diversity of company's staff

    Job title

    In-house training programs

    Company reputation/brand recognition

    Company leadership

    Company location

    Opportunities for professional growth/

    advancement

    Company stability

    Benefits

    Salary 9.0

    8.9

    8.9

    8.6

    8.4

    8.0

    7.8

    7.2

    6.7

    6.1

    6.1

    5.8

    1977Hungarian Erno Rubik receives a patent for a unique puzzle constructed of interlocking cubes. Since then, more than 300 million Rubiks Cubes have been sold.

  • 5All Work, Little Pay?Employees surveyed said they feel their compensa-tion has not kept pace with the amount of work theyre doing. More than one-third of workers believe they have yet to be fairly compensated for the extra work they performed during leaner times. Perhaps thats why four in 10 professionals polled are inclined to seek new job opportunities as the economy improves.

    Workers were asked if they think they are being fairly compensated for having assumed a greater workload: