Canadian companies must address generational differences to avoid the cost of high turnover rates, low engagement and missed new business opportunities, according to Ceridian Canada, which surveyed more than 800 employed people about
their perceptions of job security, technology, performance reviews, job recognition and career satisfaction.
Career performance and progression
Among respondents who had at least one formal meeting with their boss or supervisor, only one-quarter said a career plan was implemented for them at their level. The frequency of performance reviews is declining, as 62 per cent of respondents had at least one meeting with their supervisor in 2011 and 2012 compared to 54 per cent in 2013.
Generational differences also emerged as 15 per cent of generation Y would prefer three to four performance reviews per year compared to five per cent of boomers. But overall, 12 per cent of the respondents would prefer to have no performance reviews at all, found Pulse of Talent 2013.
Among those who expect to receive a salary increase, bonus or promotion within the next year, 29 per cent said they would start looking for a new job if they did not receive one — this number is even higher among gen Y (52 per cent), found the survey.
Rewards and recognition
When asked which rewards they would like their company to offer, 74 per cent of generation Y said they prefer non-monetary performance rewards, compared to 65 per cent of generation X and 56 per cent of baby boomers (56 per cent).
The preferred non-monetary rewards include:
• free personal days off (37 per cent)
• free food or meals (20 per cent)
• event tickets (19 per cent)
• club memberships (17 per cent)
• technology resources such as smartphones and iPads (15 per cent).
More than one-quarter (29 per cent) of all respondents said they have promoted their company in public ways with comments on social media sites — jumping to 41 per cent for gen-Y respondents.
Generation Y are also more likely to complain about their employer or performance review via online channels than any other generation (12 per cent), found the survey of working Canadians. But only 24 per cent of respondents said their employers allow them to use social media tools at work.
© Copyright Canadian HR Reporter, Thomson Reuters Canada Limited. All rights reserved.