In exchange for their loyalty, employees expect something in return. The problem: Baby Boomers, Gen Xers and Millennials all expect something different. Here’s a guide to meeting everyone’s expectations.
Generational differences are an issue we’ve tackled before, and it’s one that continues to bedevil employers. Hopefully this will help.
We recently stumbled upon some excellent graphics over at the CompensationCafe.com that show the core values of each generation of employee — as well as what each generation wants/expects when it comes to rewards and pay increases.
Each graphic was broken down into four generational categories:
- Traditionalists (employees born from 1930-1945)
- Boomers (1946-1964)
- Gen X (1965-1978)
- Millennials (1979-1990)
Here’s how they broke down the generational differences by category:
- Traditional — Conformity, stability and security.
- Boomers — Personal and social expression, idealism, and health and wellness.
- Gen Xers — Free agency and independence, “street smarts,” and cynicism.
- Millennials — Collaboration, social activism, and tolerance for diversity.
- Traditional — Satisfaction of a job well done.
- Boomers — Money, title and recognition.
- Gen Xers — Freedom.
- Millennials — Meaningful work.
- Traditional — Cost of living adjustments.
- Boomers — Seniority and internal equity.
- Gen Xers — Pay increases tied to performance.
- Millennials — Likely to share pay increase information, and likely to leave if pay is perceived as unfair.
Note: All of this assumes that base salary is competitive within the market.
Info: “Do Generational Differences Matter For Total Rewards Strategies? Part 1,” by Stephanie R. Thomas, Compensation Cafe, 10/6/11.