Employment Expectations are Changing

While there is overall alignment across generations in what they want in an employer, there are a few caveats if we look at trends by seniority level. For 78 percent of senior-level managers, an organization that values diversity, equity, and inclusion is among the top five priorities. This same group also ranks taking clear actions to tackle climate change the highest (72%) among all other groups. On the other hand, entry-level respondents demonstrate a high interest in positions that offer opportunities to develop a professional network (79%), which unsurprisingly wasn’t as sought-after by professionals at other levels.

It is also important to note that while work-life balance and well-being are priorities, it doesn’t mean that respondents would compromise their financial stability for a more flexible work arrangement. Most Millennials (65.5% on average) prefer a permanent, full-time job over a portfolio career that combines multiple streams of income. Gen Z is the least interested in a full-time job (52%), followed by Boomers (54%), and Gen X (60%).

When asked what they’d be willing to sacrifice for a higher salary, nearly eight in 10 respondents want to preserve friendliness in the workplace and work-life balance — factors that are more important to them than compensation. Overall, respondents were less attached to brand relevance and the opportunities to develop a professional network. Here, the generations again display a strong synergy for what they value.

As many companies switched to remote or hybrid work models due to the pandemic, leadership teams have been discussing the future of work. Some are even considering a four-day workweek for the first time, which makes sense based on what employees in our study say they value: shorter workweeks are in line with people’s desire for a better work-life balance and more well-being in their careers. More than half of Millennials and nearly half of Gen X would be open to earning less money if they had a four-day workweek, although it is a compromise that other generations weren’t as willing to make. Four-day work weeks have been trialed for some time in certain countries, including Iceland, Spain, Scotland, Ireland, New Zealand, Japan, UAE, and Belgium.

The breakdown by seniority level for this same question shows that more than half of executive leaders (52%) are aligned with Millennials in preferring a shorter workweek, even if it means earning less. When combined, respondents in managerial roles are the most interested in a four-day workweek, with nearly 50% of junior, mid-level, and senior managers in favor. Potential reasons why they may be more willing to trade compensation for time are that they likely earn more than the entry- and junior-level respondents, or they may already have a flexible work arrangement.

A significant desire to have a larger impact on the world carries across organizational roles, with junior, mid-level, and senior managers as well as executive leaders being the most likely to change jobs for a more meaningful position. By generation, Millennials (70%) are the most willing to leave a job in search of meaning, compared to 59% of Gen X, 58% of Gen Z, and 54% of Boomers.

Our findings also suggest that, regardless of age, everyone is far less socially idealistic about their jobs. Across every generation, only a minority of respondents would prefer to hold a job that is risky yet helpful to society over a more stable and well-paying one that does not help society. Senior managers (54%) and executive leaders (56%) are the most likely to take on a risky job that benefits society, perhaps because they have already created a level of stability in their lives and could weather the risks better than those who are less established in their careers.

In a highly competitive job market where demand for skills sometimes surpasses the number of qualified individuals, retaining talent is key to sustaining business continuity and developing the leaders of the future. Equip your executive team with the knowledge about what matters to people in the workplace and ensure they prioritize listening to their employees, because that information can inform decision-making at the top levels of companies and bring a much more human-centered approach to managing talent challenges. Employees must also be transparent about what they value — change cannot happen without input from workers at all levels. Find a leader who listens and shares your feedback in a constructive way, focusing on ideas that would retain talent and offer more agile and efficient ways of working.