Canadian companies must address generational differences to avoid the cost of high turnover rates, low engagement and missed new business opportunities, according to a survey.
The key findings of Ceridian Canada’s Pulse of Talent 2013 show that generational differences must be accommodated to ensure optimal employee engagement, retention and overall organizational success.
“With the Canadian workforce spanning four generations, employers must realize that the ‘one-size-fits-all approach’ to managing people is ineffective,” says John Cardella, chief people officer with Ceridian Canada. “The survey points to rewards and recognition, communication, career performance and progression as the key impact areas essential for individual and organizational success.”
Technology has transformed communication between employer and employee. Organizations must embrace different communication styles depending on the situation to effectively engage with a diverse workforce.
Twenty-nine percent of all respondents say they have promoted their company in public ways with comments on social media sites. Among generation Y respondents, 41% admit to promoting their workplace/employer on social media sites. Gen Y employees (12%) are also more likely to complain about their employer or performance review via online channels than any other generation.
Employers must also tailor reward and recognition programs to account for generational differences.
When asked which rewards they would like their company to offer, the majority (74%) of generation Y say they would prefer non-monetary performance rewards, as did generation X (65%) and baby boomers (56%). Preferred non-monetary rewards include free personal days off (37%), free food/meals (20%), event tickets (19%), club memberships (17%) and technology resources (15%) such as smartphones and tablets.
And companies must do a better job of outlining career paths if they want to keep employees motivated and focused, and retain top talent.
Among those who expect to receive a salary increase/bonus/promotion within the next year, 29% said they would start looking for a new job if they did not receive one; this number is even higher among gen Y (52%).