Younger Generations 4x More Likely to Expect Yearly Job Advancements Than Baby Boomers
WASHINGTON, Dec. 5, 2019 /PRNewswire/ -- Younger workers are 4 times more likely than baby boomers to expect hard job advancements such as promotions and pay raises every year, according to a new survey report by Clutch, the leading B2B ratings and reviews firm. Clutch surveyed 505 full-time employees in the U.S. to learn their opinions about and experiences with advancing at work.
For younger workers, regularly advancing at work is especially important due to:
The changing job market: Compared to baby boomers, millennials and many Generation X workers have built their careers through freelancing, earning certifications, and pursuing specialized work, rather than staying with a single employer for the duration of their career. Younger employees need to demonstrate their growth in order to remain competitive.
The rise of startup culture: Adrienne Cooper, chief people officer at FitSmallBusiness.com, says that when early and mid-career workers think about advancement, "fair equals fast." Startups often grow rapidly and expect employees to growth with them. Workers in their 20s, 30s, and 40s are more accustomed than baby boomers to employees being promoted to match the demands of an expanding company.
Pressure on companies to demonstrate a commitment to "fairness": Gen X, millennial, and Gen Z workers are more likely to place importance in working for a diverse, non-discriminatory business. Employees judge their company's commitment to fairness based on its advancement policies.
Experts say younger employees are less likely to demonstrate long-term loyalty to their employer if they do not have a clear understanding of what it takes to advance at their job.
Businesses should set transparent expectations about what employees need to do to receive more responsibility, higher pay, and a more senior title. With an effective advancement structure in place, companies will improve employee performance and loyalty.
Young Workers Least Likely to Believe That All Employees Have a Fair Chance to Advance
Despite expecting employees to advance regularly, fewer than 1 in 5 workers between 18 and 34 (17%) believe that all of their company's employees have a fair chance to advance.
Tim Toterhi, a chief human resources officer and the author of "The HR Guide to Getting and Crushing Your Dream Job," says companies can reduce the concerns of their youngest employees by:
Making clear the expected pace of employee advancement, both in soft advancements such as earning new responsibilities and hard advancements such as pay raises.
Understanding each employee's career expectations: How often do they expect to be promoted?
Using a "pay-for-performance" model that provides employees metrics to meet in order to advance.
Clutch's 2019 Job Advancement Survey included 505 full-time employees across the U.S.
For questions about the survey, a comment on the findings, or an introduction to the industry experts included in the report, contact Seamus Roddy at [email protected].
About Clutch
Clutch is the leading ratings and reviews platform for IT, marketing, and business service providers. Each month, over half a million buyers and sellers of services use the Clutch platform, and the user base is growing over 50% a year. Clutch has been recognized by Inc. Magazine as one of the 500 fastest growing companies in the U.S. and has been listed as a top 50 startup by LinkedIn.
In the first quarter of 2024, we saw an improved economy and a high level of leasing activity. We continue to deliver positive net lettings, a surplus ratio of 65 per cent and an occupancy rate of 92 per cent. The green transition, of which we have...
Skanska has signed the final award with SBMT Asset, LLC for the upgrade of the South Brooklyn Marine Terminal in Brooklyn, New York, USA. This award is worth USD 612M, about SEK 6.4 billion, which will be included in the US order bookings for the...
Leap, the leading provider of innovative occupancy and risk management solutions for the multifamily, single-family, and student housing rental markets, is...
FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ) announced its financial and operating results for the first quarter ended March 31, 2024.
FIRST QUARTER 2024 HIGHLIGHTS
Consolidated 1Q24 NOI up 10.2% YoY, in underlying USD terms
Consolidated...
Rickard Gustafson, President and CEO:
"Our first quarter performance marked another step towards a more resilient and competitive SKF. In soft market conditions, we delivered a strong adjusted operating margin of 13.4%, somewhat ahead of Q1 2023. The...
The first-ever public auction of the epic satoshi held by CoinEx, the leading global cryptocurrency exchange, ended on April 25, 2024, at 16:00 (UTC). As the first example shown in history, the auction attracted global users for 35 bids, and the epic...