What makes a company successful? A perfect collaboration of young and old employees, believes 89% of the talent professionals, according to LinkedIn. The social media platform joined hands with employee engagement platform Glint to produce a detailed study of recent employment trends across the globe. They surveyed over 7,000 talent professionals and HR managers in 35 countries in August to September, 2019.
Millennials, who are between 23-38 years old, constitute 40% of the total work force across the world. Generation X or Gen X are those who are currently between 39-40 years old. They occupy 33% of global workforce, according to LinkedIn study. GenZ are those who just enter the work force and in between 7- 22 years old.
When it comes to work, each generation has its own strengths. Gen Z has a larger share of people with Python programming skills than any other generation. Older workers tend to have more people with business and real estate skills. Thus, companies are keen to have a multigenerational workforce to become more productive and successful. 56% companies say they have updated their policies to appeal to a multigenerational workforce, the study shows.
Younger workers prefer contract roles
Unlike the older generation, Gen Z prefers a part-time role or contract role. More companies are choosing to use contract labor or gig economy workers to quickly respond to fast-moving conditions. Meanwhile, older generations prefer to have greater stability with full-time roles.
How to retain employees:
It's a no surprise that everyone loves positive work culture and big bonuses. But older employees consider challenges while GenZ wants value training when they are looking for a change in jobs.
Gen X employees stay 22% longer than the average employee while millennials usually stay 34% shorter than average employees. The study highlights some of the important aspects on why people leave their jobs. Millennials are typically still climbing the ladder, paying EMIs or home loans, so they cite compensations and pay package as top most reason to change jobs. Older employees or Generation X want more challenges and better pay packages.
Big fat pay cheques and quirky bonus can attract employees to join a company but what makes them to stick to a job is work-life balance, shows A recent study by professional networking site. The study reveals 68% of HR professionals agree that work-life balance is the number one factor impacting the employee experience at work