The New BallGame is a joint research initiative by Focus Orange and Deloitte to understand the employment preferences of the Generation-Y.
We’ve asked hundreds of candidates to participate and rank different elements of hard and soft reward elements to their own preferences. This helps future employers to build an effective company brand and invest in those elements that are appreciated.
More than half of the participants (54%) is on the Master of Science track, 16% expects a Bachelor or Science and 15% a Bachelor of Arts. The participants’ study background varies with 16 different study backgrounds, from economics and mathematics to computer science. The majority of the participants have backgrounds in accountancy, (business) economics and law.
As many of you know various opinions exist about what GenY wants and needs regarding recurring topics such as pension and variable pay. Let’s separate fables from the facts re what does Gen-Y want and see what they find important themselves!
Media and policy makers state that saving for the future is becoming increasingly important for younger generations - GenY. The workforce is ageing; the retirement age has increased (and may increase further), which creates an increasing burden on GenY. Contrary to what would be expected for this generation, saving for the future is considered the third least favorite term of employment.
Historically variable pay is thought to be an essential element in the compensation package, to motivate and steer behavior. In the financial sector the variable payments have been limited to 20% of base salary. Many companies fear losing their employees to competing companies that are not subject to this cap. Looking at the results, this fear is ungrounded as variable pay is a low ranked term of employment with a score of 4.86.
High Scores: What do they appreciate?
Ane average, challenging work is ranked as the most valued element in this group, closely followed by career opportunities. Ranked somewhat lower is salary. Gen-Y participants with these study backgrounds assign a fourth place to education and a fifth to coaching & support. Noteworthy about these results is that aside from base salary there are no tangible reward elements found in the top five (out of 16).
Low scores: What to avoid in recruiting pitches?
Additional time off is considered the least important element. Technology at work is also least appreciated. Would this have something to do with the ‘Bring Your Own Device’? Employees will bring in their own technology! Contrary to what would be expected for this generation, saving for the future is considered the third least favorite. These results are followed by variable pay and an innovative work place.
How did we measure?
We’ve calculated average scores of all elements, where as a score of 1,00 is considered most important and 7,00 least important.
Some statistics per study background
Challenging work (2.08)
Challenging work (1.95)
Challenging work (2.02)
Career opportunity (2.35)
Career opportunity (2.32)
Career opportunity (2.48)
Career opportunity (2.28)
Challenging work (2.46)
Culture & brand (3.45)
Job security (3.47)
Coach & support (3.49)
Coach & support (3.36)
Variable pay (4.95)
Variable pay (4.88)
Flexible benefits (4.81)
Additional time-off (4.97)
Save for future (5.03)
Save for future (5.12)
Save for future (5.19)
Variable pay (4.93)
Additional time (5.29)
Additional time-off (5.28)
Additional time (4.99)