Generation Y demand better benefits but lacks loyalty of elders

sThe next generation of workers expects more from their employer, demanding more pay and benefits than their predecessors, but are likely to change employer often despite the perks on offer.

A study by recruitment specialist FreshMinds Talent examined the different expectations in the workplace of Generation Y, born after 1982, Generation X, 1964 to 1981 and Baby Boomers, born 1946 to 1963.

The Work 2.0 research found that Generation Y, have higher expectations of signing on bonuses (28%), compared to 13% of Baby Boomers. Furthermore, 28% of Generation Y respondents thought a discounted or free gym membership was important in a benefits package, compared to 13% of both older groups.

Both Generation Y (50%) and Generation X (45%) of respondents believe that sabbaticals are important, compared to just 29% of Baby Boomers.

However, the study also revealed young employees are far more likely to move from job to job, and that some Generation Y workers have already held as many jobs as their elders have had in their lifetime. It found that 15% of Generation Y have already held four jobs, the same percentage as Baby Boomers and more than Generation X’s score of 14%.

Within a fifteen year period, more than half (52%) of Generation Y think that they will be in a different type of job or role, compared with 36% of Generation X and 14% of Baby Boomers.

Despite switching employer more often, Generation Y also value a pension provision as much as their elders, with 68% of them deeming a contributory state pension scheme the most important employee benefit, compared to 66% of Gen X and 71% of Baby Boomers.