A national online study of adults ranging from 18 to 38 years found that Generation Z and Millennial employees are feeling an overwhelming sense of dissatisfaction at work. Close to half (43 percent) of Millennials surveyed said they plan to leave their job within the next two years. Even more dissatisfied are Generation Z employees with 78 percent responding that they plan to leave their current job in the next two years.
The study finds that giving recognition to these two generations at work, even in small financial ways, provides them with a greater sense of personal fulfillment and helps boost employee retention while converting them into passionate workers and loyal ambassadors for their employer companies.
Additional insights from the study include:
- 50 percent surveyed feel that management does not recognize strong job performance, and 76 percent are seldom to never eligible for employee rewards
- 79 percent say that an increase in recognition rewards would make them more loyal to their employer
- 70 percent said they would stay at their job for another year if they were able to receive rewards amounting to only $150 over a one-year period
- 75 percent said they would use a substantial employee performance reward for every day or emergency needs, compared to only 22 percent who would use the same reward for a unique experience
“The vast majority of young workers in the US are feeling a strong level of dissatisfaction with their employers, resulting in an urge to seek more rewarding and validating work outside of their current organizations,” said Rodney Mason, daVinci’s Chief Revenue Officer. “While some employers may see these young workers as disloyal or unmotivated, the truth is that they can be turned into an organization’s most enthusiastic and valuable resource when shown appreciation for their work and rewarded in the right way.”
daVinci’s survey finding that younger generations are more likely to stay at their current jobs when given small financial rewards—which most dedicate to common living expenses—indicates that Millennial and Generation Z employees are shouldering increased financial burden. Although the nation’s unemployment rate sits at its lowest point in decades, employee wages have remained stagnant, leaving many young employees struggling with everyday costs on top of having to manage additional expenses like rising student loan payments.
For more details, you can see the full study here. https://www.davincipayments.com/research-studies/gen-z-millennials-employee-study/
About daVinci Payments
daVinci Payments is leading the payments movement to greater value at the intersection of the payment through advanced insights and technology. daVinci facilitates fast corporate-funded payments to businesses, their employers, customers, contractors, participants and channel partners through virtual, digital and physical payments in 160+ countries, 21 languages and 10 currencies. www.davincipayments.com. daVinci is owned by Syncapay, a holding company “Investing in The New Frontier of Payments.”