50% of Gen Z and millennials admitting to “ghosting” an employer for a higher paying job opportunity
What younger generations want from a new job? People say they are hoppers always look for and change jobs. Job sectors can clearly see a few shifts in the way workers think about compensation. While salary has always been a top concern, they are getting increasingly more strategic and assertive in their approach towards the pay scale.
In this reality of the tight job market, employers are required to be more aware of their compensation offerings in order to stay competitive. The first step for them is to determine where they stand in comparison to industry salary standards. Randstad US 2020 Salary Guide can help employers to understand and do this in a better way.
Obsessed for pay scale
Recently, Randstad US conducted Randstad 2020 U.S. Compensation Insights survey, which unveiled the sentiments of American workers on salary negotiations and how fairly they believe they’re paid.
The survey found Gen Z and millennials are much bolder in their approach to salary negotiations than their older colleagues. In fact, nearly 60 percent reported they have leveraged a potential job offer as a negotiation tactic for a higher salary at their current companies — a stark contrast to just 48 percent of Gen X and 29 percent of baby boomers.
The survey revealed younger generations are more likely to be unpredictable in their actions after accepting job offers, with 50 percent of Gen Z and millennials admitting to “ghosting” an employer for a higher paying job opportunity elsewhere.
Other insights from the survey include:
Compensation remains a key factor in employee retention, especially for younger generations
- 74% of millennials expect a pay raise every year in order to stay at their companies, versus 62% of boomers and 66% overall.
- 40% say they’ve only ever received a raise if they’ve asked for one, but this number is higher among younger employees (55 percent of Gen Z and 59% of millennials) than older ones (26% of boomers).
- 76% overall say their compensation is sufficient to make them stay in their current role for the next 12 months.
All employees (despite age) desire greater pay transparency
- 55% say their companies do not publish pay information for each role, and 60% say they wish their employers would make that information available across the company.
- 54% say they aren’t clear on how pay increases or bonuses are calculated at their company.
There is still room for improvement in achieving gender pay equality
- 51% of women report they’re considering leaving their jobs because they believe they’re underpaid.
- 60% of women have never negotiated their pay, compared to just 48% of men.
- 72% of women versus 59%t of men say they would make a lateral move to a different company just to receive a salary jump they wouldn’t get if they stayed at their current company.