Millennials Are Least Inspired by Company Mission and Least Satisfied with Pay Relative to Older Generations, According to Peakon Report
COPENHAGEN, LONDON and NEW YORK (June 5, 2019) – Millennials—often described as a generation driven by passion and the pursuit of purpose—report being less inspired by the purpose and mission of their organisation than their older peers, and are also least satisfied with their pay relative to other generations, according to new research from the world’s leading employee retention platform, Peakon.
- Millennials find less meaning in their work compared to older generations. Only 2 in 5 say they find meaning in their work.
- Millennials are least satisfied with their pay compared to older peers. Only 1 in 5 are satisfied with their pay.
- Baby Boomers group is the most engaged after 3 years of tenure.
- Baby Boomers are the most loyal and satisfied generation with most faith in their organisation’s strategy.
- Millennials – often described as a generation driven by passion and the pursuit of purpose – report being less inspired by the purpose and mission of their organisation than their peers.
- Millennials also find significantly less meaning in their work compared to older generations. Meaningful work was identified as a key driver of attrition in Peakon’s previous study, The 9-Month Warning.
- Millennials are also least satisfied with their pay relative to other generations, with the disparity between the generations being greater with reward and compensation than any other workplace factor. In fact, only 1 in 5 are satisfied with their pay.
- Despite a lower engagement score during the on-boarding period, Baby Boomers emerge as the most engaged demographic in the workplace after three years of tenure, with Millennials consistently less engaged than both Boomers and Generation X.
- Boomers are notably more loyal and satisfied in comparison to their younger colleagues as well. After 3 years, Baby Boomers score higher (0.5 on 0-10 scale) when asked about their intention to stay; after two years they reach far higher satisfaction levels, peaking at five with a difference of 0.7.
- Boomers have more faith in their organisation’s strategy and goals set by leadership than Generation X or Millennial employees.