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Canadian companies must address generational differences to avoid the cost of high turnover rates, low engagement and missed new business opportunities, according to Ceridian Canada’s Pulse of Talent 2013 report.
“With the Canadian workforce spanning four generations, employers must realize that the ‘one-size fits all approach” to managing people is ineffective,’ said John Cardella, chief people officer, Ceridian Canada. “The survey points to rewards and recognition, communication, career performance and progression as the key impact areas essential for individual and organizational success. The required approach to these impact areas is different across all generations due to the evolution and influence of technology in the workplace.”
Survey findings include:
- 89 percent of all the respondents would prefer face-to-face communication over any other method like email or the phone.
- 29 percent of all respondents said they have promoted their company in public ways with comments on social media sites. Among Generation Y respondents, 41 percent admit to promoting their workplace/employer on social media sites.
- Generation Y members are also more likely to complain about their employer or performance review via online channels than any other generation (12 percent).
- 74 percent of Generation Y members said they would prefer non-monetary performance rewards, compared with 65 percent of Generation X and 56 percent of boomers.
- 15 percent of Generation Y members prefer three to four performance reviews per year, versus 5 percent of boomers who prefer that number of performance reviews. However, 12 percent of the respondents would prefer to have no performance reviews at all.
- Among those who expect to receive a salary increase/bonus/promotion within the next year, 29 percent said they would start looking for a new job if they did not receive one. The percentage rose to 52 percent among Generation Y members.
Harris/Decima conducted the survey for Ceridian Canada in March 2013. The survey included more than 800 employed Canadians, ranging from boomers, Generation X and Generation Y.