GENERATION Z IS WILLING TO ACCEPT LOWER PAY IN EXCHANGE FOR BETTER WORK-LIFE BALANCE
We’ve all heard that money can’t buy happiness. But for members of Generation Z, it’s more than just a pithy saying. Rather, it’s a belief that guides their priorities in the workplace.
That’s one of the major findings of a new survey from the Top Employers Institute, a Netherlands-based firm that provides accreditation for companies that meet certain HR standards. The survey, which took into account the views of 1,700 people across the globe in the 18-to-27 age bracket, found that 62% said they would accept a lower salary if it meant a better work-life balance.
Other findings spoke to similar Gen Z priorities. The survey found that 82% of respondents said it was important to have flexibility in their schedule, while 83% said their employers have a responsibility to support their psychological health.
In all, the survey and an accompanying report make the case that Gen Z have a much different attitude about work than members of previous generations. That is, life for them is about much more than a job — and a job shouldn’t be so overwhelming or demanding that it detracts from the world outside work.
Jake Canull, a regional director for the Top Employers Institute, told MarketWatch that the survey speaks to the Gen Z need for “stability, sustainability and safety” in the workplace. He said it’s a need stemming from the fact many members of Gen Z started their careers during the topsy-turvy coronavirus-pandemic era and now seek more normalcy.
The survey’s findings don’t come as a surprise to HR and other workplace experts who spoke with MarketWatch.
Roberta R. Katz, co-author of “Gen Z, Explained: The Art of Living in a Digital Age,” said that Gen Z’s views of the workplace have been shaped — and scarred — by more than just the pandemic. She noted that even if they were just children during the 2008-09 financial crisis, Gen Z grew up with an understanding that the world is not always on such solid footing as a result of that economic downturn.
Hence the desire to have stability on the job, even at the expense of higher pay. “They’re known as a very pragmatic generation,” Katz said.
Ella McMullin, a 24-year-old Brooklyn-based Gen Z member who has worked at a career center and as a community manager, emphasized that her generation want to be employed by companies that understand the need for an occasional break, such as a mental-health day.
“People don’t want to sacrifice their well-being,” she said.
The problem is that employers aren’t always on board with these priorities. Or they simply say Gen Z are not fit or ready for the workplace and its demands for professionalism and accountability.
A recent survey by Intelligent.com, a business that provides college rankings and other educational resources, found that 75% of companies “report that some or all of the recent college graduates they hired this year were unsatisfactory.” The survey also found the majority of hiring managers believe today’s college graduates are entitled, easily offended and lack a work ethic.
Still, companies that choose not to employ candidates from Gen Z may do so at their own peril, say workplace experts. It’s not just that Gen Z constitutes the next pool of potential hires as older employees age out of the workplace. It’s also that Gen Z members are digital natives and bring a savvy about technology and social media that can benefit companies.
Vicki Salemi, a career expert with the online job site Monster, said the bottom line is that Gen Z represents the future of the work world.
“They are a valuable generation. We need to respect them,” she said.