42 - What Inspires Loyalty in Younger Workers Part-1
Tease: To inspire loyalty among younger workers, companies must offer three non-negotiable things. What are they? Find out more, coming up next.
Ep 42 show:
Welcome… you’re in the Perna Syndicate! I’m your host Mark Perna and today, we’re going to talk about the three critical things employers must deliver to create loyalty among their younger workforce.
The first requirement is salary—no surprise there. Like every other generation, Millennials rate the paycheck as the most important reason for accepting a job. A competitive salary, along with annual pay raises, are critical to attracting and retaining younger workers. And yet, money is not the only consideration.
There’s something else that younger workers are looking for, and it’s this: Purpose.
73% of Millennials and 65% of Gen-Zers see their work as an integral part of their personal identity. This explains why purposeful work is particularly important to them. If work is life and life is work, then work needs to really matter in the grand scheme of things.
Purpose at work is paramount. Millennials and Gen-Z expect a workplace that fully empowers them to be part of something bigger than themselves. They want to make a difference in the world—and that requires a like-minded company culture. Otherwise, they’ll take their talent, energy and loyalty elsewhere.
A competitive salary and a powerful purpose: these two things can drive incredible loyalty in the younger workforce. Tomorrow, we’ll cover the third and final element that inspires loyalty in Millennial and Gen-Z workers.
Find out more about the younger generations in my award-winning bestseller, Answering Why — available in hardcover, ebook, and audiobook on Amazon.com.