What matter most to today’s workers; money or mentoring?

A new survey of employees in the North West of England has found that benefits and mentoring opportunities are viewed as more important than cash bonuses for the modern day workforce. Surprisingly the ‘bonuses’ in question were not those paid over and above the salary cap, but related to the actual level of salary itself. The survey, commissioned by accountants and business advisers, PwC, found that 41 per cent of so-called 'millennials' – that is, those born between 1980 and 2000, value training and development opportunities, good mentoring and flexible working practices more highly than the job’s actual level of pay. In fact, many ‘millennials’ were prepared to take a lower salary in exchange for a job that offered more relevant, tangible and useful ‘fringe’ benefits.

Seventy two percent of those surveyed admitted that they had made some sort of compromise to secure a job; be that salary, location or choice of industry. What they were not prepared to compromise about, however, were the mentoring, training and development opportunities. The over-riding conclusion of the study is that today’s workforce is no longer simply looking for a job, but seeking a job with prospects – in other words, a career in which progression and improvement are taken as read. A quarter of the respondents expect to have six or more employers during their working lives. Twenty percent say they have no plans to stay in their current position long-term. For those looking to move on, the prime motivation and attraction of a different job is career progression, not increased wages.

The survey found that in the UK as a whole, only 51 per cent of younger workers said they expected to be better off than their parents' generation: that figure is considerably lower than the global average of 67 per cent. The reason for these lowered expectation levels remains unclear, but analysts suspect it probably has much to do with the current precarious state of the job market and the lack of opportunities for progress. That in many ways explains why so many younger employees value mentoring and development opportunities so highly; they see mentoring as a golden ticket to a brighter and more prosperous future. Yet 38 percent of those surveyed felt the older, senior managers failed to relate to younger workers and did not appreciate just how important mentoring, development and training were for their prospective career plans. In fact 34 percent of younger workers went even further and suggested that their drive and determination for success seemed to actually intimidate older staff, and led to fewer training and mentoring opportunities.

If there is a lesson to be learnt from the survey, it’s this: employers need to move with the times and embrace what younger workers consider important – otherwise they will struggle to hold onto experienced and qualified staff. Nick Boden, senior partner at PwC's Manchester office, commented on the study’s findings:

“Millennials want more than 'just a job'. They expect rapid progression, a varied and interesting career and constant feedback. This group is characterised by their ambition and optimism as they look at more than money when there's an offer on the table. There are significant implications for employers as they need to adapt to ensure they remain attractive to this new workforce.”