Young workers in the automotive industry value job fulfilment over financial reward, according to new research from the iOpener Institute for People and Performance.
Responses from 18,000 Generation Y or Millennial professionals (people born from early 1980s to early 2000s) show the majority are motivated to stay with their employer, and to actively recommend their organization to friends, by the level to which they are fulfilled their job, rather than levels of pay.
This new analysis established that factors such as belief in the firm’s economic or social purpose, and pride in the organisation and its work, had a strong correlation with the likelihood of someone staying with company.
Virtually no correlation was found between increased levels of pay and someone’s likelihood of staying in the job.
There was also a strong correlation between someone’s job fulfilment and their likelihood of recommending the business to a friend – a critically important finding for Generation Y who are widely networked and use digital platforms to share opinion.
Jessica Pryce-Jones, founder director of the iOpener Institute and author of “Happiness at Work – Maximising Your Psychological Capital for Success”, said: “This Generation Y insight report provides an important wake-up call for management to pay attention to employee feelings of engagement, empowerment, purpose and future development if they are to retain and foster young talent in their company.
“This is a particular issue in the automotive industry where many roles demand late hours and few holidays. Many positions are also based on commission, which can cause increased levels of stress. These factors when combined create the perfect conditions for high employee turnover.”