More than three-quarters (79%) of millennial respondents believe that receiving benefits would make them more loyal to the organisation they work for, according to research by BrightHR.
The It pays to play study, which surveyed 2,023 people, also found that 45% of 16-25 year old respondents receive workplace reward and benefits outside of pay, compared to 22% of respondents aged between 55 and 60.
The research also found:
- 75% of respondents aged between 16 and 25 would work harder if they were offered more benefits, compared to 50% of respondents aged between 55 and 60.
- 80% of 16-25 year old respondents rate workplace perks as very or moderately important.
- 29% of 45-55 year old respondents are more interested in financial bonuses than benefits such as a company car or staff parties.
Paul Tooth, co-founder and chief executive officer at BrightHR, said: “The findings show that bosses in the UK have their work cut out making sure they have a team of fulfilled individuals, when the different generations have such contrasting motivations.
“Millennials expect to work longer hours, and they want more from work as a result. For the baby boomer or generation X this could be a very daunting environment to be starting a new role, surrounded by younger peers who accept longer hours.
“The different generations offer a diverse range of skills which, when nurtured and well managed, can be very complimentary and form a strong team. When it comes to rewarding a multi-generational team, a bespoke approach is best. Businesses should offer employees a choice of rewards. Allowing teams to choose personalised rewards shows that their management are listening to their needs.”