Good morning!
There are a lot of tensions in the workplace right now, but perhaps none quite as potent as the generational divide. With Gen Z, millennials, Gen X, and baby boomers all packed into the workplace, challenges are sure to arise; cue the miscommunication, clashing priorities, and generational stereotyping.
Today, EY released its 2022 U.S. Generation Survey, offering a deeper look at the wants and needs of various generations of workers. Fortune spoke with Leslie Patterson, EY Americas and U.S. diversity, equity, and inclusiveness leader, at the Great Place To Work For All Summit about the latest insights.
“If you want to support your people to be successful, both personally and professionally, you have to continue to think of innovative ways [to provide support] across the generations,” Patterson told me.
The findings
Patterson shared that the survey had some surprises, though the findings didn’t catch her off guard. All four generations had varying perspectives on what matters when deciding whether to stay with an employer. While just under 40% of millennials said culture has a “great deal of impact” on their decision to stay at a company, almost a third of baby boomers said culture has little or no impact on their decision to remain with an employer.
And while a company’s stance on social issues topped the list in importance among millennial and Gen Z employees, 57% of baby boomers responded that their company’s public position on social issues has little to no impact on whether or not they choose to stay at a company.
The good news: There are some significant commonalities. All generations agreed that flexibility is essential, topping the list among boomers as a leading factor in deciding whether to accept a job. And over a third of millennials listed flexible work options as a top factor when assessing a job offer.
Addressing the divide
In her role at EY, navigating and addressing such nuances has become top of mind for Patterson. But there are no silver bullets. The company has experimented with benefits programs meant to meet workers’ needs across generations. Patterson said its most successful pilot was the EY Way of Work fund, which provided employees $800 for commuting costs, childcare, or even pet care.
Patterson’s team has also taken a multipronged approach to resolve relational tensions that stem from having four generations in the workplace. Because of this, Patterson is also a big advocate for implementing intentional check-ins to proactively bridge the generational divide. Check-ins build trust and deeper understanding among workers so that when a conflict or misunderstanding arises, colleagues are less likely to make assumptions or reinforce false stereotypes about the other person.
“What we see from a generational perspective is that often if you don’t know a person or you feel that they are generations ahead…there’s a fear of asking for clarification,” said Patterson. “Words matter, and the lack of words matters as well. So one of the things we have tried hard [to instill] with our leaders is intentionality.”
Amber Burton
amber.burton@fortune.com
@amberbburton
Reporter's Notebook
The most compelling data, quotes, and insights from the field.
The role of chief transformation officer has emerged in the past couple of years as a way to spark corporate renewal and organizational change. It is perhaps because of this that many transformation officers matriculate from the halls of HR. In a conversation at Fortune’s Most Powerful Women Summit this week, four transformation executives gathered to speak about what’s top of mind in their roles: the people.
“Regardless of their field—[the panel] recognized that implementing organizational transformations required a renewed focus on valuing employees and acknowledging the extent of their efforts since the pandemic’s outset in March 2020,” writes Paolo Confino for Fortune.
Around the Table
- The tight labor market could mean employers will be hesitant to lay off employees even if a recession materializes. New York Times
- Companies face about a 7% increase in the cost of medical benefits in 2023, according to a survey from the International Foundation of Employee Benefit Plans. Axios
- Apple is withholding improved health care and tuition payment benefits from its only unionized store. Bloomberg
- When Black CEOs are appointed, their company’s market cap jumps 3.1%, while white CEOs see theirs decline by 0.9%, according to a study from the Strategic Management Journal. Washington Post
Watercooler
Everything you need to know from Fortune.
Remote-first jobs. Fully remote jobs have been replaced by remote-first jobs that are mostly done from home but still offer employees the option to work from the office. —Chloe Berger
Just business. At Fortune’s Most Powerful Women Summit, Synchrony CTO Carol Juel and Girls Who Code Founder Reshma Saujani argued that employers should treat gender inequity as a business issue and enact gender-neutral parental leave. —Kaitlyn Koterbiski
Unproductive monitoring. The key to measuring employee productivity isn’t monitoring them but being transparent and fair in assigning them work. —Zeb Evans
Speak up. The CEO of Planned Parenthood Federation of America, Alexis McGill Johnson, urged business leaders not to stay neutral on the issue of access to reproductive health. “We can’t talk about gender equity without talking about accessing health care,” she told attendees at Fortune’s Most Powerful Women Summit. —Megan Leonhardt
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