Financial Rewards: Gen-Y and Boomers

The July/August Harvard Business Review has a  fascinating comparison between Gen-Yers and Boomers, by Sylvia Ann Hewlett and colleagues.  Hewlett is an economist and president of the Center for Work-Life Policy in New York.  Both generations agree that financial reward is not the driving issue for them in the workplace.  They rate other rewards as important as money.  Here are the key types of rewards that are at least as important as compensation, in order of priority.

            Generation Y   

1. High-quality colleagues
2. Flexible work arrangements
3. Prospects for advancement
4. Recognition from one's company or boss
5. A steady rate of advancement and promotion
6. Access to new experiences and challenges

Boomers are the parents of Gen-Yers, so it's not surprising that there are a remarkable number of similarities in the workplace preferences between Baby Boomers and Generation Y.  The two generational cohorts are approximately the same size, while Generation X is half the size of Gen-Y or the Boomers.

The similarities between Boomers and Gen-Y are striking.  Boomers rate seven types of rewards as important as cash.  Again, they are in order.

            Boomers

1. High-quality colleagues
2. An intellectually stimulating workplace
3. Autonomy regarding work tasks
4. Flexible work arrangements
5. Access to new experiences and challenges
6. Giving back to the world through work
7. Recognition from one's company or boss

I wonder, do these lists sound right to you?  I'd appreciate any comments on how managers and organizations can find ways to make work meaningful on these terms.

--from Sylvia Ann Hewlett, How Gen Y and Boomers Will Reshape Your Agenda, Harvard Business Review, V87, 7/8, p. 76.