Is generation Y less interested in cash?
Well, according to the recent survey carried out by PwC and made the subject of an article in HR magazine, most definitely. When asked if they would swap £1000 of salary for other benefits, 36% of the under 20s surveyed agreed – the benefit was an opportunity to achieve £5K based on performance.
The report goes on to provide figures on interest levels based on gender for medical and car benefits.
Work based training or bonus? Seems 25% of 18-24 year olds surveyed would prefer a 4 day training course rather than cash. Further data on additional holidays, help with mortgage and healthcare plus discount shopping vouchers showed high interest levels above cash for an average of 35% in this age group, so it seems as though our view that cash is something, but not everything, when motivating staff is true, at least in this age group.
This indicates that managers should become more creative when offering incentives geared towards improving performance. Dangling the cash carrot is, quite clearly, not the only answer.