Accurate and Timely Payroll Valued
May 15 2021 - How do employers attract and retain Generation Z and Millennial staff. It seems that the answer lies in the payroll function according to a new survey from the Canadian Payroll Association.
The Essential Benefits Survey was conducted in April 2021 among 1502 members of the online Angus Reid Forum panel. The main conclusion was that younger workers were not very different from their older colleagues after all.
Employers have often focused on 'perks' to try to connect to the next generation, including:
- free lunches
- casual dress
- gym memberships
In fact, the employee benefits issue that Generation Z and Millennial workers are most concerned with are accurate and timely pay.
Over all in the survey, four-fifths of respondents felt that consistent and accurate pay was an essential benefit of employment that they would not work without. The response was consistent across age ranges:
- 78% of Generation Z
- 83% of Millennials
- 79% of Generation X
- 74% of Baby Boomers
Other employee benefits were the prioroties of far fewer respondents:
- health and dental benefits (61%)
- RRSP programs and pension plans (43%)
- flexible working arrangements (38%)
- training and development opportunities (35%)
- additional vacation time (30%)
- work perks (12%)
A full 87% of respondents felt that if their pay was 'withdrawn, changed, frequently disrupted or compromised', they would 'trust their employer less or feel less valued by them.' 74% would react in the same way to mismanagement or cancellation of health and dental benefits. Just 36% would felt the same about work perks being withdrawn.
80% of respondents said that accurate and consistent payroll gave them peace of mind. If they did not receive their pay when expected, 52% said they would feel more stressed and 35% would struggle to meet essential financial commitments.
Of the Millennials who make up a majority of today's workforce 74% said they would consider moving on from their current employer to find another job if consistent and accurate pay were not given priority, This compared with an average of 66% across all age groups.
According to Peter Tzanetakis, President of the Canadian Payroll Association:
"Employee turnover is expensive, time consuming and affects morale, which is why employee retention is so important. Our research finds that investing in strong, professional payroll is one of the best ways to show employees that they, and the work they do, are valued."
Manjit Minhas, CEO and Co-founder of Minhas Breweries, Distilleries and Wineries and star Dragon on CBC Dragons' Den commented:
"As an employer, I've learned that attracting and retaining employees is critical to the health of my business. Cracking the code when it comes to younger generations can provide a real strategic advantage,
"The Canadian Payroll Association Essential Benefits Survey clearly demonstrates that payroll holds a lot of power when it comes to building and maintaining a strong employer-employee relationship. While all benefits are important, payroll is the right of every worker and needs to be treated as such."
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