Last week’s 3-minute insights caused some vibrations back to us and oddly enough we planned for one of the questions which came our way. So, what is it that future employees are looking for when they seek employment?
This is a very broad question and topic as it depends on the arena, type and compensation level the seekers are pursuing employment. If we start with those who have graduated from some level of college, they are looking for a means to get into the workplace. Some will talk career, but most are needing a job. They need some reasonable level of compensation as they are desiring to be out on their own and many of them have some level of student debt they must begin to pay for. They also have a variety of other expenses which to some degree they did not have to deal with until now. All of these desires to be more independent, being self-responsible etc. causes their compensation requirements to be formidable and potentially out of alignment with the balance of compensation to expense ratio on the minds of the business owners.
If we consider resources at the working age which do not have college degrees and also are not in the skilled trades or as I refer to them the “hands” industries, these folks are needing money to pay bills. They too desire their independence but potentially due to a lack of foundational financial management knowledge struggle with life expenses and income capabilities. This group is being supported by many of the minimum wage movements to narrow the gaps between expense and income for basic living.
The third grouping to be discussed are those who have elected to not choose college and seek out the skilled trades. This group is in significant demand. For the past 20 plus years many younger people were pushed toward college and the “Professional” industries. This group needs a place to get started. They are green to their industries and their talents reflect that same gap. Unfortunately, much like our second group their skills of expense to living ratios is out of sorts.
One key to all of these resources is that they are driven by different purposes than prior age groups. It is not that their purpose or why they doing things is good or bad, right or wrong, it is just different. They all want to be part of society and in their own way contribute. Prior generations put lots of energy in results through money. These groups as stated previously need finances to live but they are purpose driven in a different way. They define a purpose and then seek out how to achieve that purpose through how they live their life vs. buying the purpose. Their purpose if far more intrinsic (feelings and emotionally based) as opposed to extrinsic (more into the tangible and details).
As business leaders we can either resist this change in the future of employees or open the communication to navigate to a common ground where both levels of purpose can be attained. This week take a look at the gaps in your employment workforce. What is driving the various resources in your organization? Does the business have a core purpose and do the employees align with that purpose? Those which align can gain energy from being part of that purpose. Those who seek alternate purposes are involved in the business but gain their purpose externally from the business. Both can be good staff but when push comes to shove on compensation, those who align with purpose will be less contentious and those not aligned will always be looking for more compensation and seek out alternate employment.
Wondering what your organization’s purpose is? Give JKL Associates a call at (313) 527-7945 or (407)984-7246 to start the conversation.