Money isn't everything: Attitudes of young workforce changing

RSM Richter survey indicates high pay is less important to today's recent graduates than it was in the past. Full details contained in news release below.

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TORONTO - When launching their careers, only 16 per cent of today's under-30 workforce believe salary is the most important factor in a job. This is down significantly from the 25 per cent of workers over 40 who say salary was their primary consideration when they started out.

This shift in values is revealed in a new national career survey conducted by Decima Research for RSM Richter, one of Canada's largest independent accounting, business advisory and consulting firms. The survey directly compares the career priorities of the under-30 and over-40 age populations.

Carried out between July 20 and July 29, 2007, Canadians under 30 and over 40 were asked to rank the most important things a company could offer for them to consider an employment opportunity.

"Money can't buy you happiness, and these days it can't buy young talent either," said Lisa Fusina, Human Resources Manager, RSM Richter - Toronto/Calgary. "Because money is less of a motivator for young professionals than ever before, we find smart businesses paying more attention to career and professional development issues to attract this new generation of workers."

The survey found when people over the age of 40 were seeking their first jobs, monetary compensation was higher on their list of importance than it is for people under 30 today. This suggests that the younger workforce may not be swayed by offers of a better starting salary; they value opportunities for career growth and professional development far more highly than a bigger pay cheque.


When asked what the most important thing a company could offer, findings included:

A job with high monetary compensation
Under 30
16 per cent

40 starting a career(looking back)
25 per cent

Career growth & professional development
Under 30
37 per cent

40 starting a career(looking back)
30 per cent

Direct access to senior management

Under 30
5 per cent

40 starting a career(looking back)
4 per cent

Access to senior management a surprisingly low priority

Ranked last as the most important thing a company could offer for both respondent groups was direct access to senior management. "The relatively low priority of direct access to senior management was a surprise to us," said Cherine Zananiri, Manager of Human Resources, RSM Richter - Montreal. "

At RSM Richter, we find there's a direct correlation to career growth by having the ability and opportunity to engage senior partners in day-to-day decision making."

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