Money isn't everything, say under-30s

When launching their careers, only 16% of today’s under-30 workforce believe salary is the most important factor in a job. This is down significantly from the 25% 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. The survey directly compares the career priorities of the under-30 and over-40 populations.

“Money can’t buy you happiness, and these days it can’t buy young talent either,” says 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 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 paycheque.

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

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,” says Cherine Zananiri, director 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.”