A study of millennials' preferred work-related attributes and retention

Abstract

PurposeThe purpose of this study is to examine the differences in preferred work-related attributes across generational cohorts. Specific focus is given to investigating whether millennials have different preferences than previous generations.Design/methodology/approachThis study uses cross-sectional survey data of 300 employees of a large firm in the southwest USA. Conjoint analysis is used to collect employee responses that are then subjected to analysis of variance (ANOVA).FindingsThe results of this study demonstrate that employees from different generations have significantly different preferences on four work-related attributes: job security, potential for advancement, work/life balance and company leadership.Research limitations/implicationsThis study extends the generational cohort theory by employing psychological contract theory to discover and explain significant differences in preferences for varying work-related attributes for different generations. Like much cross-sectional research, these findings have to be validated and generalized.Practical implicationsFirms can use the results of this study to help understand how different generations value different work-related attributes, thus helping improve employee satisfaction and retention.Originality/valueThe originality of this research lies in its very unique approach, conjoint analysis, to be one of the first studies to test empirically the preferences for work-related attributes across generational cohorts. It lays the foundation for future research to expand upon while also giving practicing managers a useful tool to understand the needs of their employees.