{"id":4023,"date":"2018-05-30T22:44:43","date_gmt":"2018-05-30T22:44:43","guid":{"rendered":"https:\/\/www.comparably.com\/blog\/?p=4023"},"modified":"2019-01-16T23:10:22","modified_gmt":"2019-01-16T23:10:22","slug":"old-millennials-young-millennials-and-gen-z-comparing-compensation-and-culture","status":"publish","type":"post","link":"https:\/\/www.comparably.com\/blog\/old-millennials-young-millennials-and-gen-z-comparing-compensation-and-culture\/","title":{"rendered":"Study: Comparing Compensation & Culture of Millennials & Gen Z"},"content":{"rendered":"

There\u2019s a tendency these days for people to refer to anyone under age 35 as a millennial, but that blanket term doesn\u2019t tell the full story.<\/p>\n

Indeed, significant differences exist between those born in the earlier and later halves of the so-called millennial generation, commonly defined as the period between the early 1980s and mid-1990s. Much of these intergenerational differences are a result of each group\u2019s experience with technology. For example, the average 35-year-old (what we\u2019re playfully dubbing an \u201cold\u201d millennial) was 24 when the iPhone came out while the average 24-year-old (a \u201cyoung\u201d millennial) was 13. While both are technically millennials, each has had a vastly different experience with one of the most transformative technologies of our times, which has shaped and influenced their cultural norms and values.<\/p>\n

On top of all that, millennials are no longer the youngest workers on the scene. Generation Z (born mid-1990s to early 2000s) is now entering the workforce, with a fresh set of values and perceptions of their own.<\/p>\n

Comparably (www.comparably.com<\/a>) used its extensive database of compensation and culture data to compare workers in each of the following age groups:<\/p>\n

—Generation Z: <\/b>Workers aged 18 to 25<\/b>
\n—Young millennials:<\/b> Workers aged 26 to 30<\/b>
\n—Old millennials: <\/b>Workers aged 31 to 35<\/b><\/p>\n

The results come from an analysis of tens of thousands of employees at small, mid-size and large public and private U.S. tech companies. The data was collected between March 2016 and April 2018. Full methodology below.<\/em><\/p>\n

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Old millennials, young millennials, and Generation Z have one very big thing in common: they exist in a world where demand for tech jobs is higher than ever. According to the U.S. Bureau of Labor Statistics, computer and information technology jobs are expected to grow at an above-average 12% from 2014 to 2024. Developers and computer systems analysts, in particular, are among the 20 occupations projected to create the most new jobs overall.<\/p>\n

According to our data, 12 of the best-paying jobs for workers 18 to 35 (in alphabetical order) are architect, data scientist, dev ops, developer, IT manager, lead engineer, product manager, sales engineer, sales rep, senior developer, product manager, and UI\/UX designer.<\/p>\n

**Note: Salaries for the following roles were excluded for workers 18 to 25 as these roles generally require more years of experience: architect, dev ops, IT manager, lead engineer, sales engineer and senior product manager.<\/em><\/b><\/p>\n

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Key takeaways:<\/b><\/p>\n

–The highest paying tech job for Generation Z <\/b>is senior developer ($115,000)<\/b>
\n–The highest paying tech job for a young millennial<\/b> is senior developer ($120,000)<\/b>
\n–The highest paying tech jobs for an old millennial<\/b> are senior product manager ($135,000), architect ($125,000), and lead engineer ($125,000).<\/b><\/p>\n

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Compensation isn\u2019t just about the base salary. While bonuses aren\u2019t guaranteed in any role, here are the averages for Gen Z, young millennials, and old millennials.<\/p>\n

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Key takeaways:<\/b><\/p>\n

–Bonuses among sales rep<\/b> are some of the highest across the board (about $21,000 for Gen Z, $40,000 for young millennials and $43,000 for old millennials.<\/b>
\n—Sales engineers <\/b>also command high bonuses.
\n–Bonuses for old millennials who are IT managers <\/b>are nearly double<\/b> that of young millennials ($8,045 vs. $4,294).<\/b><\/p>\n

Less than half of young millennials believe they are paid fairly<\/b><\/p>\n

Just 48% of millennials aged 26 to 30 say they feel they are paid fairly \u2013 the lowest rate of any age group. The rates for Gen Z and older millennials (31 to 35) were also on the low side (50% and 54%). People in their 40s and 50s were most satisfied with their pay.<\/p>\n

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68% of millennials and Gen Z believe the #TimesUp movement will have lasting impact<\/b><\/p>\n

Millennials and Gen Z are more confident than any other generation that the recent women\u2019s equality movement will result in positive change in the workplace (71% for Gen Z, 68% for young millennials, 66% for old millennials). Note: Responses for age groups 50 and above were eliminated here due to low sample size.<\/em><\/p>\n

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Old millennials are least confident in their career plans<\/b><\/p>\n

Forty-one percent of old millennials (31 to 35) say they have clear goals and a plan for their career, the lowest out of any age group. Gen Z, on the other hand, had the highest percentage of people who said they have clear goals and a plan for their career.<\/p>\n

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More than half of millennials and Gen Z say having kids holds people back in their careers<\/b><\/p>\n

When asked whether they believe having children holds people back in their careers, 58% of Gen Zers, 56% of young millennials, and 54% of old millennials said yes. Those were the highest rates among any age group.<\/p>\n

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Old millennials value work-life balance more than anything else; younger generations are split between work-life balance and career advancement<\/b><\/p>\n

Thirty-seven percent of old millennials say work-life balance is most important to them in a job (salary aside). Young millennials and Gen Z also chose \u201cwork-life balance\u201d as their No. 1 response, though it was a close call with \u201ccareer advancement opportunities.\u201d<\/p>\n

Gen Z<\/p>\n

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\nYoung millennials<\/p>\n

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\nOld millennials<\/p>\n

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Gen Z is pretty sure robots are going to take their jobs<\/b><\/p>\n

While people 35 and under have the highest rates of saying they believe robots will take over their jobs in the next 10 years (33%), no one is more convinced than Gen Z, 41% of whom fall into this category.<\/p>\n

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Young millennials and Gen Z are most willing to tell people what they earn<\/b><\/p>\n

When asked whether they\u2019d share their salary information with their coworkers, 35% of Gen Z and 32% of young millennials said they would be \u201cvery likely\u201d or \u201csomewhat likely\u201d to do so. Just 24% of old millennials said the same. Older generations were least likely to say they would be transparent with their coworkers about salary.<\/p>\n

Gen Z<\/p>\n

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\nYoung millennials<\/p>\n

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\nOld millennials<\/p>\n

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Gen Z is most likely to say gender has held them back in their careers<\/b><\/p>\n

Thirty-nine percent of workers 18 to 25 feel gender has held them back in their careers. This includes both men and women, though women are 2x more likely to feel this way (48% vs. 21%).<\/p>\n

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Millennials and Gen Z are equally intrigued by entrepreneurship<\/b><\/p>\n

More than 40 percent of old millennials, young millennials, and Gen Z say they would like to start a business in the next five years. That\u2019s a greater percentage than in any other age group.<\/p>\n

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Old millennials are the biggest job hoppers<\/b><\/p>\n

When asked how long they see themselves working at their current job, 27% of old millennials say they plan to stay less than one year. That was the highest rate of any age group. Young millennials, on the other hand, showed an even split between those who said \u201cless than a year\u201d and \u201cmore than 2 years\u201d (both 25%).<\/p>\n

Gen Z<\/p>\n

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\nYoung millennials<\/p>\n

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\nOld millennials<\/p>\n

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Gen Z really wants a pay bump while millennials are more focused on improving vision and strategy<\/b><\/p>\n

When asked what their first priority would be if they were boss, 27% of Gen Z respondents said they would increase employee pay. They were the only age group to choose this as No. 1 \u2013 everyone else (all millennials and older) was more interested in bettering the team\u2019s vision\/strategy.<\/p>\n

Gen Z<\/p>\n

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\nYoung millennials<\/p>\n

\"ac2\"
\nOld millennials<\/p>\n

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Millennials aren\u2019t as affected as Gen Z by their coworkers\u2019 political views<\/b><\/p>\n

Forty-three percent of Gen Z respondents say their coworkers\u2019 political views affect their working relationships. Old millennials and young millennials were less likely to say the same (35%), while workers in older age groups had the overall lowest rates.<\/p>\n

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Methodology<\/u><\/b><\/p>\n

–Compensation data was compiled from 18,386 Comparably users aged 18 to 35 in job titles that have at least 600 employee compensation records within that age range.
\n–Culture data was compiled from 217,619 Comparably user responses. Questions were in Yes\/No and multiple-choice format. A total of 10 survey questions were included. Each survey was initiated sometime between July 2016 and January 2018. Results are as of April 2018. Questions include:<\/p>\n

Do you believe the #TimesUp movement will result in progress in relations between men and women in the workplace?<\/p>\n

Do you believe you’re paid fairly?<\/p>\n

Do you think your job could be replaced by a robot in the next 10 years?<\/p>\n

Do you feel that you’ve been held back in your career because of your gender?<\/p>\n

Besides your salary, what\u2019s most important to you about work?<\/p>\n

How likely are you to share your compensation with co-workers?<\/p>\n

Do you plan to start your own company in the next 5 years?<\/p>\n

How much longer do you see yourself working at your current company?<\/p>\n

Do you have clear goals and a plan for your career?<\/p>\n

If you were the boss what\u2019s the first thing you\u2019d change?<\/p>\n

Do the political views of your coworkers affect your working relationship with them?<\/p>\n

Do you think having children holds people back in their careers?<\/p>\n

–Employees hail from small, mid-size, and large tech companies (VC-funded, privately-held, and public) to household brands like Amazon, Apple, Google, Facebook, Uber, etc.
\n–Data was collected between March 2016 and April 2018.<\/p>\n

 <\/p>\n

About Comparably<\/u><\/b><\/p>\n

Comparably is one of the fastest growing compensation, culture, and career monitoring sites in the U.S. With the most comprehensive and uniquely structured data — segmented by gender, ethnicity, age, location, tenure, company size, equity, title\/department, and education — the platform gives employees a more accurate picture of their worth and allows them to anonymously rate their workplace experiences and match with their dream jobs. Since its launch in 2016, Comparably has accumulated more than 3 million ratings from employees across 30,000 U.S. businesses and over 5,000 companies who use its employer branding and jobs tools. For more information on Comparably, go to www.comparably.com. For highly-cited workplace culture and compensation studies, including Comparably’s annual Best Places to Work and Best CEOs lists, log onto www.comparably.com\/blog.<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a tendency these days for people to refer to anyone under age 35 as a millennial, but that blanket term doesn\u2019t tell the full story. Indeed, significant differences exist between those born in the earlier and later halves of the so-called millennial generation, commonly defined as the period between the early 1980s and mid-1990s. … Read full-story <\/i><\/a><\/p>\n","protected":false},"author":9,"featured_media":4053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7,4,65],"tags":[39,92],"_links":{"self":[{"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/posts\/4023"}],"collection":[{"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/comments?post=4023"}],"version-history":[{"count":4,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/posts\/4023\/revisions"}],"predecessor-version":[{"id":6390,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/posts\/4023\/revisions\/6390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/media\/4053"}],"wp:attachment":[{"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/media?parent=4023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/categories?post=4023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comparably.com\/blog\/wp-json\/wp\/v2\/tags?post=4023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}