A new industry survey has outlined several key generational differences amongst Baby Boomers, Gen-X, and Millennial oil and gas professionals.
A new inter-generational industry survey asked respondents to rank attributes of their jobs and found a number of key differences. It found, for example, that Baby Boomers cared less about a competitive salary, giving a value of 87 percent, than Gen-Xers and Millennials, who valued the attribute at 91 percent and 89 percent respectively.
The 2018 Ideal Employer Survey (IES), conducted by Rigzone, also showed that Baby Boomers gave a competitive bonus a lower value of 75 percent and company perks a value of 53 percent. Gen-Xers and Millennials each valued a competitive bonus at 81 percent, and company perks at 58 and 61 percent, respectively.
Offering some insight into why Baby Boomers might be placing less worth on the fiscal aspect of their jobs, Amy Lynch, president of US-based Generational Edge and a consultant on generations in the workplace, suggested that this particular group valued other rewards more.
“Boomers have always been a competitive generation,” Lynch told Rigzone. “Recognition and awards matter, but money and perks may not be the rewards boomers want most. That is more likely to be personal recognition,” Lynch added.
Baby Boomer oil and gas professionals gave a desirable work location a value of 74 percent, compared to 73 percent for Gen-Xers and 70 percent for Millennials. Having the opportunity to travel, on the other hand, was valued at 68 percent by Boomers. Gen-Xers valued this attribute at 72 percent and Millennials at 75 percent.
Baby Boomer expert and TV pundit Alexis Abramson also suggested that money was not the attribute boomers valued highest: “They prefer to stay close to home and are infamous for not wanting to leave their close-knit communities ... They are motivated to live in a place that will enhance their personal life.”
Abramson also said that what other generations may perceive as the ‘luxury’ of traveling for work, Boomers simply see as work on the road.
“Boomers feel they have ‘been there and done that’ from a business travel perspective. Unlike younger generations who perceive the nomadic road-warrior journey to be a mini-vacation, Boomers report this type of lifestyle as tedious and unproductive,” Abramson said.
“Boomers often voice that they see business travel – [and] travel in general – as a hassle now plagued with long lines, unsanitary transportation options and poor customer service,” Abramson added.
Looking at attributes related to career development, Baby Boomers gave solid training and development programs a value of 83 percent, and opportunities for promotion a value of 77 percent. In comparison, Gen-Xers and Millennials valued these attributes significantly higher, at 88 and 90 percent, and 87 and 88 percent, respectively.
“In similar polls, Millennials always value career development more highly than Boomers do,” Lynch said. “Gen-Xers and Millennials grew up expecting to have to keep learning all their lives, so career development is simply part of the plan, and it's something they routinely expect from employers. Boomers, not so much.”
“Baby Boomers often base their success on a predetermined moral value and belief compass. They take immense pride in having more attachment, commitment and loyalty to their employer than younger generations,” Abramson added.
Rigzone's 2018 IES survey received 6,621 responses from more than 100 countries.