Labor-market conditions are paying off for workers under age 35, The Wall Street Journal reports.
Data from Conference Board, a business-research organization, shows compensation satisfaction among millennial and Gen Z workers jumped 10 percentage points from 2017-18. Last year marked the first time younger workers were happier with their pay than workers over age 55 since at least 2011, according to the report.
That satisfaction could be because the millennial-Gen Z cohort experienced faster wage growth than the general population. The overall workforce saw 5 percent growth in median weekly earnings from the fourth quarter of 2017 to the same period in 2018, while younger workers saw 7.6 percent growth, according to the report. WSJ reports that wages likely grew faster for younger workers because they are more likely to switch jobs, or they may have new, in-demand skills to offer.
Overall worker job satisfaction was 54 percent in 2018, which is an improvement over recent history, but an overall decline since 1987, when satisfaction was at 61 percent, according to the report. Workers today report being most satisfied with their coworkers, their interest in their work and their physical work environments. They are least satisfied with manager communication, potential for growth and recognition, according to the report.
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