Financial Services

Survey Highlights Document

February 16, 2017

North America

February 16, 2017

North America
Veronica Lara

Senior Editor, Americas

Veronica is a senior editor for The Economist Intelligence Unit's thought leadership division in New York. She specialises in market environment topics and trends that cut across industries, including the future of work, technological disruption, and economic competitiveness. In addition to these areas, she has led projects on advancements in manufacturing, historic energy demand trends, and socioeconomic topics such as organised labour, post-war impact investing and growth of cities.

Until July 2014 Veronica was the EIU's commerce and regulations analyst for 29 countries, mostly in the emerging markets. She has written for various EIU publications, on subjects such as financial inclusion, international trade, and policies aimed at attracting investment and promoting innovation.

Veronica holds master’s and bachelor’s degrees in international relations from New York University and the University of Pennsylvania, respectively. Before joining the EIU, she covered industries as diverse as defense, logistics and mining for a research advisory firm.

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In September 2016 The Economist Intelligence Unit (EIU) conducted a survey, sponsored by Prudential, exploring the key concerns and aspirations of union members.

The survey sample includes members of the millennial cohort, Generation X and baby boomer generations. About 58% of respondents are male; nearly half have completed or are in the process of securing a four-year college degree or higher qualification; and nearly 90% work full-time. Slightly more than half live in suburban areas, and nearly two-thirds have been union members for ten years or longer.

 

Key Findings:

1. There is a generational disconnect among union members: The survey finds that millennials are not as personally invested in their jobs as their older counterparts: they report less job satisfaction than baby boomers and take less pride in their work. This stems in part from the comparatively junior posts that younger people tend to occupy, as well as the higher turnover among millennial workers.

2. Millenials have higher expectations of unions and the overall workplace: As the workforce ages, labor groups will need to address a broader range of sometimes conflicting needs. The challenge is biggest for younger workers, especially millennials, because their expectations tend to differ from those of older members, who have been critical in building existing union structures and methods.

3. Unions can improve engagement by offering training and taking new approaches to meet member needs: In the case of training, union members are actively engaged in building their own futures, but they also think unions should become more involved. Strong majorities agree with sentiments like “I actively seek to develop new skills” and “unions should offer more training or opportunities to enhance skills.” These results suggest opportunities for more unions to become engaged in providing training and apprenticeship programs. 

 

Read the Survey Highlights Document, written by the EIU and sponsored by Prudential >>

 

 

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