Millennials say upskilling equals more money; baby boomers less optimistic

Upskilling keeps you relevant and employable in the face of the Fourth Industrial Revolution’s rapid rate of workplace change, but a survey by recruiting experts Hays shows the majority (71 per cent) of Millennials also believe it should lead to a salary increase

“The Fourth Industrial Revolution is here and rapidly gaining ground,” says Nick Deligiannis, Managing Director of Hays in Australia & New Zealand. “Many job responsibilities are changing in response to artificial intelligence (AI), the Internet of Things and cloud computing while technology is also increasing how fast our knowledge and skills are becoming outdated.

“We all know we need to consistently upskill to stay relevant and employable, but some generations are more likely than others to think they should be financially compensated for their learning through a higher salary in the long run,” he said.

According to Hays’s survey of 1,253 professionals, five per cent said upskilling leads to a salary increase immediately, with 54 per cent believing it will have financial benefits long-term. However, 35 per cent said upskilling does not lead to a salary increase but instead serves to keep their skills employable. The final six per cent were unsure.

A generational breakdown of these findings shows 71 per cent of Millennials believe upskilling will lead to a higher salary in the long term. Only 56 per cent of Generation X and 40 per cent of Baby Boomers agree.

Instead, 50 epr cent of Baby Boomers say continuous learning keeps them employable.

Regardless of your view, Nick says upskilling is essential to remaining employable in today’s world of work. “Accelerating technological advancements mean staying still will see you become obsolete. Identify your skill gaps and take action. Say yes to new opportunities and don’t silo yourself,” he advises.

Do you think upskilling yourself will lead to a salary increase?

Baby Boomers Bar Chart 2

Hays surveyed 951 employers and 1,253 professionals in Australia & New Zealand.