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12 July 2022 / Report
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This is one of a series of insight papers drawn from our latest wave of research into Multicultural Consumers in North America. For more insights into this topic, please visit: https://www.conference-board.org/topics/multicultural-consumer |
As US businesses grapple with labor shortages and the “Great Resignation,” executives are trying to find the correct combination of incentives and benefits to both attract and retain the best talent. It is more than just throwing money at the problem, or even thinking of all workers as the same. Indeed, work and what is valued as one of life’s biggest experiences, can differ across income, gender, and racial/ethnic groups. Indeed, tapping into the values different demographic groups hold regarding work can be essential for firms to create an environment that will be both financially rewarding and engaging for employees.
Source: The Conference Board Multicultural Consumer Survey Q2 2022
Most consumers want the same basic things from employers. Among all demographic groups, our recent Multicultural Consumer Survey revealed that consumers ranked higher pay (50.8 percent), flexible work time (46.2 percent), and enjoyable work (45.8 percent) as the top three most important features of a job. Middle-income ($35K to $74K) and upper-income ($75K+) Asian consumers were the most likely to value higher pay at 68 and 70 percent, respectively. Lower-income Black and Hispanic/Latino consumers (earning less than $35K) over-indexed on flexible work time at 56 and 54 percent, respec
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