Report: Portraying Generation Y
Summary of Findings
Baby Boomers are a generation of hard workers and optimism and while Generation Y possess similar ideals, they want more.
To Generation Y, an organisation's reputation or brand, a meaningful profession and a belief in what the company stands for are important elements in their decision to work for an organisation.
We surveyed over 1,200 people in Australia and New Zealand and compared Generation Y's responses to those from the remainder of the workforce. We found Generation Y are career focused, yet self-confessed risk-takers when it comes to their career and they anticipate moving on from their current employer quicker than the remainder of the workforce. They value honesty and respect and want ongoing learning and development from an employer.
72% of Generation Y will not apply for a role with an organisation if they do not believe in what it stands for. Likewise, nine out of ten Generation Y candidates view the reputation or brand of an organisation as important in their decision to work for a company. 25 per cent of the remainder of the workforce do not.
When asked to rate what was important to their future, Generation Y resolutely placed their career first. For the remainder of the workforce their career was preceded by their health. However 60 per cent of Generation Y view themselves as a risk-taker when it comes to their career, compared to 40 per cent of the remainder of the workforce.
Generation Y believe more strongly than the remainder of the workforce that a career means freedom to achieve a fulfilled and meaningful profession and they are less likely to believe a career is an investment in their financial future.
Just two per cent of Generation Y view a career as a job for life compared to 12 per cent of the remainder of the workforce. On average, Generation Y anticipate staying with an employer for between two to four years, while the average for the remainder of the workforce is over six years.
Generation Y believe work/life balance is a given and an employer should provide them with ongoing learning and development, career progression and mentoring and strong leadership. In comparison, ongoing learning and development is most important to the remainder of the workforce, followed by work/life balance. A competitive and escalating salary rated as a higher priority for this group than for Generation Y.
Despite their differences, Generation Y do share common ground with the rest of today's workforce. Both groups surveyed believe adding value to their employer's organisation is a priority. Ironically, both believe they are loyal to their employer yet Generation Y admitted they anticipate remaining with an employer for just two to four years.
Both groups believe a meaningful role, followed by career progression then work/life balance are most important in a job. Salary followed by training and development then cutting edge technology follow for Generation Y.
Both groups have high salary expectations, believing their worth is above the market average, perhaps because both groups are very aware that skills shortages exist in the market.
Benefits are influential for Generation Y. 42 per cent of Generation Y respondents said they would not accept a job it if did not provide any perks while 37 per cent would not accept a job if it did not provide parking. In comparison, a lack of benefits would not hold the remainder of the workforce back from accepting a role.
This data was collected through a survey sent to recent candidates who registered with Hays. 1,280 candidates were surveyed and Hays divided survey results into two groups, Generation Y and the remainder of the workforce, for comparison.
The 'War for Talent'
Summary of Findings
Loyalty and Generation Y
Implications for Australian and New Zealand Workplaces
Recommendations for Attraction
Recommendations for Retention
Report: Portraying Generation Y
