'Generation Y' values salary over society

18 November, 2008

When looking for a job, 'Generation Y ' (people born after 1982), expect more employee benefits than their older counterparts, and value salary more than corporate social responsibility (CSR) according to research company, FreshMinds Talent. Entitled Work 2.0, the research surveyed over 1,000 people and followed up with a series of focus groups to explore how the generational divide defines attitudes to work.

Ethics vs salary

Many businesses over recent years have made efforts to become more responsible and ethical.  However, 'Generation Y' would take a job that offers the higher salary over one with an organisation that had introduced initiatives including a focus on corporate social responsibility, a strong involvement in the community or that had a positive impact on the environment.

In contrast, Generation Y would take a lower salary to work in a company that has flexible working hours, offers the ability to work from home, uses their skills better and has better training opportunities.

The perks of the job

Generation Y are generally more demanding than Generation X (people born between 1964 and 1981) and Baby Boomers (those born between 1946 and 1963) when it comes to the extra perks that come with the job.  Key findings of Work 2.0 include:

 •28 percent of Gen Y think discounted or free gym membership is important, compared to 13 percent of their elders.

Loyalty and longevity

41 percent of Generation Y believe that the company they work for says something about them. (Only nine percent of Gen Y strongly disagreed with this statement, compared to 14 percent of Generation X and 23 percent of Baby Boomers).  Despite this, Gen Y are generally unwilling to commit a large chunk of their working life to one firm.

•Within a 15 year period, 52 percent of Generation Y think that it is likely that they will be in a different type of role/job function, compared with 36 percent of Gen X and 14 percent of Baby Boomers.

The individual and the company

Generation Y are ambivalent to the role of the company, with 40 percent believing that the organisation makes no real impact on helping them get their job done.  These figures grow much less marked in older employees, indicating a significant shift in perceptions of the company and the individual over the past 30 years.

James Callander, managing director of FreshMinds Talent, comments:  “There is a lot of speculation about how Generation Y differ from earlier generations, particularly in terms of how they relate to the working environment.  Our research aimed to draw out both how the younger generation differs and where their attitudes are the same as their older peers.  This is critical if employers are going to understand what is required to engage this group of people that represent the future of their businesses.”