NEW STUDY FROM ROBERT HALF AND YAHOO! HOTJOBS
PROVIDES INSIGHT INTO MILLENIALS' CAREER CONCERNS AND PRIORITIES
MENLO PARK, CA, Nov. 12, 2007 -- Baby boomers and Generation Y (broadly defined as those born between 1979 and 1999) may have less of a generation gap than one might assume. New research from Robert Half and Yahoo! HotJobs reveals that Millennials share many of the same concerns as more tenured workers when it comes to saving for retirement, finding a solid healthcare plan and achieving work-life balance. However, Millennials aren’t concerned only with the benefits their employers provide. They also expect a lot from their company leaders and look to them as partners in success and job satisfaction.
In a just-released guide, What Millennial Workers Want: How to Attract and Retain Gen Y Employees,
Robert Half and Yahoo! HotJobs examine the professional priorities of the most senior members of Generation Y — those who have already started a career or will soon start one. More than 1,000 adults ages 21 to 28 were polled for the project.
“The research depicts a pragmatic, future-oriented generation that holds many of the same values as its predecessors,” said Reesa Staten, senior vice president and director of workplace research for Robert Half. “Yet, certain distinctive qualities, such as a desire for very frequent feedback from their managers, are unique to this generation. Generation Y expects a lot of its leaders. Making sure supervisors of Gen Y professionals have supportive management styles can go a long way in attracting and retaining these workers, who will play a greater role in organizations as more baby boomers retire.”
Big expectations of company leaders
Survey respondents rated working with a boss they respect and can learn from as the most important aspect of their work environment, ahead of having a nice office space, a short commute or working for a socially responsible company. Those surveyed also indicated that they expect more “face time” from their supervisors than a weekly status meeting. The majority of Gen Yers (60 percent) want to hear from their managers at least once a day.
Redefining a successful future
Most survey respondents appeared optimistic about the future, but this isn’t a group whose idealism overshadows practical concerns, according to the study. When evaluating job opportunities, for example, the research shows that salary, benefits and room for professional growth are top concerns for this group. While 46 percent of Gen Yers consider their career prospects better than previous generations, many respondents feel they also will have to save more money for retirement and study harder than generations past. In fact, nearly three out of four (73 percent) Gen Yers surveyed said they will likely go back to school to obtain another academic degree or certification.
A corner office or impressive job title doesn’t equal success for Gen Y, the survey results suggest. In fact, respondents ranked “a more prestigious job title” last among seven factors that would prompt them to leave their current positions. Opportunities for professional growth and advancement rated a greater career priority, the research shows.
Keeping their options open
Like most employees, Gen Yers crave challenge on the job. The top factors that would tempt Gen Yers to look for greener pastures are added pay and benefits, opportunities for advancement, and more interesting work. Even firms that provide some of these incentives may not be able to keep Gen Y staff members for the long term. Four out of 10 respondents said they plan to stay at their job up to two years; only one in five foresees staying at his/her current job six years or longer.
“Millennials never stop marketing themselves,” said Tom Musbach, managing editor, Yahoo! HotJobs. “This means companies must constantly be in recruiting mode with current employees.”
[Note to editors: Charts with survey findings can be found at www.roberthalf.com/PressRoom. Please contact Julie Sims or Jennie Dobies to receive a copy of What Millennial Workers Want: How to Attract and Retain Gen Y Employees.]
The survey was conducted in the second quarter of 2007 by an independent research firm. It includes a total of 1,007 web interviews of people 21 to 28 years old who are employed full-time or part-time, and have college degrees or are currently attending college. Among those surveyed, 505 were males, and 502 were females.
About Robert Half
Robert Half is the world’s first and largest specialized staffing firm with more than 350 staffing locations in North America, South America, Europe and the Asia-Pacific region. The company’s professional staffing divisions include Accountemps®, Robert Half® Finance & Accounting, and Robert Half® Management Resources, for temporary, full-time and senior-level project professionals, respectively, in the fields of accounting and finance; OfficeTeam®, for highly skilled temporary office support; Robert Half® Technology, for information technology professionals; Robert Half® Legal, for project and full-time staffing of attorneys, paralegals and legal support personnel; and The Creative Group®, for creative, advertising, marketing and web design professionals. For more information about the specialized staffing and recruitment divisions of Robert Half, visit www.roberthalf.com.
About Yahoo! HotJobs
Yahoo! HotJobs (http://hotjobs.yahoo.com) is the fastest growing Web site among the leading job boards, with +43.3 percent traffic growth during January - September 2007, versus 2006 (comScore Media Metrix). As a leader in the online recruiting industry, Yahoo! HotJobs has revolutionized the way people manage their careers and the way companies hire talent.