Generation Y’s expectations for first job remain very high

Despite today’s difficult economic climate, final-year students in higher education who are currently taking their first steps into the job market have very high ambitions. They want a lot – and preferably as soon as possible. This is the major finding of a study tracking the career prospects trend of the so-called Generation Y – a generation that has grown up in an economic boom period.

For the seventh time, a research team under the direction of Prof. Dr. Ans De Vos from the Centre for Excellence in Career Management at Vlerick Leuven Gent Management School has investigated the job market expectations of young people in higher education in Flanders. Nearly 1300 students at Flemish colleges and universities participated in the survey. They are pursuing subject areas that prepare them for jobs in the business world (economic disciplines, law, management, communication, behavioural sciences, and science and technology).

Professor Ans De Vos sums up the study: “The higher education class that is currently finding its way into the job market is much more optimistic about its chances than its predecessor was in 2009. And this optimism is displayed towards the job market in general as well as towards their individual chances in that market. They feel that, economically, we are climbing back up out of the valley. That’s the most striking finding from this 2010 study. In addition, this 2010 study also confirms the previously noted trend that the young people of Generation Y are entering their careers with high expectations.”

The optimism of the young people who are surveyed fluctuates each year to the rhythm of the situation in the job market, but this in itself has no influence on their high ambitions and their generally high expectations with regard to their future job. Furthermore, this is also a generation that needs a lot of career support (coaching and feedback) from the employer.

The portion of this group in the job market is becoming increasingly larger, which poses a new challenge for employers. Ans De Vos: “In their HR policy, companies should not only focus on the aspects of recruitment and employer branding but also accentuate things that appeal to the business engagement of young people.” Their own engagement is in fact high, but they do not necessarily couple that with a long-term connection to their first employer: just about half (47%) intend to stay a maximum of 3 years with their first employer.

 A few of the findings and figures:

• Work vs. further studies – confirmation of the downward trend: 56% want to begin working (compared to 62% in 2009 and 71% in 2008)
• Clear preference for employment in the private sector (as opposed to government, independent status, non-profit)
• Top 3 of the most popular sectors: 1) consulting, 2) banking and insurance, 3) education
• The internet (jobsites and company websites) is the top search channel; but social network sites – although one of Generation Y’s main means of communication – come in last on the list (as in 2009)
• Self-management: 90% feel that they themselves are responsible for their own career
• Concrete initiatives for career planning: 78% think regularly about their future career, 54% practice networking, and 50% undertake extra initiatives for their CV
• Dream career: good combination of work and family (notable shift compared to 2004: career in organisation that provides job security)
• Top 3 elements in agreement with employer: 1) social atmosphere, 2) attractive career opportunities, 3) very interesting job content
• Salary: slight rise despite crisis – average salary expectation: 1600 euro (compared to 1500 euro in 2009)
• Top 3 expected benefits: 1) hospitalisation insurance, 2) employer contributions to a pension fund, 3) paid overtime

 

Published on 28/09/2010