Money is the top concern for the youngest work force out there today, says a Robert Half International survey which examined workplace attitudes of members of Generation Y. More than job satisfaction and stability, respondents in the survey, which was co-sponsored by Yahoo Inc., Hot Jobs, cited a high salary as their chief priority.

 

The online poll was comprised of 1,007 individuals between the ages of 21 and 28, who are working full- or part-time. Respondents also either had college degrees or were attending college. About a third of respondents stated that salary was most important to them as they pursue a career. About a quarter of participants (26 percent) cited job stability as their top concern, while fewer (23 percent) said that job satisfaction was most important.

 

"The Gen Y professionals we surveyed were focused on practical concerns, such as saving enough money for retirement and being able to balance work and family obligations," said Reesa Staten, senior vice president and director of workplace research for Robert Half International, in a public statement.

 

Are members of Generation Y unique in their choice to prioritize money over other aspects of their careers, like satisfaction or stability? If so, it is most likely due to their life stage, says Roberta Chinsky Matuson, CCP, founder and principal of MA-based Human Resource Solutions. 

“What we want and need is dependent on where we are in our life cycle as well as the economy,” Matuson, whose company provides training and consulting to help solve problems in the workplace.

 

“Employers are still having a difficult time filling positions, even with all we are hearing about a possible recession,” Matuson tells demo dirt. “Recent grads (Gen Y) are still in the driver's seat. They are also coming out of school owing a lot of money so it is important to them that they make enough to pay back student loans.”

 

Life stage clearly affects how different cohorts prioritize their work-related goals, says the human resources expert. “Gen X has settled down. Many of them are now raising families so they are willing to exchange money for work/life balance,” Matuson points out. “It's interesting to keep in mind that Gen Xers are the first generation of latch key kids. They want to be home when their kids come home. Baby Boomers have enough experience to know that your career is not what defines you. Matures are working to stay busy or to make ends meet.”

 

The dismal economy may be more to blame than life stage, contends Leonard Steinhorn, professor in the School of Communication at Washington D.C.’s American University. “When the economy was doing well, back in the ‘60’s, Boomers could be more concerned with finding jobs that would provide meaning,” he says. “In the ‘70’s, when the economy began to fail, they became more concerned with job security.”

 

Steinhorn, author of The Greater Generation: In Defense of the Baby Boom Legacy (2006), argues that, “The poll tells us nothing about generations and everything about anxiety about the economy. Generation Y is another generation that grew up with the promise of a good economy and it is now facing one that seems to be hurting.”

 

Regardless of the reasons, whether they are life stage, the economy, or a combination, Gen Y is entering the workplace and demanding salaries that older cohorts would never have dreamed to expect at their age. This can cause problems between different generations working together, says human resources expert Matuson, as resentment can easily build when the inexperienced demand relatively high salaries. “The Matures and Baby Boomers don't understand why these young people feel entitled to large salaries when they haven't paid their dues. This is certainly an area of conflict in many organizations.”

 

Although the common assumption is that Generation Y was spoiled by their helicopter parents, that is not the case for all of them. “Not every kid has gotten a free ride. Generation Y is not in the same position that Boomers were in when they graduated college. Their college debt is huge,” Matuson says. It is key to “know where they’re coming from.” The focus on salary is not from entitlement, she says, but “from basic need.”

 

How to handle the conflict that can arise as a result of the generation gap? “The best way is to make sure you educate the workforce on the differences in generations,” Matuson advises.

 

Citing high gas prices, the impossibly expensive cost of housing, and the “horrifying indebtedness” of college loans, Steinhorn agrees that the economic challenges facing young people today seem insurmountable, driving their demands for high salaries. However, he adds, no matter what one’s cohort, “All people care about making ends meet.” 

 

For more information on Human Resource Solutions, go to www.yourhrexperts.com.