Young People Want Big Money, Big Vacations
âGenerational Differences in Work Values: Leisure and Extrinsic Values Increasing, Social and Intrinsic Values Decreasing,â Journal of Management, March 2010
Companies are trying to change their management style to satisfy Generation Y by offering such perks as on-site laundry and five weeks of vacation right off the bat. The problem is, there's very little information on what Gen Yâdefined in this study as people born after 1981âare actually looking for. Jean Twenge of San Diego State University and her collaborators examined the Monitoring the Future survey, which has been given to high-school seniors since 1976. They determined the work values of baby boomers, Gen Xers and Gen Y. The result? Gen Y, also known as âGenMe,â is less work-oriented and places a higher value on leisure time than their predecessors, but they still covet the fat paycheck. Kids these days. âThe combination of not wanting to work hard but still wanting more money and status verifies the sense of entitlement many have identified among GenMe,â Twenge writes.
With 75 million boomers on the verge of retirement, it's Gen Y that will be stoking the GDP over the next few decades. Motivating this group of workers will be key to the economic health of the country.