LEY DE PROTECCIÓN Y DEFENSA AL USUARIO DE SERVICIOS FINANCIEROS:

Little empirical research has been published to date about Generation Y views and values related to work (Deal, et al., 2010; Families and Work Institute, 2005; Kowske, Rasch, & Wiley, 2010). Deal et al. suggested that “the relatively sparse empirical research published on Millennials [Generation Y] is confusing at best and contradictory at worst” (p. 191) and cautioned that although generational differences do exist the “differences are often modest at best” (p. 196). Kowske et al. (2010) examined data collected over an 18 year period, via the Kenexa WorkTrends USA employee opinion survey (N=115,044). The large dataset for this research contributes significantly to validity of the results. Data were analyzed for

generational effects on attitude to work. Results suggested that while some different views about work are apparent across generations, the effect size was small. Generation Y were likely to report “higher levels of overall company and job satisfaction, satisfaction with job security, recognition, and career development and advancement, but reported similar levels of satisfaction with pay and benefits and the work itself, and turnover intentions” (p. 265). Similarly, research results from New Zealand research of 504 employees across different fields of work noted “fewer than expected” differences between Baby Boomers, Generation X and Generation Y regarding work values (Cennamo & Gardner, 2008, p. 904). However, Cennamo and Gardner noted that Generation Y employees are more likely than others to have a preference for “a psychological contract with the organisation which emphasises freedom, status and social involvement” (p. 904).

An international survey of 3,200 Generation Y finance professionals from 122 countries discovered that opportunities for career development and learning opportunities were the key drivers for this group when seeking employment. Career development needs to include the opportunity for a flexible career path and job rotation (Association of Charted Certified Accountants & Mercer, 2010).

Twenge et al.’s (2010) time lag study of 16, 507 senior high school pupils from 1976, 1991 and 2006 noted that members of Generation Y are likely to value leisure time more than other generations, hence they will attach importance to workplaces that allow flexible work hours and perks that contribute to free time out of work. Twenge et al. (2010) also noted that Generation Y valued intrinsic rewards, such as “meaningful work, career growth and the opportunity to make a difference” (p. 1136) less so than older workers. Therefore employers offering opportunities to Generation Y, such as learning new skills, may not be successful. Furthermore, results from Twenge et al.’s research found “no significant differences among the three generations on a scale of altruistic work...Gen Me [Generation Y] was significantly less likely than Boomers to say they wanted a job that gives you an opportunity to be directly helpful to others” (Twenge, 2010, p. 204).

Psychologists Lipkin and Perrymore (2009) have suggested that Generation Y workers may appear overconfident, with an inflated sense of self worth, due to overly

supportive parenting providing them with constant feedback about their talents. Additionally, they were schooled in a system that promoted concepts of fair play and an ethos of

‘everyone’s a winner’ which has resulted in Generation Y workers finding critique or criticism of their abilities by co-workers or bosses difficult to reconcile. They may lack a

sense of ownership of the consequences of poor decision making in the workplace and lack the ability to learn from their mistakes.

Lipkin and Perrymore (2009) also noted that Generation Y workers are mostly extrinsically motivated by recognition and rewards and hence will look for tangible recompense such as praise, immediate feedback for a job well done and on-going

acknowledgment of their work. Lack of these rewards may result in insecurity, frustration and decreased performance. Lipkin and Perrymore (2009) stated that Generation Y workers prefer to work in teams to achieve a common goal and thrive on all team members being recognised for their achievements. In terms of work ethic, these authors have observed that life takes precedence over work and personal talent is viewed as equalling promotion. Furthermore, Generation Y workers desire a flexible work schedule, dislike formal dress codes and expect organisations to change to meet their needs. Moreover these workers were most likely to make no distinction between work friends and non work friends. They are highly likely to view their boss as their friend and mentor and as such will seek and expect guidance and feedback from them. Finally, Lipkin and Perrymore (2009) viewed Generation Y workers as likely to speak up about their concerns, to view their superiors as equals and not to indulge in office politics.

2.4.2 Relationship with Baby Boomers: A shared vision

A quantitative survey data undertaken with 50 multinational companies by the American Hidden Brain Drain Task Force and augmented by qualitative data from Hewlett, Sherbin and Sumberg (2009) noted a close relationship between Baby Boomer and

Generation Y employees. Results suggested that both generations value: 1) A workplace that allows them a work life balance

2) The opportunity to make a positive contribution to society 3) The wish to take time out of the workforce to follow a passion

4) The desire for Baby Boomers to mentor Generation Y and vice versa. 2.4.3 Career focus

Recent Australian and New Zealand research of 1,200 people found that Generation Y view themselves as career focused risk takers (Hays Specialist Recruitment Limited, 2010). Career was rated as more important than personal health as well as being a means to attain a meaningful profession. The majority of Generation Y did not associate a job for life with the concept of career, nor did they anticipate long term commitment to any one employer. Qualitative research using “workplace interviews with hundreds of Generation Yers and

managers” across the USA (Martin, 2005, p. 39) noted that Generation Y workers viewed a long term commitment to an employer as meaning one year. Martin (2005) cautioned that employers who “can’t or won’t customize training, career paths, incentives, work

responsibilities will need a wake up-call” (p. 41).

The need to create career paths to recruit and retain young lawyers in Great Britain was strongly suggested by Letsch (2006). Letsch emphasised that law firms could no longer rely on reputation alone to attract its young professionals. Rather employers of young lawyers need to seriously consider establishing specialised accreditation programmes as a career development tool to retain them.

Likewise, it has been suggested that mentoring programmes targeted at Generation Y need to be established if medicine is to lessen the attrition of young surgeons in the USA (Longo, 2007). Similarly, results from Munro’s (2009) qualitative research of 452 Generation Y Canadian Human Resources Practitioners (HRPs) revealed that it is essential to mentor new Generation Y HRPs during their formative years in their new career to ensure their development and retention.

2.4.4 Desire for a work life balance

Longitudinal research, undertaken by the USA Families and Work Institute from 1992-2002, of between 2,800 and 2,990 waged and salaried employees, noted that Generation Y employees are significantly less likely to be work-centric than previous generations

(Families and Work Institute, 2005). That is, Generation Y are more likely to want a work life balance compared to older workers and in turn are less likely to invest in work and less likely to seek promotion (Deal, et al., 2010; Families and Work Institute, 2005; Hershatter & Epstein, 2010). Other researchers suggested that Generation Y view a work life balance as a normal expectation of the workplace (Hays Specialist Recruitment Limited, 2010). Twenge’s (2010) literature review and time lag research (Twenge, et al., 2010) also noted that

Generation Y rated work as less central to their lives. In addition, results from a large scale national survey of Canadian university students (N=23,413) highlighted that a work life balance was rated as the fifth of sixteen most desirable work-related features. It rated slightly lower than opportunities for advancement, having ‘good people’ to work with and report to, and opportunities for further education, but higher than work-related attributes such as job security, initial salary and challenging work (Ng, Schweitzer, & Lyons, 2010).

However, Levenson (2010) cautioned that given that research about the phenomenon of work life balance is relatively new (from the 1980s onwards), it is difficult to make

significant comparisons between generations. While he acknowledged that literature has suggested that a desire for a work life balance does influence people’s way of thinking about work, it is not clear what measurable impact this desire has on job selection and career planning.

Ng et al. (2010) also cautioned that a desire for a work life balance should not be viewed as Generation Y “desperate to punch-out at 5.00 o’clock, but rather, that they seek employers who can provide them with fluidity between work and play” (p. 289). These authors also rightly pointed out that Generation Y are “in their 20s, and often are free from family or care-taking commitments” (Ng, et al., 2010, p. 289) hence their focus on wanting a work life balance may be more related to their life stage rather than a narcissistic outlook (Deal, et al., 2010). Others suggest that Generation Ys desire for a work life balance is actually a need for work life integration where work and life are seamless. This is possibly due to the use of technology such as the wireless network that allows them to be connected to friends and information via the World Wide Web anywhere, anytime (Lipkin & Perrymore, 2009).

The American Families and Work Institute have suggested that Generation Y’s need for a work life balance is due to their experience of having both parents work while

witnessing the increase of parents who were made redundant due to the changing nature of the workforce from “a job-for-life to be replaced by the notion of employment at will” (Families and Work Institute, 2005, p. 10). Likewise, Hershatter and Epstein (2010) suggested that Generation Y place a high value on a personal work life balance due to “personal observation [of parents] and societal shifts toward more focus on families” (p. 219). However, the Families and Work Institute also note that employees (in the USA) are working more hours now than in the past twenty years:

hence, perhaps it is not so much that work is less central; perhaps it is that people are less willing to accept positions of greater responsibility because they already believe that they are working too many hours and they do not want to work even more (Deal, et al., 2010, p. 195).