Most graduates undoubtedly aspire to ascend the career ladder, but new research suggests some members of the millennial generation have unusually high expectations about how fast it will happen.
Sean Lyons of the University of Guelph co-wrote the study which looked at the career expectations and priorities of millennials, described as the generation born in and after 1980.
Data for the study, published in the Journal of Business Psychology, came from more than 23,000 Canadian undergrads ranging in age from 18 to 27.
Researchers found more than two-thirds of those expected to be promoted within the first 18 months in their first job. While the average starting salary expected for their first job was just under $43,000, they expected to see that annual pay rate climb to more than $69,000 — a 63 per cent surge — within five years of graduation.
“What we see is that their actual expectations for starting pay are not that far off. However, they have absolutely no realistic expectation about what their advancement opportunities are going to be or what their pay increase possibilities are likely to be,” said Lyons, an assistant professor in the department of business.
Lyons said the lofty expectations have been built from perceptions drawn partly from the media, and portrayals of lifestyles on TV shows that are largely unattainable.
Lyons also noted that many young people, particularly university grads, come from a more affluent background than previous generations. On top of that, the number of things they need to pay for to maintain that lifestyle — such as high-speed Internet, MP3 players and smartphones — has also increased considerably, he said.
Despite lofty expectations for advancement, 71 per cent of respondents indicated they’d be willing to accept a less-than-ideal job as a career starter.
“Right now, myself and most of my classmates we will feel lucky if we can get a job,” said post-grad student Marisa Baratta, 23, who is completing the book and magazine publishing program at Toronto’s Centennial College and is a contributing writer with TalentEgg, a Canadian career site for students and new grads.
“Throughout the program, we would hear about how magazines are getting cut, and newspapers, so we’re just looking at taking what (we) can get.”
When asked about preferences for staying within a single organization, Lyons said he was “shocked” that only 50 per cent of respondents said they would do so. The other half either didn’t know or wouldn’t want to spend their careers with one company.
“Two generations ago, the expectation would have been that you try to get in with a good company, you work your way up and that leaving that company would be counterproductive and you would only do it if you get stalled,” he said. “But the expectation in more recent times has been that you would do what we call ‘achieving by leaving.’ And that might be one of the reasons we see that unrealistic pay expectation.”
But generational expert David Stillman said he believes a perceived lack of interest in staying put doesn’t necessarily mean millennials are looking to job hop.
“I think what they’re looking for (is) ‘As long as I feel like I’m making a difference, I’m playing to my strengths, I’m challenged, I’ve found work exciting, I’ll stick around,”’ said Stillman, co-author of the The M-Factor: How the Millennial Generation is Rocking the Workplace.
“‘The companies that are going to be able to hang on to them and keep them at one place are the ones that don’t assume they’re going to be in that same job forever.”
Opportunities for career advancement topped the list as the most desirable work-related attribute. However, millennials also cited having good people to work with, training, new skills and work-life balance when considering employment immediately following graduation.
Those are sentiments echoed by Baratta, a magazine intern who has her sights set on working for an online magazine and whose ultimate dream is to write books while doing in-house magazine work.
In addition to wanting to have a positive, social atmosphere on the job where she’s engaged in teamwork, Baratta said she wants to be involved with work she sees as effecting change for the better.
“Every job has its importance, but I want to be doing something where I’m reaching out and making a positive difference in someone’s life and improving it in some way,” she said.
Stillman said part of what makes the millennial generation so distinct is their search for meaning and to know from the get-go they’re making a difference, which differs from traditionalist boomers and generation Xers.
“For those generations, the model really was you come, you pay dues, and eventually you’ll ascend into these roles that are more meaningful and truly making a difference,” he said. “Now we have a generation from Day 1 that says, ‘How am I making a difference in this world?’ And so the tip for managers who are leading millennials is to explain to them how what they’re doing helps.”
Both Lyons and Stillman agree ultimately it’s key for employers to manage millennials’ expectations.
“I think employers have to be realistic about what they’re offering,” Lyons said. “They need to provide a lot of information for young people about what their opportunities are, what their paths are, if not for pay, for other benefits that they might be interested in.”
“If that information’s not shared and the expectations aren’t managed properly, if people have unattainable expectations, they’re likely to leave to seek ... the satisfaction of those expectations elsewhere.”