Generation Y has Celtic Tiger salary expectations - Deloitte
Children of the 1980s sill expect starting salaries broadly in line with those during the Celtic Tiger, and almost one-third of those surveyed are thinking of emigrating, a new report from Deloitte suggests.
The Deloitte report is based on an analysis of more than 500 respondents and identifies how the recession has impacted the attitudes of this generation in comparison with a similar report in 2007.
Nearly two-thirds (60pc) surveyed indicated they would expect a starting salary of between €24,000 and €30,000 (the 2007 figures were €23,000-€32,000).
More than half indicated they expect a salary increase or bonus over the next 18 months. A quarter of respondents are currently earning €43,000 or more, with this trend particularly evident in the older age bracket.
The findings also show that the older age group in Generation Y remains the hardest working, with 35pc working 45 hours a week or more, compared with 20pc of the younger members.
“The survey results in 2007 clearly showed us that Generation Y was a confident, empowered generation with a sense of self worth and responsibility which had not been seen before here in Ireland,” said Mark O’Donnell, director Human Capital, Deloitte.
“The needs of Generation Y haven’t changed dramatically - personal development, appreciation and a sense of meaning remain important. Forward-thinking employers will be looking for innovative ways to meet these needs, recognising that ignoring these factors will leave them exposed to high attrition rates and dissatisfied employees."
An increased focus on career planning
Generation Y now has an increased focus on planning for the future compared with 2007, when 68pc did not have a career plan. In this current survey, 79pc indicated they strategically plan for their future.
Despite the impact of the recession, Generation Y remains confident of career prospects and is driven to succeed, with 80pc feeling positive about achieving their career goals. In addition, 87pc of respondents believe the work they do adds strategic value to the organisation for which they work.
This generation remains entrepreneurial, with 69pc claiming they would like to set up their own business. These findings are similar to those in 2007 suggesting that the downturn has not damaged Ireland’s entrepreneurial spirit.
“The economy will eventually pick up and the job market will expand, bringing about an increase in opportunities for workers. Organisations should exploit Generation Y’s improved motivation and determination in preparation for economic growth. Employers need to consider how they can harness this ambition and get the most out of this demographic,” said O’Donnell.