Deloitte Report highlights new challenges facing organisations in recruitment practices & policy

Research reveals levels of over expectancy from eighties generation

Generation Y, people born after 1980, are a confident, empowered generation, with a sense of self-worth and responsibility which has not been seen before in Ireland, new research from Deloitte reveals.

The Deloitte report (Generation Y – Moving with the times) is based on analysis of over 200 respondents between the ages of 21 and 25. The report highlights the differentiating factors of the Y Generation and identifies some specific challenges facing organisations as they look to recruit the best and the brightest of this unique sector of the Irish population.

Generation Y Expectations:

• Salary:  €23k – 32K has been identified as an acceptable starting salary
• Career Breaks: 1 in 7 intends to take a career break
• Recruitment: Many expect to be employed within the first year of graduation and want an increased presence by organisations during the ‘milk round’ recruitment process
• Communications: Personal interaction and communication with their employers is expected on an ongoing basis
• Position Turnover: 8 in 10 intend to stay in their first job between 1-5 year timeframe

Such expectations set a considerable challenge for prospective employers. Organisations are now faced with the realisation that they must embrace the individualistic aspects that make Generation Y tick. Traditional organisational attitudes towards acceptable levels of starting salaries, career breaks, employee interaction must now be reviewed in order to meet the needs of prospective employees. 

“As we enter the ‘milk round’ season, the findings of this report can certainly provide food for thought for employers looking to engage with Generation Y,” said Mark O’Donnell, Director, Consulting, Deloitte. “What’s clear is that they expect a high level of respect and responsibility. At Deloitte for example, we are currently looking to recruit 230 graduates across all departments – they are vital to the success of our business.”

O’Donnell highlighted that while there is a need for organisations to change there is also a requirement for the employers to educate Generation Y and reform their own levels of expectations.

“The overwhelming impression we receive about Generation Y is that they are extremely confident in their own ability. However, there are some findings that imply that Generation Y do still have a lot to learn as they enter the workforce. For example, 97% of respondents describe themselves as ambitious, yet 68% do not have a career plan. Similarly, nearly half of Generation Yers see themselves retiring between the ages of 51-60 yet 71% do not contribute to a pension. Making the necessary plans to ensure that their goals come to fruition is an area that needs to be improved on – and one in which employers can help with.”

The study found that Michael O’Leary was both the most and least admired business person. Other favoured business people and entrepreneurs include Richard Branson, Bill Gates and Sean Quinn. With such role models as these it is not surprising that Generation Yers are confident regarding their future careers. 6 out of 10 will consider setting up their own business. Over 80% of respondents are confident or very confident that they will achieve their career goals, with job security a concern for 55% of respondents.

The survey also found that over 75% of those surveyed think an individual’s social network is an important tool in gaining their employment of choice – and lends further evidence to the boom in online networking sites. In fact, only 17% of respondents do not use social networking sites.

“This survey highlights that there is a learning curve for both employers and Generation Y. Employers need to be aware that this generation will form the future of their businesses and so need to be responsive to their needs. This new generation similarly need to be cognisant of the fact that if they are to fulfil their career objectives, careful planning and commitment to learning from their superiors is needed,” concluded O’Donnell.

Ends

Methodology
The research carried out for this report was quantitative in nature. 225 questionnaires were completed online. Participants were both male and female and were between the ages of 21 and 25.

A full copy of the report is available here.

About Deloitte

Deloitte Ireland is a world-class firm of expert business advisers, serving senior business leaders who are seeking to protect and create value in a complex, dynamic environment. Our objective is to help our clients succeed by anticipating tomorrow’s agenda with focused, insightful and fresh thinking borne out of our multidisciplinary strengths. We draw upon our specialist skills in audit, tax, consulting and financial advisory both within Ireland and across the Deloitte worldwide network. 

What’s different about Deloitte is our people, who focus on building long-term relationships and are determined to deliver measurable value for our clients’ business. With over 1,000 people in Dublin, Cork and Limerick Deloitte is known as an employer of choice for our innovative human resources programmes and is dedicated to helping our clients and our people excel. 

'Deloitte' refers to Deloitte & Touche and any associated partnerships and companies established under the laws of Ireland. Deloitte is the Irish member firm of Deloitte Touche Tohmatsu. For more information, please visit the Irish member firm’s website at www.deloitte.com/ie.