My first "real" job out of college was working for a magazine in the advertising department. I couldn't believe that I was actually getting paid $27k for a job. That was almost $15 bucks an hour and I didn't have to work until 4am behind a bar to pay my bills! Plus I got a paid vacation year and benefits (which at the time, I didn't really care about health insurance or a 401(k) but regardless, it was more stuff I didn't have to pay for, so I was ok with it.) I thought to myself, "They are going to pay me twice as much for working half the time?" But I was just glad to working a normal 9-5 job, being a responsible adult, contributing to society during daylight and not feeling like part of the Underworld.
Fast forward 10 years. Man, things have changed. Recent grads now EXPECT a lot more than in my day. Number one - they demand higher salaries. It isn't uncommon in our industry for recent graduates and entry-level candidates to ask for starting salaries of $40k or above. Number two - company paid insurance and 401(k)'s are considered a given, not a benefit in the traditional sense. Number three - they want paid time off and a lot of it. Two weeks is now considered low for paid vacation. Generation Y wants summer Fridays, an extra week off during the holidays and every Federal holiday under the sun, off and paid. They want these things and in many instances, they are getting them. They must be teaching a new class in college - "How to Ask for What You Want and Get It 101"
Non-traditional benefits such as job sharing, flex-time, compressed work-weeks and telecommuting are also becoming the norm. Being able to work on the best, most creative projects, having more responsibility and a clearly defined career path and bonus incentives are non-negotiable. Gone are the days when kids are just happy to have a job, those we hire are good and they know it and at the end of the day, they are able to call more shots than their Gen X counterparts.
I feel like my grandpa in starting any conversation by "Back in my day..." but now I know how he feels. However, the generation gap is getting smaller. The Gen X'ers that thrive on challenge and independence are now making way for the Gen Y'ers and the sense of entitlement that comes with knowing you are in high demand. The challenge is finding out what is good enough these days and getting a good return on the company's investment.
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