NEW YORK–A new report confirms a reality many CU leaders and especially HR personnel have had to adjust to: many young employees and new hires expect a quick promotion, if not more.
“They want to help with strategy. They want to help drive the business,” Christopher Kalloo of New York, who heads college relations for a big retailer, told the Wall Street Journal.
The expectation of quick advancement has taken aback many managers, who are left wondering, “Who do these rookies think they are?” the Journal added.
It’s a sentiment that has been expressed at numerous credit union meetings in recent years.
75% Expect First Year Promotion
More than 75% of Gen Z members believe they should be promoted in their first year on the job, according to a recent survey of 1,000 participants ages 18 to 23 by InsideOut Development, a workplace-coaching company, the Journal noted. Employers see similar patterns among younger millennials in their late 20s and early 30s.
“The trend has managers scrambling to manage young employees’ expectations without driving them out the door. Many are finding new ways to respond, by carving out step-by-step career paths for restless new hires, or handing out new titles or small bonuses,” the report stated. “A few hold ‘workversary’ celebrations for employees passing the one-year mark to recognize their accomplishments on the job.”
Downside of Pushing Too Hard
But young employees who push too hard risk derailing their careers by projecting a sense of entitlement, the Journal added.
Alex Klein, a vice president and recruiter at VaynerMedia, the digital agency owned by Gary Vaynerchuk, who has spoken at numerous credit union events, told the Journal new recruits are constantly questioning him about promotion opportunities. Many also ask to be considered for a raise earlier than the agency’s customary timetable.
“Those are great questions to ask. I want to hire people who want to grow,” Klein told the Journal. “But you also need to leave the employer with the impression that you want to earn it.”
Their impatience can frustrate employers, as well as the new employees.
What’s Created New Reality
“Years spent in school, with its year-by-year advancement schedules and frequent feedback, leave them ill-prepared for a workforce in which promotion rates vary widely by employer and industry, observed Jill Tipograph, the New York-based co-founder of Early Stage Careers, which helps prepare college grads for the workforce and mentors them on their first job. “Young employees just think, ‘Oh, I’ve been here a year, so that means I’m getting promoted, right?’ ” she told the Wall Street Journal. “Promoted to what?”
The Role of Debt
The Journal reported that many young employees are motivated by another factor: pressure to make more money to pay off student loan debt. Just 30% of those surveyed by InsideOut said they are confident they will be able to repay their loans.
The full story can be found here.