It’s the generation that’s gotten Wall Street thinking. Suddenly words like “work-life balance” are coming up in the workplace and many of the baby boomers and generation X workers don’t know how they feel about it. After all, working on Wall Street has been pretty straightforward for a long time. Everyone knows working here will be demanding, expecting you to stay in the office a lot longer and perhaps see your family a lot less. But if this latest report on CNN Money is any indication, it’s safe to say millenials are not having it.
The generation – born between the years 1980 and 2000 – are simply different from the groups it follows. So different, in fact, that Goldman Sachs needed to create an entire page in their website to understand them. There is a need to understand them as they are starting to make up much of the workforce today.
As of the moment, millenials actually make up about 92 million of the workforce, compared to generation X who now make up 61 million, and the baby boomers who make up 77 million. And a study by Brookings Institution also finds that millenials will make up over one of three adult Americans by year 2020. Moreover, they will be making up about 75 percent of the workforce by 2025.
Meanwhile, Bloomberg Business has also learned that the value of the millenial generation is at $30 trillion, according to Federated. No, it is not the value that they contribute at work. Rather, it is the value of the inheritance they stand to collect from their parents who belong to the baby boomer generation.
This is where Wall Street’s issue with the millenials become two-fold. Aside from having to understand their new approach to work, a report from Business Insider also reveals that millenials do not really view the stock market as a good investment for their hard-earned income. This is actually what a Goldman Sachs survey has revealed. In fact, only about 18 percent of young adults were found to view the stock market as “the best way to save for the future.”
Meanwhile, the Goldman Sachs’ comprehensive study on millenials has also uncovered that the said generation views life a lot differently. For starters, the idea of getting married and settling down in their very own house is no longer appealing. There has been a steady decline of percentage of adults ages 18-31 who are choosing to get married and settled down. But even so, it has not deterred the generation from thinking about the importance of their life outside of work.
In fact, there is a stark contrast between working for tech companies like Google and Apple and working for banks in Wall Street. For starters, the hours on Wall Street are insane. CNN reports that there is an exclusive 10 p.m. club going on in Wall Street where workers from companies like Goldman, Bank of America and Citi can book a car to ride home for free. The report has also revealed that a few years ago, the said free car service actually started at 8 p.m. but due to pressure to cut costs, it was moved to 10 p.m., with JP Morgan the only one offering car service starting at 9. It means that while these companies are willing to give workers a ride home, they expect you to put in their hours first. And they want you to put on significantly long hours, too. This and other reasons is probably why some of the millenials are opting to go to tech companies instead.
In as study done by the University of Southern California back in 2013, it found that millenials generally don’t believe that “excessive work demands are worth the sacrifices to their personal life.” Moreover, 15% of male employees and 21% of female employees have said that they are willing to give up part of their pay and slow down their promotion track if it means being able to work fewer hours.
More importantly, the study has also found that, “Millennials say that creating a strong cohesive, team-oriented culture at work and providing opportunities for interesting work—including assignments around the world—are important to their workplace happiness, even more so than their non Millennial counterparts.” This is one of the good reasons why tech companies have become quite attractive as a workplace.
Meanwhile, Wall Street may possibly be trying to make adjustments where it can. For starters, Goldman Sachs has recently announced that they its interns will no longer be working between the hours of 12 midnight and 7 a.m., CNN Money reports. In a statement to CNN, Goldman spokesman Michael DuVally says, “The policy is consistent with our goal of providing each intern with a challenging and meaningful experience, consistent with our goal of providing each intern with a challenging and meaningful experience.”