Y Works: Generational Differences in Attitudes Towards Workplace Success

Abstract

Generation Y is entering the workforce in large numbers and, because this generation holds different values than previous generations, accounting firms are having difficulty managing these new hires. It is important to determine whether Generation Y will be able to make meaningful, long-term changes or if they will be forced to adapt to the given situation. I examine Generation Y’s ability to impact average hours worked and average salaries in the United States and Canadian Accounting, Marketing, and Legal industries. I examine this impact using regression analyses with particular interest on the number of Baby Boomer, Generation X, and Generation Y members in the workforce. I find that more Generation Y employees in the workplace is associated with significant decreases in average hours worked in the Accounting and Legal industries, but produces no significant effect on salaries. This result is important in the accounting industry as, out of the three industries analyzed, it is the most at odds with Gen Y characteristics. This situation will likely result in a shortage of quality workers or it may force accounting firms to face more far-reaching Gen Y induced changes. If the accounting industry fails to respond in some manner to the changes Gen Y wants to implement, Gen Y members may leave their jobs in favour of an industry that better suits their personality traits. I conclude that Generation Y, even at this early stage, appears able to change the workplace and may view workplace success differently than previous generations.