Just graduated? Many students are transitioning from college to work life and are about to hear some numbers that might not live up to their expectations.
According to a recent survey released by Clever, the average Generation Zer graduating from college expects to make at least $10,000 over the national median salary for recent grads with bachelor degrees. That’s right – the new generation entering the workforce isn’t shying away from demanding higher than average salaries immediately after graduating.
If you’re a recent grad with a bachelor degree who has less than five years of relevant work experience, you can expect to make a median salary of $47,000. But if you’re growing up in this tech-friendly generation where anything seems to be possible, a salary of $57,964 is an expectation from many.
Is Gen Z acquiring degrees and skills that will increase their income potential significantly above the average? Or is the next generation of workers living in a dreamland where they believe their degree grants them immediate access to a higher salary?
Clever, a real estate data company that connects homeowners with top real estate agents in their area, performed a survey of 1000 undergraduates to understand salary expectations and career aspirations for the next generation of workers.
Key Findings
- Salary expectations were higher than the national median across all majors.
- Generation Z prefers money-based employee benefits and incentives over the social components of the work experience such as a “fun” work environment and flex time.
- Less than 40% of current undergraduates strongly believe their college education is worth the cost. The number one reason Gen Zers pursue higher education is to increase their earning potential.
The study reveals that Gen Z is different from other generations that have graced the workplace. While millennials were on a mission to find purpose and work-life balance, the new generation is prioritizing more money for their time and skills. Gen Zers are more financially-focused and are not spending as much as previous generations.
What do these results mean for employers who want to attract top talent? It means that firms will have to create packages that appeal to the needs of the new generation in order to remain relevant in the workplace. If companies don’t find a way to appeal to Gen Z, they may lose out on capturing the next wave of talent that will reshape the workplace.
Or maybe Gen Z will have to be more realistic when it comes to their salary expectations.
What are your thoughts? How much should college students earn when they graduate college? Leave your comments below.
The proprietary data featured in this report is derived from a survey commissioned by Clever Real Estate and conducted by Pollfish.