Measuring the entrepreneurial spirit among Gen-Y, Gen-X and Baby Boomers helps strengthen the retention efforts that employers often struggle with in a competitive market. A study conducted by Monster and Millennial Branding noted a gap that could be resolved with employers offering more entrepreneurial opportunities and supporting employees who want to contribute.
“This survey revealed that the entrepreneurial spirit resides in all of us and across all generations of workers. Employer retention strategies could benefit from creating environments that encourage entrepreneurial cultures,” said Jeffrey Quinn, Vice President, Global Monster Insights.
The results were calculated from 2,200 respondents who described themselves as entrepreneurial. Baby Boomers led the way within the highest percentage at 45 percent with Gen X at 41 percent. The lowest percentage reported 32 percent by Gen-Y. The low percentage of Gen-Y is surprising when most are drawn to start-ups and smaller companies that offer more freedom and decision making. The report confirmed entrepreneurship is a desire that ranks across all generations of workers.
Dan Schawbel, author of the upcoming book “Promote Yourself: The New Rules for Career Success,” discussed the findings of the study with me, highlighting issues employers are facing in keeping employees satisfied and how Gen-Y could benefit from broadening their career paths and taking a different look at risk.
With the Internet providing more entrepreneurial opportunities, employers should take heed and tap into their workforce for innovative ideas. Dan stated, “employers want to hire candidates with an entrepreneurial attitude,” and companies would benefit from drawing new ideas from their talent pools of employees.
One such company is Ernst & Young, whose Innovation Challenge programs allow employees to compete with one another by coming up with ideas to help the company grow. Programs like this help feed the entrepreneurship spirit that helps keep top talent retained and engaged with the company’s success.
Risk Taking
An entrepreneurial mindset is often related to risk taking and the Monster Millennial Branding findings showed that out of all the generations surveyed 28 percent of Gen Y is the least risk adverse group compared to Gen-X at 40 percent and Baby Boomers at 43 percent.
According Dan, “Gen-Ys response could be their observation of a marketplace that has been in turmoil most of their lives and have grown up with a no jobs for life view.” The report also indicated 55 percent of Gen-Y respondents viewed their current employers as a step in their career path, seeing their job as temporary with only 26 percent citing intentions of staying longer with their employers.
There are some steps Gen-Y workers could take to increase their job satisfaction, such as thinking outside the job description and doing more than is required of them. It takes time and effort to develop good working relationships and one of the keys to career growth is learning how to work with your boss in supporting his or her goals. Keeping work a priority can lead to more creative assignments and promotions.
Employers would increase employee retention by listening and cultivating an entrepreneurial workforce and Gen-Y could have the freedom to create and play a greater role in decision making by re-defining their careers as a long term stay rather than a temporary step.
What surprises you about the findings of the study?
