Identifying Intrinsic and Extrinsic job attribute preferences amongst Millennial students in Scotland

Abstract

Purpose - This dissertation seeks to address the implications that are arising as the UK labour market currently undergoes a significant change. The largest generational cohort in the country - the Baby Boomers - are reaching retirement age just as the Millennial generation begin to enter it in equally large numbers. This is predicted to have a number of implications for managers as the workplace values and expectations of Millennials are thought to differ from those of the generations before them. The nature of these changes have yet to be fully understood and this study aims to contribute a deeper understanding. Specifically, it seeks to identify the job attribute preferences of Millennials students from an intrinsic versus extrinsic perspective. It will also explore the challenges that both managers and Millennials face in light of the changing workforce. Design/Methodology/Approach - A mixed method approach was used to assist in addressing the research aim. Two focus groups were carried out, each with 5 participants, and this comprised the qualitative data collection stage. An online survey was then administered to a further 50 members of the population in order to quantify these findings. Findings - Results showed a mix of intrinsic and extrinsic job preferences. The top five most important factors were: interesting work, work-life balance, salary, meaningful work and job security. Organizational attributes also play a role in job choice, namely the opportunity to contribute to society in some way. The sample further felt that it would not be easy to find a job that meets their expectations. Research Implications/Limitations - Due to use of convenience sampling, results are not transferable to the wider population. This study serves as an exploratory stage upon which further research can be carried out.