US Generation Z “If you are ‘successful’, you should receive an annual salary of 165 million won”

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Even among young American workers, it was revealed that there is a difference in the perception of wages among the MZ generations. Gen Z needs a higher salary to feel “successful” than Gen M (millennials), a study found. More than half of the MZ generation were found to be dissatisfied with their current salary.

Business Insider reported on the 5th (local time) that a survey of 1,004 Americans conducted by Skynova, an American online business software company, on salary expectations showed these results. Skynova conducted a survey among 21 to 42-year-olds. Generation M was classified as between the ages of 27 and 42 during the survey period, and Generation Z as between the ages of 21 and 26.

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◆59% of Generation M and 53% of Generation Z are dissatisfied with their current salary… Successful salary is higher for Generation Z

While 53% of Gen Z workers surveyed said they were dissatisfied with their pay, 59% of Gen M workers said they were dissatisfied with their current pay. Skynova analyzed that this difference arises from the fact that the M generation has more experience and career.

Gen Z workers surveyed said they would need an annual salary of nearly $125,000 to feel “successful,” while Gen M workers averaged $121,000. million) was required.

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On average, the expected annual salary for both generations ranged from $71,000 (about 93.76 million won) to $80,000 (about 105.64 million won).

The difference between Gen Z and Gen M when it comes to pay, which is a measure of success, is because Gen Z tends to have higher expectations of themselves and place a clearly defined price tag on their abilities, according to Insider.

Chelsea Williams, co-founder of US talent development firm Reimagine Talent, said Gen Z’s high pay expectations are the result of a combination of the economic impact of inflation and the COVID-19 pandemic.

◆ ‘Work-life balance’ is important for Generation Z in the US, avoiding high-paying legal jobs

The survey found that 88% of Generation Z are not interested in lawyering as a profession. The annual salary of young lawyers in the United States reaches nearly 150,000 dollars (approximately 198.1 million won), exceeding the 125,000 dollars considered ‘successful’.

Insider interprets that Generation Z generally has higher standards of success than Generation M, but also considers work-life balance, also called ‘work-life balance’, a top priority, and tends to reject high-pressure industries such as law. did.

According to data from the U.S. Federal Reserve in September of last year, Generation Z is highly likely to leave jobs with low pay or job satisfaction because they have no objection to changing jobs. In addition, the wage increase (8.5%) is greater when changing jobs than when staying at one job in the US (5.9%).

Generation M, also referred to as the millennial generation, is a generation of ‘digital nomads’ who were born in the early 1980s and grew up learning the internet with the advent of the internet. Generation Z is closer to “digital natives,” who were born in the late 1990s when digital technology became commonplace. Through big data analysis in 2022, the KPR Digital Communication Research Institute has identified practicality and stability for the M generation and convenience and change for the Z generation as the main keywords.

Source: Donga

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