MCLC: show me the money

[Denton, Kirk]

MCLC LIST
From: kirk (denton.2 at osu.edu)
Subject: show me the money
***********************************************************

Source: China Daily (1/1/14):
http://www.chinadaily.com.cn/china/2014-01/01/content_17208293.htm

Gen Y's motto: Show me the money
By Shi Jing (China Daily)

When it comes to defining success, the standards vary from person to
person and can include intangible rewards. But with few exceptions, young
people in China these days have one main requirement: cold, hard cash. In
A survey by global human resources firm Hays, by far the most important
metric of career success for China's Generation Y (aged 18 to 30) is
creating personal wealth, as 64 percent ofthe 1,000 young people surveyed
listed it as their top priority.

In other surveyed countries, job satisfaction and enjoyment of work were
the top priorities. But China's Generation Y workers are less likely than
those in other countries to look for work flexibility — and far more
likely 
to be driven by the potential to earn a bonus.

"This is not surprising, given that China remains a relatively poor
developing country where many people have been attracted to the cities
from 
rural areas in the hope of making a betterlife for themselves.

"Generation Y Chinese now have the chance to increase their income by
working hard and furthering their careers. Making money appears to be the
most important incentive for the majority of people surveyed," said an
expert at Hays.

Lu Yao, 30, has had three jobs since he finished graduate school in 2009.
In each case, the motivation was the same: more money.

Cash is king

Lu's first job was as a consultant at an overseas bank. The pay was good
enough for a fresh graduate — about 7,000 yuan ($1,140) a month. But it
was 
only good enough for two years, at which point he went to work as a
product 
manager at a domestic securities company.

Disheartened by the mainland stock market's lethargic performance
throughout much of 2013, he moved again in November, going to a smaller
securities company that nonetheless pays better.

"It was kind of sad for me to see the company where I worked shrink over
the years. But cash is king," he said.

"I need the money to pay a mortgage, prepare for a wedding and maintain my
current living standard.

"Considering all these things, money always comes first compared with all
other things, such as the company's reputation or what the boss is like,"
he said.

Tang Aijiao, 29, used to work for a large electronics and information
group in Shanghai. She was mainly responsible for making videos for the
company's communications department, a job many outsiders would jump at.
But she quit in October, also over money.

"The company wanted me to work in the United States branch office for at
least three months every year. But they refused pay me extra for this.
That is totally unfair. I immediately handed in my resignation without
hesitating," she said.

A month later, she landed a job at a domestic advertising agency in
Shanghai, heading the new media department.

"The content of the job is up-to-the-moment. I can learn a lot, and I
don't need to relocate overseas. The most important thing is, my monthly
salary has risen from 6,000 yuan to 10,000 yuan. Why not?" she said.

Even those who can profit from their family business may fret over money.

Wan Ling, 28, has been working in the hardware business started by her
grandfather in the early 1990s.

As a sales manager, she makes roughly 10,000 yuan every month, which is
considered very good among her peers. But for her, it's never enough.

"I really like shopping. So a 10,000 yuan salary can hardly suffice," she
laughed.

"But the most important thing is, I don't want to live under the wings of
my grandfather or my family all my life.

"I want to have my own business, using all I learned at school and
devoting all my passion to it," she said.

Different place

"In some important respects, the findings show that China is a very
different place than the United Kingdom or other Western countries, said
James Cullens, group human resources director of Hays.

"Young people have different values, as you might expect in a very
different culture stretching back for thousands of years.

"Yet in other ways, young people appear the same everywhere in the world,"
Cullens said.

Although young Chinese people are eager to earn money, they have a deeply
for learning — far stronger than in other countries surveyed.

When asked what they wanted most from their careers, 55 percent rated
acquiring knowledge and expertise as a priority — far higher than in other
countries.

Young Chinese also value opportunities for training and development and
ongoing study opportunities, seeing these as routes to a successful career.

Organizations able to offer such opportunities, coupled with clear
personal development strategies, are likely to have the edge as attractive
employers in the eyes of many talented and ambitious young Chinese people,
the survey found.

Another finding of the survey was that Generation Y Chinese, while keen to
make money and enjoy a successful career, also crave recognition for their
achievements.

Asked how they would define career success, creating personal wealth came
out on top, but it was closely followed by the wish to gain public and
professional recognition.

Even job titles may, for some people, have a disproportionate value. Hays
noted that human resources managers need to consider this as part of the
overall employment offer.

Yang Kai, 29, has been working in his father's company in Shanghai, which
exports glasswareto Europe, since he earned a postgraduate degree in
Australia four years ago. He chose tostudy business administration with
the goal of taking over the family business.

"I don't care how much the company pays me. My only wish is to take over
my father'sbusiness. At this point, our company is only taking orders and
doing the simple manufacturing work.

"I wish to export our own designs to European countries, which is
definitely my long-termcareer goal," he said.