Class of 2019 Wish List: Work-Life Balance and a Promotion
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What money headlines set the stage for this episode?
With your Money Briefing, I'm Charlie Turner in New York for The Wall Street Journal. What are college grads looking for when they enter the workforce? A healthy corporate culture at work and a promotion. We'll have more on this in a moment. First, here are some money headlines. Qualcomm scored a victory in its long-running legal battle with Apple. The deal announced two weeks ago includes multi-year agreements for Qualcomm to supply chips and license its technology to the iPhone maker. Qualcomm also secured a payment of $4.5 billion as part of the deal. But Wall Street Journal Heard on the Street columnist Dan Gallagher says Qualcomm investors will have to wait a while for the truce to bear fruit.
In the near term, Qualcomm is projecting a decline in shipments of its modem chips and a drop in revenue from licensing its technology. That's because smartphone sales are expected to continue falling. Qualcomm's investors, of course, aren't betting on the near term. The company has wagered heavily on the 5G technology that will underpin the next generation of wireless networks, and the settlement with Apple is seen as enhancing that future. Wayfarer's costs are catching up to it once again. Heard on the street says the furniture retailer finally seemed to defy the skeptics when it reported fourth quarter results in February, roundly beating estimates. In the first quarter, however, it fell back into its old routine,
beating revenue expectations while reporting worse than expected losses. That discrepancy stems from the company's tendency to spend more money on acquiring customers than it gets back, and it's looking bad as ever. Thursday's quarterly results sent Wayfair's stock down sharply, and Heard on the Street says if its stock comes down enough, a larger retailer such as Amazon or Target may eventually look to acquire Wayfair's e-commerce and logistics operation.
What was the Qualcomm-Apple settlement and why does it matter to investors?
Still ahead, J.R. Whelan will talk with LaSalle Network CEO Tom Gimbel about the Class of 2019's wish list.
The class of 2019 joins the so-called real world this season, and for employers in a tight labor market, having an inside track into what the age group known as Generation Z is looking for in a job environment is paramount. LaSalle Network recently polled more than 3,000 college graduates on what they're looking for, and founder and CEO Tom Gimbel is on the line with us with the data. So Tom, a clear majority of college graduates are not only hoping to land a job, they say they want a promotion not long after coming on board.
Yes. However, what they want to know is that the career path is there. So whether it's in six months or two years, they want to know what do I have to do in order to achieve that promotion and then have it laid out for them. And then they go and they're, they're a little bit more as crazy as it sounds in some ways, more of linear thinkers than we've had in, in generations before and, They'll work hard, but they want to know what they need to do to achieve.
And they're looking for a salary of roughly $50,000 to $60,000 a year to start.
That's the data that's coming back that the average respondent expected to earn between $50,000 and $60,000 in their first year out of college. And that's, again, combining engineering degrees, accounting degrees, liberal arts degrees, what have you, and banding that across for an average.
And they consider a company that values work-life balance as very important. And in fact, corporate culture ranks very high with this generation as well.
The number one factor in a company was corporate culture. The number two factor in the position was work-life balance. So most importantly, they want to work for a company that has the culture that emulates what they want. Now, not all people want to have fun and partying and work hard, play hard environment. Some people want quiet and and very analytical type environments, and it's finding the right place, but that culture. And then secondarily, from their personal side, after opportunities for growth, they want a work-life balance.
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