In a survey of more than 800 college seniors, students rated training, mentoring, and a supportive and stable workplace as their top criteria for evaluating employment opportunities, ahead of salary or stock options. In fact, graduating seniors rated 401k plans, health care, and annual bonuses as more important than stock options, which came in sixth out of a possible eight economic incentives. Training was the biggest draw of more traditional employers, beating out casual dress, an office, and weekends off. Even among seasoned professionals, pre-IPO jobs are losing their appeal, and not just because of the drop some public Internet companies have seen their stock prices take in recent months, which depresses the value of employee stock options. Many of Kaye's clients work at dot-com companies in the San Francisco Bay area and are struggling with the immense personal and professional commitment required to perform their jobs.
People make the sacrifice of putting the job ahead of relationships and personal health.
Young workers fresh out of college are at the greatest risk of dot-com burnout, because they often relocate after school, leaving their support network behind and having to adjust to a work culture lacking the social structure of a college or university. For those who move to Silicon Valley or the San Francisco Bay area, finding an affordable place to live is an added headache, especially because start-up salaries are typically lower than those of more established companies. Their private lives get put on the back burner. The result for many can be severe depression and anxiety caused by stress and its fueling factors, Kaye says. Often, the promised IPO payoff doesn't materialize, further disillusioning workers who expected to become millionaires overnight.