Generation Y’s expectations regarding their future employment relationships poses a challenge for their employers

Generation Y is starting to build a significant proportion of labor force and adds to the diversity challenges faced by companies, especially those operating in a global market. Although many characteristics of the generation Y with regard to work and employment have been identified through research, most comes from developed Western countries. We explored the employment expectations of business students in Poland, Slovenia, UK and South Korea through the psychological contract perspective. We aimed to identify and explain differences between anticipated employee and employer obligations of future entrants to labor market. Overall, the students expect more relational and balanced dimensions of a psychological contract than transactional ones. However, there are significant differences in the elements, dimensions and types of psychological contract between the countries. The Polish and Slovenian responses show more elements of a transactional contract than the UK and Korean. The differences can be explained by taking into account characteristics of the socio-economic context and national culture characteristics. The implications of results for employers’ approach to managing young talents are also discussed.