Millennials are quickly taking over the workforce and by 2025 will comprise 75% of the global workforce. These millennial workers value different things than the Gen X and Baby Boomers before them. In fact, when it comes to work benefits, they don’t actually value things all that much. Instead they value time, happiness and flexibility.
“This demographic is intensely aware of their value to employers based on their age, experience and skill-sets,” said Jennifer Jones-Mitchell, chief insights officer for Pinpoint Market Research and head of global marketing for Anderson Jones PR. “They know what they want from their jobs and they aren’t afraid to hold out until they get it. HR leaders need to consider structuring office environments around work-life balance and professional development if they want to attract the top-tier talent.”
So what do millennials value? According to a survey by Pinpoint Market Research, millennial workers find work/life balance to be the most important benefit, and they will take cuts in pay in order to maintain a work/life balance:
88%, aged 20-29, said they seek a consistent work/life balance
57% said they will leave a job if they aren’t getting it
72% choose companies with work-from-home options
47% choose fewer hours over more pay
60% choose “love of job” over money earned
In addition to work/life balance, millennials seek employment at stable companies and want an environment that fosters learning and development AND pays for it. And even though “fun company cultures” are way more prevalent these days, fun benefits aren’t at the top of the priority list:
88% say company stability is a top priority when considering employers
83% want tuition reimbursement for education sought while employed
83% want a clear path to promotion and they will leave if they don’t get it
81% want companies to invest in their professional development
78% want learning opportunities in leadership
34% want management training
73% want to attend conferences, networking events and seminars
Despite the focus on work/life balance, company stability, and professional growth, millennials will still find a way to increase their income. They will “puddle-jump” jobs, or switch jobs multiple times to increase their salary. Pinpoint’s survey found 39% of participants aged 20-29, have already held four to seven full-time jobs and 83% plan to stay at a single job for just two years, unless promoted. Millennials also have multiple income streams beyond full-time employment.
64% aged 21-25 plan to own a business or freelance, in addition to full-time employment
19% said they already operate their own business or are otherwise self-employed
60% plan to utilize additional income streams such as monetizing their online behaviors, reselling items online or operating side businesses
Millennials hold a lot of power, simply from the sheer number of them. So it’s important to understand what’s important to them so that you can do your best to attract and engage them, before they jump on to the next thing. If you don’t already, consider offering more work/life balance, work from home options, and professional development and training – oh and be sure to highlight that your company is a stable and reliable work environment (if its true, of course)!