Every employee faces this question at some point—should I stay here or should I go? A new study has found that with Millennials, it may come up more often. Even with 86% of Millennials surveyed stating they are happy where they currently work, nearly half (49%) are either actively looking or open to a new opportunity.
According to Fidelity Investments “Evaluate a Job Offer Study,” many Millennials are eager to make a move, with 41% expecting to start a new job in the next 2 years.
While those considering a career change often focus on salary and bonuses as key decision drivers when weighing a move, there are many others factors to consider—some financial and some far more difficult to quantify.
Interestingly, when asked how much of a pay cut they would be willing to take for an improved “quality of work life” (such as purposeful work, work/life balance, and company culture), Millennials report they are willing to take, on average, a $7,600 pay cut.
Furthermore, when asked which is more important when evaluating a job offer—financial benefits or improved quality of work life—58% of Millennials chose work life.
See: How to Nurture Loyalty among Millennials towards their Organisations?
“Clearly, many young professionals are thinking about more than money and are willing to sacrifice a portion of their salary in exchange for a career move that more closely aligns with their values or passions or improves their work/life balance,” said Kristen Robinson, senior vice president, Women & Young Investors, Fidelity Investments, in a press release.
“However, achieving better quality of life and meaningful work doesn’t have to come at the expense of a worker’s bottom line. Becoming educated about the total compensation and benefits package of an offer can enable jobseekers to evaluate the potential trade-offs between two jobs and make an informed decision that could give them the best of both worlds.”
Human resources professionals with hiring responsibilities should be aware that when thinking about the total financial compensation included in a job offer:
So while salary is usually on top of a jobseeker’s list when evaluating the total compensation of a job offer, there are other financial considerations that should be contemplated. Few applicants are actually taking a seat at the negotiation table.
In fact, 59% of Millennials surveyed accepted their current position without negotiation, falling in line with older generations who are just as likely to say “yes” to the first offer.
However, of the 41% of Millennial surveyed respondents who negotiated their last offer, 87% reported they were at least partially successful, the release stated.
Image credit: brijj.com
Also read: Millennials in Singapore are Less Confident about Job Market Prospects in Q1 2016
