Annual $1,000 Raise Would Motivate a Third of Millennials to Leave their Current Job: Survey Shows

March 14, 20168:00 am406 views
Annual $1,000 Raise Would Motivate a Third of Millennials to Leave their Current Job: Survey Shows

For millennials, opportunity is always knocking. Thirty-six percent of Millennials said they would leave their current job, even if they felt it was a good fit for them, if offered an annual $1,000 raise to work somewhere else. Their responses were part of the fourth annual survey of Millennials by digital ad agency Moosylvania.

Millennials’ responses also indicated their confidence has not diminished and the need for a younger, savvy labour force has not gone unnoticed by them.

Also asked to choose which among 36 character traits best described themselves, the recent survey showed that as they continue to mature, new values are starting to emerge among them including being fiscally responsible, globally aware and health conscious.

“This cohort is a broad target, from 16-36 years old, and we’re seeing them mature before our eyes,” said Norty Cohen, CEO of Moosylvania.

See: How to Nurture Loyalty among Millennials towards their Organisations?

In response to the question, “Would you leave your current job – if you are happy there and you are a fit culturally – for a better sounding opportunity?” For $1,000, or roughly 50 cents more per hour, 36 percent of those surveyed said they would.

Twenty-eight percent would leave for a $5,000 raise ($2.50 more per hour), and 24 percent would for $10,000 ($5 more per hour). Only three percent would not switch.

“This is a reflection of how this generation, while still identifying themselves as free-spirited are willing to make changes within their work life situation, even if it’s for a very small financial increase,” Cohen says.

According to Pew Research, Millennial consumers comprise more than one-third of the U.S. workforce. This consumer group surpassed the Baby Boomers in 2014 and Gen X in 2015, and a large portion of the Millennial generation, aged 16-21, has yet to enter the workforce.

Also read: What do Millennials and Non-Millennials Value Most in Leadership at Work?

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