Conventional wisdom says that Millennials don’t prioritize money as a work goal. However, recent research says otherwise.
A new survey by Eagle Hill Consulting finds that Millennial employees aged 18 to 34 in the Washington, D.C., metro area rank financial security as the number-one factor for maintaining a positive work/life balance, counter to conventional wisdom about the preferences of this generation. The survey also finds that when given the choice between more money or more free time, D.C. Millennials were far more likely to choose money (86 percent) over fewer working hours per week (14 percent).
These findings are detailed in a new research report, Ping Pong Tables and Flex Schedules: The Surprising Preferences of D.C. Millennials, conducted by Eagle Hill Consulting. “These findings mark an important shift in the priorities and preferences of this younger generation,” said Melissa Jezior, Eagle Hill’s president and chief executive officer. “It’s no longer all about job perks like free snacks, massages and napping rooms as this generation begins to age.”
Millennials comprise approximately one-third of the U.S. workforce (33%), and a slightly larger percentage of the D.C. area workforce (35%). As older workers continue to retire and exit the workforce and more Millennials enter, that proportion will continue to grow to an estimated 75% of the workforce nationally by 2025.
“Now, forward-thinking employers in the nation’s capital seeking to attract and retain millennials are prudent to re-examine their salary and benefits structure. Clearly, pocketbook issues now are the driving factor in millennials employment decisions. While our research demonstrates a shift for millennials, it really shouldn’t be surprising. Millennials often have steep financial challenges given national trends toward unprecedented student debt, stagnant wages and cuts to retirement and healthcare benefits,” Jezior explained.
Tomorrow we’ll take a look at details of the survey.