A majority of millennials say improved quality of work life is more important than financial benefits when it comes to evaluating a job offer.
That’s one of the findings of the 2016 Fidelity Investments Evaluate a Job Offer study released last week.
Almost 6 in 10 (58%) of millennials and more than half of Generation Xers take quality of work life over financial benefits, while baby boomers went in a different direction. More than half (52%) responded that financial benefits are more important than non-financial benefits when evaluating jobs.
Millennials would take a pay cut
In addition, 4 in 10 millennials (38%) would be willing to take a pay cut of $7,600 on average for an improved quality of work life, while one-third of Gen Xers would take a pay cut, but only $5,600 on average.
Even so, of their older counterparts, baby boomers, 7 in 10 (72%) said they would be unwilling to take a pay cut for improved quality of work life.
“I’d say you see a trend where, as people get older they are likely to have more expenses and be thinking about them when thinking about their pay,” says Jennifer Deal, author of “What Millennials Want From Work.”
“It is also possible that older people’s experience with the workplace is such that they believe that they would not get enough improvement in their quality of life to justify taking a large pay cut,” she says.
How millennials view their entire pay package
Millennials also view their total compensation package differently. Only 39% include retirement benefits; 28% consider health and medical insurance; 27% think about paid time off; and only 4% consider stock options and profit-sharing. All of those numbers are less than baby boomers and Gen Xers, in some cases significantly lower.
Deal says this is not unexpected. “This doesn’t surprise me. The more experience a person has in the workplace, the more they learn to count all of the non-cash compensation,” she says.
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