While 86 percent of millennials (born 1981-1991) say they are happy at work, 41 percent are planning to start a new job within the next two years, according to a study by Fidelity Investments. And 49 percent are actively looking for a new job or are welcome to new opportunities.
In its Evaluate a Job Offer Study, Fidelity found that millennials in searching for a new job valued improved quality of work life over financial benefits. In fact, millennials said they were willing to take an average pay cut of $7,600 for an improved quality of work life (such as career development, purposeful work, work/life balance, company culture).
“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 of women and young investors for Fidelity Investments.
Even once they receive an offer, 59 percent of millennials don’t negotiate. Of those who did negotiate salary (41 percent), 87 percent were successful in some way, according to the study.
And, when it comes to financial compensation overall, only 39 percent of millennials consider retirement benefits; 28 percent examine health and medical insurance; 27 percent analyze paid time off; and 4 percent look at stock options and profit sharing when deciding to accept a new job.
The 2016 Fidelity Investments Evaluate a Job Offer Study surveyed 1,500 people between the ages of 25 and 70 who work full-time and whose employer offers a defined contribution workplace retirement savings plan.