This year, millennials (defined as people born between 1981 and 1997) became the largest generation in the American workforce, surpassing Generation X (people born between 1965 and 1980) for the first time. Since they now represent the majority of employees and potential hires, it is important for managers to be aware of what millennials value most in a job.
A recent study revealed that managers are not always in tune with what their younger employees desire, though. Nearly half of managers surveyed believe that high pay is the most important aspect of a job to millennials; however, only 27% of millennials actually feel this way. The top priority, at 30%, is meaningful work. While high pay came in second, number three was “sense of accomplishment” at 24%. For managers, meaningful work and sense of accomplishment both ranked 11%.
A Pew Research survey also confirmed that most millennials don’t consider high pay “extremely important” in a job only 19% do. 50%, however, said a job they enjoy is definitely important to them. And when asked, “Which three benefits would you most value from an employer” the top answer among millennials was, at 22%, training and development. Only four percent said they would give up their benefits for a higher salary.
