Survey Finds Salary Influences Millennials’ Job Loyalty
Salary is as much a motivator for Millennials as it is for their older colleagues, reports the Staples Advantage Workplace Index, a study of office workers in the U.S. and Canada by the business-to-business division of Staples. Almost one third of Millennials (29 percent) report that higher salary is the biggest contributor to their loyalty, despite only 20 percent of the broader workforce reporting the same.
“Millennials are becoming the largest demographic in the U.S. workforce—about one third of all workers—so it’s critical for employers to understand how to attract and retain millennial talent,” says John Burke, senior vice president, chief culture officer, at Staples, Inc. “Our Workplace Index found that, contrary to popular belief, salary is important to Millennials just as it is to older workers.” The survey also revealed that flexibility and office perks are key to retaining Millennials.
U.S. office workers as a whole consider title and work responsibilities (38 percent) and work-life balance (30 percent) as leading contributors to their loyalty. Millennials favor more nontraditional benefits in the workplace, including flexibility regarding where and when they work, office perks, eco-friendliness, trust in leadership and a relationship with their direct boss.
Visit the Staples Advantage Workplace Index microsite to download the full report.