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No matter how satisfied staff are in their jobs and how well they fit in culturally, money still matters at the end of the day.
According to a new survey by Moosylvania, only 3% of employees stated they would not leave their current jobs – if they are happy there and are a fit culturally – for a better sounding opportunity.
So, how much better does an opportunity have to sound to persuade this generation to job hop?
Apparently, not that much.
The survey found US$1,000 more per year, or roughly 50 cents more per hour is all it takes for 36% of respondents to leave their current job – and that’s even if they’re happy and a cultural fit, imagine how much (or little) they’ll switch for if they’re unhappy.
Slightly under a third would leave for a US$5,000 raise ($2.50 more per hour), while 24% would for US$10,000 ($5 more per hour).
“This is a reflection of how this generation, while still identifying themselves as free-spirited are willing to make changes within their work life situation, even if it’s for a very small financial increase,” said Norty Cohen, CEO of Moosylvania.
Maybe it’s time you consider giving your Millennial employees a pay raise.
Additionally, the survey found that when Millennials picked from 36 character traits best described themselves, new values are emerging as the generation continues to mature. This includes being fiscally responsible, globally aware and health conscious.
Moosylvania’s survey also pointed out that while the generation has noticed the emergence of a younger, more savvy labor force, their confidence levels has not diminished.
“This cohort is a broad target, from 16-36 years old, and we’re seeing them mature before our eyes,” Cohen said.