Want millennials to stick to a job? Teach them about money.
Millennials may be the “job-hopping generation” but it’s not like their bosses try too hard to keep them satisfied with work.
Three quarters (71 percent) of millennials say they’d like financial planning services as a benefit from work, but only a quarter of employees have been offered some sort of financial education, according to MassMutual Life Insurance.
Millennials have long had the stereotype of being flighty and entitled, and will take a job with a company and leave before the next Winter Olympics. But they have their reasons.
It’s the generation furthest in student loan debt, convinced Social Security will be nonexistent when they retire, and as Forbes has reported, their annual pay is far lower than everyone else’s. It’s no surprise millennials want to take advantage of some financial advice from their job. At least they can manage the low income they do earn.
The millennial workforce
Debt.com has previously reported that millennials don’t chase large salaries. No, they’re more likely to associate personal happiness with success than money. Though there may be more reasons underlying that than just youthful naivete.
The truth is millennials want promotions and raises, the same as everyone older than them. Most would stay with their current company if they saw potential for their future. The vast majority (90 percent) of millennials said they would stay at the company they work for if they were guaranteed to receive an annual raise and upward mobility in their career, says a poll from CNBC.
Even further, most millennials said they plan to stay with their company at least six years. Most (77 percent) would even take a cut in salary if it guaranteed them job security. Odds are that won’t happen, though.
The truth is the nature of the workforce today has changed. It’s easy to get in with a startup company in the beginning and work up to management during its growth. But a young college graduate entering that startup company with an already established team lowers their chances of landing a promotion — even if they’re talented, Forbes reported.
The business magazine also says millennials with the right talents are irreplaceable. If there is no room to grow and your talents are still needed in your current position, the company needs you to stay put. Those millennials either can stay where they are forever, or move on to better opportunities.
So that brings us back to why millennials don’t concern themselves with high salaries, and just take the work benefits.
Millennials and work benefits
Aside from financial advice, millennials have had their eyes on other workplace benefits. Millennials like flexibility with their work hours, says a previous study from MassMutual. Almost half (43 percent) wanted a flexible schedule, vacation days (48 percent), and reimbursement/tuition for school (30 percent).
Millennials have been pushing for student loan reimbursement for some time now. Debt.com has previously reported that student loans make millennials desperate, and 90 percent of them felt they would benefit from a student loan repayment program through work. Another 79 percent felt student loan counseling would be beneficial to them.
Which is no surprise, seeing since student debt in America just hit record highs of $1.4 trillion, affecting 40 million Americans. Most of which are millennials.
Meet the Author
Article last modified on April 9, 2018 Published by Debt.com, LLC . Mobile users may also access the AMP Version: The Work Benefit Millennials Want But Can’t Have - AMP.