Report: Money, perks matter to millennials
A study conducted by Staples Advantage found that salary still contributes greatly to the loyalty of millennials, while also confirming the value nontraditional benefits in creating good will among this generation of employees.
In a statement released Tuesday, the division of Framingham-based Staples said the finding from its 2015 Workplace Index runs counter to a commonly held belief about the generation. Almost one third of millennials (29 percent) surveyed reported that higher salary is the biggest contributor to their loyalty, despite only 20 percent of the broader workforce reporting the same.
The term “millennials” applies to people who reached adulthood around the turn of the century.
“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,” said John Burke, senior vice president and chief culture officer for Staples.
The statement said that, while U.S. office workers as a whole consider title and work responsibilities (38 percent) and work-life balance (30 percent) as the leading contributors to their loyalty, millennials favor nontraditional benefits in the workplace.
Five areas cited by millennials as key factors for their happiness and productivity are:
• Flexibility in where and when they work: Over half of millennials report they work from home after the standard work day is done, compared to only 39 percent of all U.S. office workers. Millennials say more flexibility will improve their happiness (49 percent) and their productivity (59 percent).
• Office perks: Perks, such as a gym on site, a well-stocked breakroom, and free lunches, are valuable to millennials. One in five (21 percent) define a good work culture as a place that offers incentives and perks, and nearly half (46 percent) say more office perks would improve their happiness.
• Eco-friendliness: Earth friendly practices in the workplace can provide benefits not only for the environment, but for recruiting millennials. When making an employment decision, half of all millennials say an eco-friendly company is important, compared to only 35 percent of the broader workforce.
• Improved breakroom and encouraged break time: Over a third of millennials (34 percent) say they feel like they can’t take a break because of guilt, compared to only 22 percent of all U.S. office workers. However, over half of millennials (62 percent) say having a break time to refresh would increase their productivity. Millennials also say a well-stocked breakroom leads to happier employees (57 percent), less stress (35 percent), more productive employees (35 percent), and a more social environment (33 percent).
• Trust in leadership and relationship with direct boss: Millennials that are not expecting to change jobs note that trust in leadership and trust in their direct boss contributes to their loyalty. In addition, one in five millennials report that their direct boss motivates them to do their best work, and over a third (35 percent) note that strong leadership defines a good work culture. Feedback from their boss is also important to this generation. Nearly one third of millennials (28 percent) say feeling appreciated contributes to their loyalty and 26 percent say recognition motivates them to do their best at work.
The survey was conducted among 2,602 employees across a variety of companies in the U.S. and Canada
WBJ Web Partners
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