Contrary to Popular Belief, Millennials are as motivated by salary as their older coworkers, according to the Staples Advantage Workplace Index, a recent study of office workers in the United States and Canada, conducted by the business-to-business division of Staples, Inc. Almost one third of Millennials (29%) report that higher salary is the biggest contributor to their loyalty, despite only 20% of the broader workforce reporting the same feelings.
“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, 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 to Millennials.
As a whole, U.S. office workers consider title and work responsibilities (38%) and work/life balance (30%) as leading contributors to their loyalty. However, Millennials favor more nontraditional benefits in the workplace, as reflected in these five insights from the study that show what Millennials want:
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