New York — April 17
A new report released by PwC revealed that enhancing workplace flexibility and equity between work and home is one of the keys to improving job satisfaction among millennials.
According to the report, while younger workers are more tech-savvy, globally focused, informal and willing to share information, they do not feel more entitled or less committed than their non-millennial counterparts. They are also willing to work just as hard.
PwC predicts that by 2016, almost 80 percent of its workforce will be composed of millennials. The study sought to measure factors relating to workplace retention, loyalty and job satisfaction. The study also compared responses among millennials to non-millennials at the same stage of their careers so that generational differences would be the primary differentiator between the two sets of employees.
Among the other major findings of PwC’s study:
Millennial and non-millennial employees alike want greater options in their work hours and location.
Millennials and non-millennials alike want the option to shift their work hours to accommodate their own schedule and are interested in working in locations outside the office where they can stay connected by way of technology. Employees across all generations say they would be willing to forgo some pay and delay promotions in exchange for reducing their hours.
Given the opportunity, 64 percent of millennials — and 66 percent of non-millennials — would like to occasionally work from home, and 66 percent of millennials — and 64 percent of non-millennials — would like the option to occasionally shift their work hours.
Across the board, 15 percent of male employees and 21 percent of female employees say they would give up some of their pay and slow the pace of promotion in exchange for working fewer hours.
Unlike past generations who put an emphasis on their careers and worked well beyond a 40-hour work week in the hope of rising to the well-compensated ranks of a company later on, millennial employees are not convinced that such early-career sacrifices are worth the potential rewards. A balance between their personal and work lives is what is most important to them.
Source: PwC US