I came across an interesting survey conducted by LinkedIn, which showed that over 65% of the 3,010 respondents were willing to accept a pay cut of over $7,600 for a better quality work environment and over 70% of professionals refuse to join leading organisations that have a bad company culture. I found this common trend in every survey. And it’s not limited to the western countries alone. Millennials in India also prefer working in organisations that promote right work-life balance even if it means taking a pay cut. Unlike the earlier generation that changed jobs for better pay or a better brand, the millennials factor in several parameters before selecting the organisation of their choice. Some of the parameters that I found prevalent in my interaction with the millennials are:
#1 – Flexible working hours
Indians spend most of their time on the roads travelling than in office or home. It hampers their productivity and their health, considering the stress they undergo while travelling. It also leaves them with little time to spend with their family and friends. Flexible working hours allow employees to choose a working time of their convenience. It gives them the freedom to spend quality time with their family and deliver a better output at their workplace. It has become a significant determinant for a candidate to join an organisation.
#2 – Work from home
One of the reasons why employees look for work from home opportunities is because it is very comfortable and gives the employee the advantage of complete personal space. Employees even accept lower salaries if they land a work from home job because it saves their daily commute and gives them the comfort of home. It is also convenient for new moms, or for those who stay far away from the office location as they can manage their work and home with ease.
#3 – Promotions
Unlike earlier when employees preferred promotions for fancy titles and better pay hikes, the current generation seeks leadership roles that give them the power to make decisions and steer the company to success. In few cases, they have even quit the organisation to start their own business to fulfill their vision.
#4 – Personal growth vs job security
Gone are those days when employees stuck to a single job until the last day of retirement, because of the security it provided to them and their families. Nowadays, I find millennials changing jobs every 2-3 years or even within few months when they fail to see any growth in their current ones. Job security is no more on the top of their priority list. They are willing to change jobs if they see value in it.
#5 – Individual needs
Millennials love challenges. They prefer to take up a job that challenges them to think more and perform better rather than work for fancy titles with absolutely no growth opportunities. So even if small companies offer less pay but promise future growth and more financial gains at a later stage, they are willing to take it up. Some companies even provide experienced mentors to learn from or are an early beginner in a field that is going to grow in the future years. All of these factors play a crucial role in helping millennials choose their dream job.
#6 – Working environment
People spend an average of 10-12 hours every day in office, so it is understandable that work environment is a crucial determinant for the job change. With websites like glassdoor where employees anonymously post the review about organizations, employees get an idea on the work culture of their prospective organization and are able to make an informed decision before joining or refusing it. Some of the factors that millennials look for in a good work environment are – professional atmosphere, open communication, and good colleagues and managers. Millennials prefer a job that matches their individual personality and preferences and aligns with their skills. They are no longer interested to be a part of the rat race. They prefer to work in an environment that encourages them to maintain their individuality and learn more skills for their personal benefit.
In my two decades of experience in various industries, I have come to realise that today’s employees are not risk-averse and are ready to explore new challenges that are posed before them. They grew up at the time when the internet introduced them to a global culture, a luxury that was almost inaccessible to the generations before them. So they are more aware of the work trends across the world and are even willing to shake the conservative norms by trading a routine job with becoming a digital nomad or an entrepreneur and following their passion. I appreciate the risk-taking abilities of these young people, and I hope they continuously seek opportunities to learn and explore new avenues in their career.