Washington-area millennials put high priority on pay
- August 22, 2016
A survey by Arlington Eagle Hill Consulting finds that millennials in the Washington, D.C., metro area rank financial security as the top factor in maintaining a positive work/life balance.
When given the choice between more money or more free time, millennials in the metro were far more likely to choose money (86 percent) over working fewer hours per week (14 percent), the survey found.
"These findings mark an important shift in the priorities and preferences of this younger generation," Melissa Jezior, Eagle Hill's president and chief executive officer, said in statement. "It's no longer all about job perks like free snacks, massages and napping rooms as this generation begins to age."
Millennials, defined in the survey as ages 18 to 34, represent about one-third of the U.S. workforce (33 percent) and a slightly larger percentage of the D.C. area workforce (35 percent). Eagle Hill notes that, as older workers retire, millennails are expected to constitute 75 percent of the workforce nationally by 2025.
“Clearly, pocketbook issues now are the driving factor in millennials employment decisions. While our research demonstrates a shift for millennials, it really shouldn't be surprising,” Jezior said. “Millennials often have steep financial challenges given national trends toward unprecedented student debt, stagnant wages and cuts to retirement and healthcare benefits," Jezior explained.
The Eagle Hill survey was conducted by SSI in May. The survey and included 1,990 full-time professionals in multiple industries across the U.S. and 250 in the Washington, D.C., metro area. The employee satisfaction survey polled respondents on work/life balance, career success, and overall satisfaction with their current job and employer.