Millennials work for the cash and good health insurance — just like everybody else. More than half of millennials (53 percent) say compensation is more important to a job offer than corporate mission (34 percent). And 91 percent of millennials say they are most attracted to a new job by salary and benefits. But there are some job perks that will make millennials consider working for less, by as much as 12 percent.
Forget about free snacks.
The country's largest workforce by demographics, millennials are willing to give up a percentage of their salary for long-term job security, flexible office hours and a management structure that emphasizes mentorship and a better career trajectory, according to new research from survey software firm Qualtrics and venture capital firm Accel Partners (a Qualtrics investor).
According to the survey, 77 percent of millennials would be willing to take a salary cut of at least 3 percent in exchange for long-term job security. Roughly 76 percent of millennials would take a pay cut of at least 3 percent to work for a company that offers flexible office hours, and 67 percent would be willing to take a pay cut of at least 3 percent to work at a company that offers good mentorship opportunities.
I would take a salary cut of 6 percent to 12 percent to work for a firm that ...
Offers long-term job security (38 percent of millennials)
Offers flexible hours (37 percent)
Offers good mentorship opportunities (30 percent)
Is growing very rapidly (30 percent)
Only employs extremely talented and smart people (26 percent)
Free food, cutting-edge mobile
"We asked millennials about free food and providing a phone — all those things — but when we asked them, 'What do they care most about in a culture,' they care about the big things," said Mike Maughan, head of brand growth and global insights at Qualtrics.
On the flip side, 65 percent of millennials said it would take a salary increase of 20 percent or greater for them to consider switching jobs.
Jon Salas, 28, recently took a big pay cut to leave the "cardboard dry culture" at a multinational human resources consulting firm where he felt isolated from bosses and colleagues. He accepted a job at a small public relations agency, where he could be heard by, and learn from, managers and different teams on a daily basis.