As the number of millennials working regular 9-to-5 jobs continues to decline, new research indicates that cultural values may be playing a growing role in where the millennial generation earns a living.
According to a new survey from LinkedIn, nearly nine in 10 millennials would be willing to take a pay cut from their current compensation if they were to find a company whose values aligns with their personal values. According to one senior level official at LinkedIn, the extent to which people’s personal lives are intertwined with the company they affiliate with is continuing to grow.
“It’s important for people to be able to bring their full selves to work,” said Nina McQueen, vice president of benefits and experience at LinkedIn. “As people’s work and personal lives become more intertwined than ever before, there has been an increased expectation that the companies we work for have our shared values.”
In recent years, a significant percentage of millennials have opted to replace their regular 9-to-5 positions with jobs in the so-called “gig economy,” such as driving with Uber, walking dogs with Wag, or even renting out their apartments on Airbnb. In response, a number of these companies have prioritized millennials as their main consumer market, including Airbnb, which does more than 50 percent of its business with millennial travelers.
Recent data has indicated that when it comes to saving for retirement, approximately 30 percent of all millennials reported having less than $1,000 in a personal savings, while 24 percent reported having no money saved at all. While social values may make for a more enjoyable career, millennials should be careful that they are not sacrificing too much financial compensation in place of company values.
As corporate social responsibility becomes a growing factor in where an individual decides to work, millennials have an opportunity to shape the job market in deciding how they want their employer to contribute to the good of society. However, it is also important for millennials to remember that they will eventually need to retire, and retirement requires money. It is nice to have an employer with excellent corporate responsibility, but it won’t help if that employer doesn’t pay enough to retire at a reasonable age.
