Millennials not willing to sacrifice their life for the sake of rapid professional advancement
A new study conducted by multinational audit and consulting network PwC in conjunction with the University of Southern California and the London Business School over the span of two years revealed a number of noteworthy patterns in the work preferences of millennials.
The study, titled "PwC's NextGen: A Global Generational Study," surveyed over 44,000 employees throughout PwC's global network, a quarter of them being members of Generation Y, with an aim to assess the keys to greater job satisfaction in today's world. Here's a roundup of its most notable findings.
1. Flexible work hours are a priority, even at the expense of slower promotion.
Millennials are actively seeking flexible work schedules that would accommodate their schedule as 66 percent of respondents expressed their interest in occasionally shifting their work hours while 64 percent stated they would occasionally like to work from home. In addition to that, more than a quarter of surveyed millennials said they would be willing to sacrifice some of their pay and even slow the pace of their promotion to enjoy fewer hours.
2. Unlike previous generations, millennials are seeking balance above all.
Generation Y is all about work-life balance in every sense of the term. Contrary to older cohorts, working extra in their early years in the hope of rising to higher-paying positions later on is hardly motivating to them as the majority of millennial respondents deem work-life balance to be a more important value and 71 percent of them consider their current work demands to be significantly interfering with their personal lives.
3. The millennial generation is already shaking long-standing management practices in the workplace.
For once, it is employers who are transforming their philosophy in order to meet their millennial employees' needs and not the other way around. "The compelling nature of this research… has already helped guide us toward making cultural and structural changes in how we manage, promote and compensate our people," PwC Vice Chair and Global Human Capital Leader Dennis Finn said.