The standard mantra is that Millennials are more motivated by making an impact at work than previous generations. However, according to a new study, the vast majority of Millennials opt for money as their primary motivator in the workplace*.
The study, which surveyed over 2,500 workers across the UK, France, Germany, Italy and the Netherlands, found that 45 per cent of Millennials aged 18 – 29 cite pay as the top reason for going to work. While only 12 per cent of employees say that they like the company they work for and feel that they share the same mission. The survey findings also highlight that only 16 per cent of Millennials are motivated to go to work because they want to learn and grow in their career.
It’s often believed that most Millennials want to do something they love and work towards goals they believe in, which puts the employee engagement on softer factors than pay and remuneration. However, due to the current level of uncertainty in the world, it seems that things are shifting.
The survey shows that amongst those aged 18 – 29, paying for things they need or want is rated higher than the love of work, the desire to grow, and feeling like they’re on the same mission as their employer.
Although when comparing the results of 18 – 29-year-olds with other age brackets, Millennials are least likely to cite pay as the main driver for going to work. Half of those aged 30 – 39 (50 per cent) choose pay as the most important factor while 54 per cent of 50 – 64-year-olds opt for this option, compared to 45 per cent of 18 – 29-year-olds. This indicates that Millennials are generally less motivated by pay than older age groups.
However, there was little difference between the age groups regarding those who go to work because they like their company and feel that they’re on the same mission. Of those aged 30 – 49 years old, nine per cent choose this option as did 11 per cent of 50 – 64-year-olds. This is only marginally less than the 12 per cent of Millennials who opt for a job with a mission. This once again highlights that the stereotype of the socially orientated Millennial, keen to work for a company they like, on a mission they believe in, may be set to shift.
* by Automatic Data Processing (ADP),