Canadian Millennials Willing To Give Up Almost $10,000 Per Year For Better Jobs
Canadian millennials are willing to giver up almost $10,000 per year in order to work at jobs they actually love.
The saying goes find a job you love and you'll never work a day in your life. Well, it turns out some people are willing to make that happen, even if it's going to cost them. Canadian millennials are willing to take an almost $10,000 annual pay decrease for better jobs that they like more.
A recent survey done by ServiceNow asked Canadian office workers if they would give up a pay raise in order to do more meaningful work. Surprisingly, almost half of the millennials who responded said they would. In fact, on average, they would be willing to give up $9639 of pay if it meant they would like their jobs more. In this case, millennials are anyone born between 1980 and 1995.
The manager of ServiceNow, Marc LeCuyer said of millennials "they're saying 'I want purpose in my work, I want to be doing meaningful work, and if I'm going to spend this much time in the office over the course of my life, I want it to be important and impactful, and I want to be at my best.'"
This millennial mindset seems to be the exact opposite of the previous generations before us and the opposite of tradition career goals.
Previously the traditional career goal has simply been to be successful, whether this means being at the top of the food chain in your workplace, having that corner office, or of course making the most money possible.
Based on this survey though, millennials are willing to trade that all money and "success" for what makes them happy suggesting that a more accurate career goal for this generation is to just do what you love.
This is an especially interesting shift because millennials make up the largest generation in the Canadian workforce. In fact, back in 2014 this generation officially claimed the title by beating out both Baby Boomers, who were born between 1946 and 1964, and Generation X who were born between 1965 and 1976.
At that time, the workforce was made up of about 36% millennials, but only 33% generation X, and about only 31% boomers. That means it's not a huge majority, but a majority nonetheless.
However, LeCuyer pointed out the problem this could cause. As boomers retire, there are starting to be gaps in the workforce especially in some of those more mundane roles. Since Millennials would rather make less money than does these jobs companies are going to need to adapt and fast.