By Dr Lindsay McMillan
According to research from Reventure, only 48 per cent of millennials think financial security is important to ensuring high levels of personal wellbeing.
The survey of more than 1,000 Australian workers has found that millennials were less inclined to prioritise financial security for their personal wellbeing compared to 60 per cent of baby boomers and 54 per cent of Gen X.
So why are millennial workers so divided about the value of financial security?
Experience is the new wealth
More young people are looking to lead purposeful and meaningful lives – 77 per cent of millennials said they were looking for greater purpose and meaning in their work.
We no longer stay in the same careers, let alone the same jobs for life, and as a result more employees are looking to gain skills and experience that are valuable for their entire career. Something like a mentoring relationship for example, can continue on regardless of how many jobs you have under your belt.
To attract millennial workers, it is key to create opportunities for career advancement, professional training and mentorship.
How we do work has changed
How we do work has changed radically, which has allowed the new generation of workers to easily prioritise things other than the almighty dollar.
Technology has made freelancing or setting up your own small business easier – you can find many of the basic tools to get started online. Participation in the gig economy is as easy as a few taps on a phone.
With greater work options, whether it is working part-time or picking up work sporadically, the way we do work has fundamentally changed.
With the possibilities for non-conventional working on the increase, more young people are willing to forgo financial security in the traditional sense of a car or home to achieve it.
The bottom line of this finding is that millennials are looking for meaningful work, not just well-paid work.
For the business leader the advice to retain employees is simple – become so good as an organisation, you are indispensable to employees.
By this I mean providing opportunities to grow and work on skills that millennials are unlikely to get elsewhere.