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By Courtney Hamilton
April 21, 2016
Caption : Nearly half of all Millennial professionals are seeking a new job or are open to new job opportunities, with 41 percent expecting to start a new job within two years, according to a new study by Fidelity Investments.     

Nearly half of all Millennial professionals are seeking a new job or are open to new job opportunities, with 41 percent expecting to start a new job within two years, according to a new study by Fidelity Investments.

While Millennials by and large (86 percent) say that they’re currently satisfied with their jobs, 49 percent are actively looking for work, or are open to new opportunities.

The study suggests a new value system among young workers, where quality of work life (including career development, purposeful work, work/life balance, and company culture) takes priority over salary, benefits and other long term employee perks. “While those considering a career change often focus on salary and bonus as key decision drivers when weighing a move, there are many others factors to consider – some financial and some far more difficult to quantify,” a press release on the study says.

In fact, Millennials are willing to pay for a better quality of work life, reporting they’d take, on average, a $7,600 pay cut for a job with better work culture. When asked which they’d prioritize—financial benefits or improved quality of work life—58 percent chose the latter.

“Clearly, many young professionals are thinking about more than money and are willing to sacrifice a portion of their salary in exchange for a career move that more closely aligns with their values or passions or improves their work/life balance,” Kristen Robinson, Senior Vice President of Women & Young Investors with Fidelity Investments, says in the press release. “However, achieving better quality of life and meaningful work doesn’t have to come at the expense of one’s bottom line. Getting educated about the total compensation and benefits package of an offer can enable job seekers to evaluate the potential trade-offs between two jobs and make an informed decision that could give them the best of both worlds.”

According to the study, Millennials tend to neglect financial considerations beyond salary when they receive a job offer. Only 39 percent consider retirement benefits. When it comes to benefits like health insurance, paid time off and stock options and profit sharing, even fewer Millennials take the total package into consideration, the study says.

Many Millennials fail to negotiate their offers, too, with 59 percent taking an employer’s offer as is. This falls in line with previous generations, who are just as likely to accept an offer without negotiation. “Professionals across generations may have missed an opportunity to enhance their financial standing – of those Millennials who negotiated their last offer (41 percent), a resounding 87 percent were at least partially successful,” Fidelity Investments says.

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