Millennials will take a happier workplace over better pay. They rate purpose over paycheck -- and are willing to take less pay to get new-era job perks.
That’s the summation of workplace culture experts such as Bobby Albert, who sees changes being made by employers to meet both their staffing needs and hiring-pool interests.
Wages aren't growing anywhere near the pace of the stock market or corporate profits -- but analysts say pay is less of a concern to millennials in the workforce.
For many of them, their careers are about meaningfulness, not just money. Younger workers are willing to accept less pay if their jobs include perks, mentorship, and a sense of connection.
There’s been a surging stock market and record corporate profits, but wage growth hasn’t been nearly as spectacular – about 2.5 percent annually, well below the nearly 4 percent levels seen in the pre-Great Recession economy.
Albert, author of the new book “Principled Profits: Outward Success is an Inside Job,” says non-salary "lifestyle" benefits and perks are becoming increasingly important.
Albert says they place value on features like flexible hours and programs for well-being. He also notices that the interest in these new priorities is contagious.
One illustration of that: the percentage of employees with access to wellness programs has increased from 34 percent in 2010 to nearly 43 percent last year.
“Now baby boomers wants these perks, too,” Albert tells Newsradio 740 KTRH.
Other workplace offerings include physical-fitness programs, stress management courses and nutrition coaching.