FlexJobs, the leading online service for professionals seeking flexible jobs, recently surveyed 3,000 people and uncovered how critical flexible work is for employers to attract, engage, and retain Millennials.
Flexible work is typically defined by the flexibility in the amount of hours worked, the scheduling of hours worked, the place of work, and how work gets completed. Flexibility in how work gets completed--rethinking legacy processes and procedures or using new tech and tools--isn't directly covered in the FlexJobs survey but is an increasingly attractive component of work for Millennials.
Millennials' top five most important factors when evaluating a job prospect:
- Work-life balance (84 percent)
- Work flexibility (82 percent)
- Salary (80 percent)
- Work schedule (65 percent)
- Benefits (48 percent)
Three of the top five most important factors Millennials use to evaluate a job prospect center on flexible work. Seventy-four percent of Millennials who are interested in work flexibility have a college or graduate degree, and 20 percent are already at a manager level or higher. The FlexJobs survey also found that Millennials show a stronger preference--over other generations--for working at places besides the office, such as a coffee shop, co-working space, etc.
Why do Millennials want flexible work options? One reason is because 40 percent of Millennials identify themselves as "working parents" and are interested in work/life balance. Another reason is that 70 percent of Millennials say the desire to travel is the primary reason to work. Lastly, no Millennials (or any other generation surveyed) cited the "office during traditional hours as their location of choice for optimum productivity."
How do employers benefit from offering Millennials flexible work options?
- Bottom-line savings. Thirty-five percent said they would take a 10 or 20 percent cut in pay.
- Boosted focus. Twenty-seven percent are willing to forfeit vacation time.
- Higher input. Twenty-two percent would be willing to work more hours.
- Heightened loyalty. Eighty-two percent say they would be more loyal to their employers if they had flexible work options.
- Reduced turnover. Thirty-four percent of Millennials have left a job because it did not have work flexibility.
- Increased productivity. Sixty percent said they would be more productive at home vs an office.
Leverage the clear benefits of flexible work or run the risk of losing Millennial talent to one of these top 250 companies with the most flexible jobs.