Career Advancement Potential Edges Out Salary as Top Work-Seeking Factor for 2011 Graduates
I Love Rewards and Experience Inc., April 2011
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According to a study of more than 8,000 U.S. students who will graduate from a university in 2011 conducted by I Love Rewards and Experience Inc., the top factor when deciding where to work has changed from salary to career advancement opportunities when compared to their counterparts who graduated in 2010. Interesting and challenging work continues to be a leading factor as well, according to the research.
A chart in the study white paper rating 12 work-seeking factors among 2010 and 2011 graduates also revealed, tellingly, that three factors important to many winners and finalists of Winning Workplaces' Top Small Company Workplaces award, are also more important to the current class than their counterparts from 2010: company image and reputation increased from 19 to 23 percent; training/mentorship increased from 19 to 27 percent; and company culture increased from 17 to 21 percent. With more Millennial and other young employees entering the workforce as more Baby Boomers retire, this may help business leaders justify the expense of workplace practices designed to attract and retain top performers among the graduating class of 2011.
According to the U.S. Department of Labor, the average Millennial stays with his or her first employer for 1.5 years. However, they want to find something more long-term, according to the survey. 24 percent of respondents said they expect to stay with their first employer for 10 years or more, and 21 percent expect to for five years. The study authors note this is an open opportunity for employers to retain and inspire this segment of the workforce.
When engaging these younger employees in an organization they want to stick with, the study found that a work environment of strong leadership, communication, culture, rewards and recognition, professional and personal growth, accountability and performance, vision and values and corporate social responsibility were what they favored most.
Other findings from the study included:
- Nearly 40 percent expect to apply for work through social networking and online engagement platforms.
- 41 percent say the size of the company doesn't matter.
- Travel was rated as the most appealing reward for the soon-to-be workers.
- Rewards for years of service, including those chosen by the employee from a catalogue listing, were ranked as least appealing.
- More than 55 percent felt that they were perceived as hardworking by the older generation; 17 percent speculated that they were perceived as slackers.
