Money will attract millennials to jobs, but it won’t make them loyal

Money doesn’t talk.
Money doesn’t talk.
Image: Reuters/Carlo Allegri
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Money isn’t the only thing that motivates millennial workers. According to a new survey by Deloitte, the millennial generation cares about diversity, inclusion, and flexibility more than money when it comes to staying with a company for the long term.

Deloitte surveyed 10,455 millennials, which the company defined as people born between January 1983 and December 1994, across 36 countries, who hold college or university degrees, are employed full-time, and currently work in large, private-sector organizations.

The poll found that 43% said they plan to leave their jobs within two years, while only 28% of millennials are looking to stay beyond five years. After narrowing last year, the gap between the two groups is back is widening again.

Deloitte said that so few millennial workers see themselves staying at their companies for the long term because of corporate commitments to diversity and inclusion, as well as allowing flexible working arrangements. Michele Parmelee, global talent leader at Deloitte, said the notion that money buys commitment among millennials is a misconception. This is despite the pervasive financial insecurity that afflicts the generation.

“When we examined responses from those who plan to leave within two years and those who plan to stay at least five years, we saw that pay may be the number-one item that attracts a millennial but diversity, inclusion, and flexibility are the key to keeping them,” she said. ”They don’t believe business shares their values, they don’t think business is doing enough to prepare them for the future, and they don’t feel business is sufficiently committed to improving society.”