If the pandemic has taught society anything, it’s that family and friends come first.
But why did it take a global pandemic for the world to learn this important life lesson?
Prior to March 2020, the “rat race” in the United States was in full swing. But as the world continues to battle COVID-19 today, we are quickly learning that our health and safety is top priority, quality time with our loved ones is invaluable, and believe it or not – a salary isn’t everything.
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Millennial Mind Shift
In a recent study, most millennial professionals reported being willing to take a $7,600 pay cut for a better quality of work life.
And in the last few years, 25% of millennials report to have left a job because of inflexible hours.
With more than 56 million Millennials in the United States workforce today, this shift in mindset is significant.
George Scorsis, the former President of Red Bull Canada, has more than 20 years of experience in the workforce, having held a range of professional titles and positions including Executive Chairman of WeedMD, Chairman of Tassili Life Sciences and Chairman of Awakn Life Sciences.
“We’re learning from the Millennial generation that a salary isn’t the driving factor for employees anymore,” shares George Scorsis. “We’re starting to see a shift in mindset within the workforce, and I believe this is just the beginning.”
What’s Important to You?
With compensation no longer a top driver for employees, what are the most important factors for today’s workforce?
A recent study asked four income groups to rank six workplace factors from “most important” to “least important” when assessing overall employee satisfaction.
And the results were shocking.
Regardless of income level, the three factors that were ranked the most important for job satisfaction were: culture and values, senior leadership, and career opportunities.
Compensation wasn’t even in the top five.
“It’s very interesting that salary compensation is not higher on this list,” shares Scorsis. “But what this tells us is that Millennials are valuing different factors than generations before. And this change will absolutely impact the way our workforce operates in the coming years.”
Put Priorities in Place
It’s critical that employees assess their own personal priorities when considering current or future employment opportunities.
For George Scorsis, that is something he has been doing for years.
“Outside of my professional career, I’ve always been actively involved in charity work,” shares George Scorsis. “Giving back is important to me. From food banks, to animal-related causes, charity is a top priority for me – not a salary. In this day and age, it’s crucial that everyone from Millennials, to Gen X’s, to Baby Boomers, identifies their top priorities when making a career decision. This is how you ensure your ultimate happiness in your career for years to come.”