84% of millennials would relocate to advance their careers
- A Wakefield Research study conducted for Graebel shows that a large majority of millennials, 84%, will relocate to advance their careers, while 82% believe they will have to relocate to move up in their careers, according to a statement from Graebel. Among top destinations for respondents were Seattle, Los Angeles, San Francisco and Miami in the U.S. and London, Paris, Tokyo, Sidney and Berlin abroad.
- Millennials are also willing to make sacrifices for a chance to live and work in a desirable location. The study found that 80% would take a pay cut to live in their city of choice, 71% would put off marriage and 72% would postpone parenthood.
- The survey also found that money motivates more than experience. Younger employees are willing to build a new life abroad by buying a home (43%), buying a car (47%), buying a pet, (41%) and getting married and starting a family (34%).
Companies that can afford to relocate workers usually pay the expense and take care of all the arrangements. However, respondents in the survey said they would rather take care of setting up the relocation details on their own. Being a tech-savvy generation, they’re more likely to use smartphones, social media and other web-based tools to make arrangements, said Bill Graebel, CEO.
Millennials are changing the way companies think in general about compensation and benefits, career development and workplace trends overall. Companies might have to trade in the traditional top-down management style for a less formal, more egalitarian way of operating to attract and retain them.