Evaluate a Job Offer Study Fidelity designed the Evaluate a Job Offer Study to understand the mindset of professionals in their current jobs, as well as examine their core considerations when evaluating a job offer for their next career opportunity. In particular, Millennials are currently the largest generation in the U.S. workforce, recently surpassing Gen X1. These career-driven young adults are eager to make professional moves, while still placing a heavier emphasis on quality of life.

The 2016 Fidelity Investments Evaluate a Job Offer Study was an online survey conducted among a sample of 1,500 respondents from an online panel, ages 25-70 who work full-time, and whose employer offers a defined contribution workplace retirement savings plan. Invitations to participate in the study were sent beginning on Thursday, February 18th and data collection continued through Friday, February 26th by ORC International, an independent research firm.

ABOUT THE STUDY

FOR MANY MILLENNIALS, CAREER GROWTH IS ABOUT MORE THAN THE BOTTOM LINE

Summary of respondents:

Improved Quality of Work Life Vs. Financial Benefits

MILLENNIALS

Born: 1981-1991Ages: 25-35(N = 342)

GEN X

Born: 1965-1980Ages: 36-51(N = 637)

BOOMERS

Born: 1946-1964Ages: 52-70(N = 521)

When evaluating a job offer,

(58%) and more than half of Gen Xers (53%) cited improved quality of work life as more important than financial benefits.

Over half of Baby Boomers declared that financial benefits are more important than non-financial benefits when evaluating a job offer.

6/10 52%Millennials

1Pew Research Center, Tabulations of monthly 2014 and 2015 Current Population Surveys, Integrated with Public Use Microdata Series, May 2015

(38%) are willing to take a pay cut. Of all Millennials, they would be willing to give up $7,600 on average.

(33%) would be willing to take a pay cut. Of all Gen Xers, they would take an average salary reduction of $5,600.

(72%) would not be willing to reduce their salary.

4/10 Millennials 1/3 7/10Gen Xers Baby Boomers

Many Millennials & Gen Xers Willing to Take a Pay Cut for Improved “Quality of Work Life”

Baby Boomers NOT Willing to Take a Pay Cut for Improved “Quality of Work Life”

2016 Fidelity Investments®

Millennials think differently than their Gen X and Baby Boomer counterparts when it comes to what they include in the total financial compensation of a job offer.

of professionals negotiated or attempted to negotiate their current position.

EXPANDING THE DEFINITION OF ‘TOTAL FINANCIAL COMPENSATION’

negotiated or attempted to negotiate salary only.

MILLENNIALS

GEN X

BABY BOOMERS

Retirement Benefits

Health/Medical Insurance Paid Time Off

Stock Options & Profit Sharing

39%

21%negotiated or attempted to negotiate salary as well as other compensation (i.e., bonus, profit sharing, etc.) and/or benefits (i.e., vacation time, flexible work arrangement).

14%negotiated or attempted to negotiate other compensation and benefits, but not salary.

3%

received everything they negotiated.

35%received some of what they negotiated.

52%were unsuccessful in their negotiations.

13%

45%

45%

39%

28%

36%

38%

27%

33%

34%

4%

8%

7%

Only

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FEW PROFESSIONALS TAKING A SEAT AT THE NEGOTIATION TABLE