When it Comes to Retaining Millennial Female Workers, It’s Not Always About Pay

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Published April 14, 2014

| FOXBusiness

When it comes to career satisfaction, money isn’t everything for the youngest members of the workforce.

In fact, according to a new report, millennial women are feeling increasingly unhappy in the workplace because they feel undervalued by their employer and don’t see  the impact of their work.

Levo League, an organization for Gen Y women in the workplace, recently announced the results of its “Levo Listens” survey, which found 47% of women were not satisfied with their career and 40% do not feel valued. What’s more, 34% of workers say they cannot see the impact of their work, and 45% say their current position does not match the position they were detailed at the time of hiring.

Seventy percent of the respondents report professional development and growth are more important to them than salary with 42% say they want career growth, greater responsibility and more autonomy most from their jobs.

The survey was conducted among 1,000 young professionals across a variety of industries and income levels.  Caroline Ghosn, CEO and co-founder of Levo League, says the survey results are a reflection of a broader generational disconnect that is occurring between millennials and their employers.

“We know from both sides of the equation that on the institutional side, they feel they don’t know how to get through to this generation,” Ghosn says. “On the individual side, young members of the talent pool feel they can’t connect the dots on a day-to-day basis for a larger purpose.”

She adds the lack of appreciation felt on behalf of young workers is also leading to less loyalty: Levo finds that 60% of those who are currently employed (90% of respondents) plan to stay less than three years in their current position.

“Every generation has its own values,” Ghosn says. “We now live in a world that is more interconnected, flexible and global. This means career paths are less linear and more like a jungle gym, which is something companies can use their advantage.” The survey finds that half of respondents don’t have a role model at work.

The current labor market is restricting hiring prospects, and Ghosn says the decision to change careers needs to be well-thought out.

“There is a difference between not being in the right place, and not being in an environment where you can be successful,” she says. “If you are not in a place where you can be successful, consider a new opportunity or even a new industry.”

It’s hard to be efficient and productive when unhappy in the office.

“There are changes you can make that aren’t immediate, but visualize where you want to be at the end of a certain time period and find a way to get there on time,” she says. “You have to get to a place where you are happy and engaged on a day-to-day basis.”

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http://www.foxbusiness.com/personal-finance/2014/04/14/when-it-comes-to-retaining-millennial-female-workers-its-not-always-about-pay/