Employee Compensation: How Millennials Are Earning Raises
Nov 15, 2017 | Diversity and Inclusion|
"Millennials (29%) report that higher salary is the biggest contributor to their loyalty." – Staples, AccessPerks.com
When you think of millennials in the workplace, you may think of those young kids who get their first job out of college and expect a raise in their employee compensation for just showing up on time – well, we disagree. "Millennials are also less comfortable with negotiating salary (30 percent) than Gen X (26 percent) and Baby Boomers (25 percent)," according to PayScale.com. We fear the stereotypes of being the youngest in the company, so asking for a raise, even when we put in the work, may seem like a long shot. When growth and eventually increased employee compensation is promised by the employer, Millennials are more likely to work harder and stay with the company longer. So, how do millennials get raises at their companies without looking entitled? Here are a few things to consider.
We Bring Something NEW to the Table
Millennials and technology go hand-in-hand, so why not use that to your advantage? Show your employers you know something they probably don’t and how it can help them in the long run. We are constantly scrolling through our phone to view news, fashion, entertainment, tech and pop culture trends, so having this updated information can be valuable. We could share a new mobile application with the office that makes work much easier, cutting down time on projects and increasing productivity. Employee compensation is representative of the amount of skills one has, especially if they are new and fresh.
We Shut Down the Stereotypes
We have all heard the generalizations and perceptions of the younger generations: we’re lazy, we’re spoiled, we’re disloyal and so on. The biggest struggle as a millennial is to prove the doubters wrong, especially in the workplace. When we earn a job that can potentially turn into a passion, we own it and work hard to be successful at it. We understand that money doesn’t come free, we just expect to be offered the correct employee compensation according to our skill set and education level. Loyalty is rare in any age group, but when millennials feel like they are appreciated and are constantly challenged at work, their loyalty is stronger than ever. We just want to know that there is room to flourish and when that is solidified, we will make big things happen!
We Are Open to Collaboration
If you possess the ability to work with others on a creative and innovative level, you have struck gold. Millennials like to work in group settings; allowing their minds to be open and come up with great ideas as a unit. When a young person can be a leader and come up with new ways to do things while bouncing ideas off other employees, it shows their investment in the company at a different level. We use this way of communication as inspiration because we are firm believers of ‘two heads are better than one’.
There is no set-in-stone way to get a raise because each company and industry is different. Sometimes you need to show more effort than others but it all comes down to your determination to do so. We must negotiate for our fair employee compensation and ask for what we deserve because we will be the people running these industries one day. Hard work, dedication, passion, creativity and intellect – millennials are making their entrance and they won’t let anything get in their way.