American millennials willing to take pay cuts for work-life balance
MICHIGAN, UNITED STATES — A recent Ford survey of over 16,000 people globally found 60% of American millennials are willing to take a 20% pay cut for improved work-life balance. This signals a departure from the traditional hustle culture in the American workforce.
The automotive company’s Trends 2024 Survey uncovered surprising data about work culture preferences among millennials in the United States. Ford conducts the annual survey to better understand consumer attitudes and guide business decisions.
Comparatively, only 33% of American baby boomers would accept reduced pay for more personal time, while 43% of Gen X and 56% of Gen Z agreed.
Other countries with similar sentiments included Thailand (70%) and India (69%).
“But that doesn’t mean they don’t care about their jobs. The majority report feeling connected to their roles at work but acknowledge that a stressful job simply isn’t worth it,” the report explained.
The results echo surveys conducted separately by Randstad and The Harris Poll revealing that employees now prioritize personal fulfillment and work-life balance over climbing the corporate ladder.
In Hong Kong, work-life balance tops resignation reasons while 73% of workers in the Philippines also prefer work-life balance over promotions in 2022.
An expert on the future of work, Ravin Jesuthasan, global leader for transformation services at Mercer consulting, also said that the younger generation prefer living over working because they have seen “the legacy of broken promises” from employers such as benefit pension and retiree medical care.
Meanwhile, looking ahead to the future, 60% of workers globally believe that artificial intelligence (AI) can contribute to a better work-life balance. This is similar to the findings of research institute Autonomy where AI may pave the way for approximately 30% of employees in both the United Kingdom and the U.S. to transition to a four-day workweek by the year 2033.
