Work Life Balance a Top Priority for Millennial Women
Women in today's workforce place a high importance on work life balance.
According to the Millennial Women Workplace Success Index by Accenture, the two qualities that women view as a key to workplace success are the ability to balance their personal and professional lives, at 59 percent, and working in a job where they can make a difference, at 66 percent.
This supports the theory that family-oriented and younger people are more interested in a job that offers flexibility as one of its benefits. In addition, about 66 percent of respondents said family life is important to them, compared to the 29 percent of women who said career success is important.
Other factors that women take into account as part of workplace success include: stable employment that provides financial security; a positive work environment; open and honest communication with supervisors; and opportunities to grow professionally.
While 46 percent of women said they already have an equal balance between their work and personal lives, only 46 percent said they would settle for a reduced salary if it led to more personal time, while 54 percent would give up some personal time to earn more income.
However, women seeking more personal time already have a higher income and are only willing to forgo 15 percent of their salary, while those willing to give up their personal time would require a 32 percent salary increase to do so.
When it comes to choosing a job, 65 percent of women consider secure employment the most important aspect, 49 percent want employers to encourage a work and personal life balance, 33 percent want opportunities to earn bonuses and 29 percent want the option to invest.
However, the economic recession has certainly taken its toll on women, as 59 percent of respondents said they have been at least somewhat negatively affected by the economic downturn, and 33 percent are more concerned with keeping their current jobs than achieving a work life balance.
Of the respondents, 94 percent believe they can achieve a balance between a satisfying professional life and gratifying personal life. In that same respect, respondents listed the typical qualities of a successful female business leader as: "maintains a work life balance" by 70 percent, "is flexible" by 66 percent and "is able to make an impact" by 64 percent.
About 70 percent of respondents believe they will be successful and one-third believe they will reach the top of their professions. About 63 percent of women think medical benefits are a driver of professional success, followed by flexible hours by 50 percent, and classes and training for professional advancement by 37 percent.
The Index is based on the results of an online survey of 1,000 millennial women ranging in age from 22 to 35 who are employed full-time in the United States. Accenture thinks such a survey is important, as women will soon make up half of the nationwide workforce, and millennials already account for one-third of the working population.