TOP 6 Benefits to attract and keep Millennials!
The Millennials have a bad rap when it comes to the workforce. They are often seen as unreliable or impulsive by those in charge. To clarify, Millennials are people born between 1982 & 2000, and make up over one-fourth of the country’s population & one-third of the collective workforce. In case you were wondering; why you should try to understand them …… just imagine having a third of your workforce be unsatisfied with their job.
Benefits are far more important to Millennials than most employers realize, and they will often switch jobs to one that has better benefits. If you want to be the company they are switching to and not the other way around, you’ll want to know what kinds of benefits are most sought after.
1. Healthcare
Lately, Millennials are more aware than ever that a secure health plan is a necessity. The best approach is to give them a couple of options to choose from, as some will have families while some will care more about optical than a full health plan.
2. Family Benefits
Now that Millennials are at the age that they will be starting families, they will be looking for benefits that cater to that. In fact, a study by Gallup State of the American Workplace revealed that over 44% of Millennials are willing to switch jobs to get Maternity Leave, as opposed to Generation X of whom only 17% were willing to do the same.
3. Financial Benefits
Most Millennials are either in debt already or are looking to accrue some debt in exchange for further education. A company that offers student loan and/or tuition reimbursement will attract the 45% of Millennials that are seeking such a job.
4. Retirement Plan
Many Millennials are seeing firsthand what not having a retirement plan is like, as many members of older generations are moving in with the younger generation due to improper planning for retirement. Millennials are growing up quickly and will realize that one way to ensure a good retirement is to stick with one company long term.
5. Flexible Schedule
An astonishing 60% of Millennials would switch jobs for more flexible hours, and this isn’t exclusive to this generation either, as 47% of older generations would as well. This more than anything demonstrates that flexibility is a primary concern, and will garner you much attention from generations old and new alike.
6. Training & Development
It is a common misconception that Millennials are not willing to put in the time to rise up in the company. The reality is; more than 40% of Millennials are willing to switch jobs for one that had a strong professional development program.
INTERESTING Benefits you can consider to utilize to entice the Millennials:
- Pet Benefits/ Pet Insurance. You can go so far as to hire a Dog walker to set their minds at ease that their dogs are being taken care of.
- Performance Assessments - Millennials strive for feedback on how they are doing and what ways they can improve.
- Performance Incentives - Millennials want to be compensated for hard work and results, so giving an incentive such as a bonus is a great way to increase performance and productiveness.
- Holistic Wellness - Consider going above and beyond by having mental health support & stress management to keep your workers mentally healthy as well.
- Other Lifestyle Perks - The best companies provide unique perks based on the job. If your employees are expected to work long shifts, perhaps provide them with coffee or breakfast.