It’s no news that millennials currently run the workforce. In fact, they are so influential, that without understanding them, businesses risk being stagnant or not attracting and retaining top talent.
So what makes millennials tick and what motivates them to stay with a company for the long haul? Trust us, it’s not free snacks!
LinkedIn recently reported that company values and culture are elements millennials deem important. As long as your culture stays appealing with attractive facets, recruiting millennials will boost your business’ performance and competitiveness.
Let’s take a look at the most coveted benefits millennials look for:
Learning And Development Opportunities
Millennials are often notorious for job-hopping, which is not something employers tend not to be pleased about. But many employers don’t care to know the “why,” which can help retain top talent.
The simple reason is that millennials are excited to develop their skills at the early stages of their career. So, if an opportunity to develop skills comes along, they jump on it. According to The Deloitte Millennial Survey, most employees who receive training benefits end up staying with a business for more than five years. It works!
Freedom To Choose And Personalize
With the diverse needs that come with a diverse workforce, benefits packages are not what we’ve seen in days old. Goals and priorities among your employees vary, so it is way more appealing when benefits packages offer more choice and flexibility.
Gone are the days of one-size-fits-all benefits packages, from having flexible spending accounts to having extended family members on their benefits plans. Offering different options will go a long way in retaining and recruiting millennials.
Mental Health And Wellness Awareness
Millennials have worked hard to remove the stigma associated with mental health. They are also more likely to speak up if there is a mental health concern. If you invest in wellness programs while promoting overall well-being through activities and programs, it won’t take much more to reel in millennials. This benefit is something they definitely wouldn’t say no to.
Telemedicine
Given the rapid changes the pandemic has inflicted on us, changes like telemedicine are here to stay. People no longer want or need to wait weeks for an appointment, plus spend hours in a doctor’s room.
Millennials in particular, love telemedicine and see it as a major value add when their benefits provider has this option available. Millennials appreciate the time and energy telemedicine gives back, plus with travel picking up again they can connect with a doctor anytime and anywhere. This is a win-win for both employers and employees.
Student Loan Repayment Assistance
Many graduates entering the workforce have more than $50,000 in school loans — and as a result, this remains a top stressor for your workforce. Although organizations offer tuition and education reimbursement, which is still valuable, paying off current debts is usually a bigger headache.
According to the Human Resource Management Institute, only 4 percent of employers in the overall economy have student repayment programming. Imagine the benefit your company branding will have by offering this sweet benefit and being one of the few who do? Winning!
Allowing Pets At Work
Pet-friendly workplaces are all the buzz right now. We’re seeing many more millennials opting for pets over kids. With the adoption of ‘fur babies’ on the rise, there’s no better way to warm your way into the hearts of this generation than by making your business a pet-friendly place.
Many employees would have to pay for dog walkers and doggy daycare (for those who love to go the extra mile when treating their dogs) and even invest in pet cams to keep an eye on pets when they’re not home. Having a pet-friendly culture will go a long way in ensuring savings in addition to improving work-life balance for your staff (imagine having pet breaks at work after a nerve-racking and tiring meeting).
That’s not to say there are no other options available if this is not possible in your business. You can show support for pet-related expenses by providing pet care benefits that cover a wide range of costs. This will not only be an irresistible offer, but it’ll also show that you care for and understand the needs of your millennial employees. Millennials love breaking the norm and exploring the unconventional.
We’re Here To Help
At EmPower HR, we’ve worked hard to build an awesome work culture, and we’re here to help you do that too. From employee benefits administration to helping guide you to creating a pet-friendly workplace, we’ve got your back!