9 Coveted Employee Benefits for Millennials
Companies are consistently looking to attract the best millennial talent. However, this can be a complicated process. The younger generation isn’t as enamored with some of the more traditional benefits, such as a pension or performance bonus. As the workplace continues to evolve, employers must make sure they offer benefits that cater to each generations unique needs. Here are 10 coveted employee benefits for millennials.
Many millennials are just starting their career, so they are looking for companies where they can learn and develop. Companies that have innovative training programs and team building programs have an advantage in attracting the best talent over their competitors. Research has shown that creating a culture of development in the workforce will help engage and motivate employees to reach their full potential.
While more millennials are waiting to have children, many are becoming pet owners.Many companies have started offering pet benefits, including assistance with veterinary bills, time off when an employee gets a new pet, and bring your pet to work policies.
As a generation, millennials value individualism and the freedom to determine their own path. Subsequently, many millennials are seeking flexible working hours that will allow them to control their own schedule. Millennials enjoy the trust flexible work policies imply and are more inclined to give their best work to a company they know cares about their work life balance.
Many millennials are sociable. Companies are adding social events to the calendar as a recruiting strategy. By throwing a social event and sharing the fun through social media, companies can showcase what their company culture is all about, a factor that is incredibly important to fun-loving job seekers.
Millennials want work-life balance. They want to be in work environments where they can move around instead of spending all 8 hours of their day at conventional work stations. Many companies are trying to appeal to millennial workers by adding open workplaces, napping stations, and gaming areas.
Many millennials are in debt due to their student loans. To help attract millennials, some companies are offering to help workers reduce their student loan debt. Research has shown that millennials list student debt assistance as a deciding factor in whether or not to accept a job.
Performance Based Pay
Millennials would like to be paid based on how well they perform at their job. Analysts believe that young workers want performance based compensation because it helps them avoid becoming bored at work.
Holiday Time Off
Millennials are asking for more time off to pursue their hobbies. While many companies give their workers time off on holidays, other are giving their employees time off for their birthday. Research has shown that giving workers time off can boost their productivity.
Millennials are considered a more health conscious generation than their predecessors. To appeal to millennials, in addition to their health insurance package, companies are offering free gym memberships to employees. With depression on the rise, many companies are also offering free mental health classes.
How Beni.fit Can Help You Fuel Your Business
Beni.fit helps companies develop appealing employee benefit packages so that they can attract top talent. But, we don’t stop there. We help companies increase productivity, health and positivity in the workplace. The result is increased employee engagement and business growth. Reach out today to learn more about our approach.