Job Benefits Millennials Are Looking For
Monday, June 7th, 2021
About 56 million, or 35%, of the American workforce are millennials. By 2030, this demographic group will make up 75%. To ensure the success of your company, you should find effective techniques for recruiting and retaining top talent in this group. This will require you to get a better understanding of the generation and identify ways to appeal to their needs. But what makes millennials unique and what workplace perks do they actually care about?
Millennials are living life differently from previous generations. Before hiring them, you may want to understand what has caused the generation to be so different. This will enable you to manage members of this generation the right way. Here are a few traits you should know:
- Millennials are tech-savvy and use technology to perform various tasks
- Members of the generation are prone to job hopping
- Millennials tend to prioritize family over work
- Millennials are ambitious, confident and achievement-oriented
- They value teamwork, and want to be included and involved
- Generation Y needs to provide continual praise and reassurance
ADVANTAGES OF HIRING MILLENNIALS
As an employer, you will want to ensure that you attract the freshest talent in the job market. Although some people may be hesitant, there are several benefits of making millennials part of your workforce.
Millennials have great training and modernized knowledge. In addition to the high qualifications, millennials have natural skills in technology and social media. As such, these professionals are likely to add value to your organization.
A good number of millennials are innovative and creative. They are full of great ideas and can bring a fresh perspective to the workplace. The new outlook will help take your business to the next level and prepare it for the future.
THEY ARE MOTIVATED
Millennials are keen on doing a good job and progressing in their careers. These motivated professionals have high productivity levels and seek to achieve the right results, a factor that can help you achieve your company’s goals.
The business world is constantly changing. Because millennials are ready to learn and grow, they tend to be more adaptable. This makes them a great asset to your company especially during challenging times.
JOB BENEFITS YOU SHOULD CONSIDER OFFERING MILLENNIAL EMPLOYEES
Millennials have a reputation for job hopping. One way of attracting talent in this group and improving millennial employee retention is to offer attractive workplace benefits. Below are some perks that attract millennials:
- FLEXIBLE WORK SCHEDULES: Millennials want a flexible approach to work. Most of these professionals believe that flexible work schedules will enable them to manage their careers and families better, effectively promoting a healthy work-life balance. Some ideas you can implement to ensure your employees have more control over their schedule are day shifting, remote work, summer hours, and allowing them to come to work late or leave early from time to time.
- HEALTH AND WELLNESS BENEFITS: For most millennials, healthcare is an important benefit. Offering a good health care plan will help you attract and retain millennial talent. However, it is important to ensure that the health care policies are suited to their unique needs. Besides the perks, consider adopting a holistic approach to wellness. This may involve building a millennial-friendly wellness program to promote the physical and mental well-being of your staff. The program could include mental health education and support, a stress management program, weight loss programs, discounted gym memberships, a nutrition and diet plan as well as medical leave.
- FINANCIAL WELLNESS BENEFITS: Money matters can be a source of stress for many people. As such, financial health benefits are likely to be an attractive perk well into the future. Some financial wellness benefits that millennials find attractive are student loan repayment assistance and retirement funding. You can also have financial training programs to teach them the skills they need to navigate today’s complicated economic landscape. In addition, consider providing access to budgeting tools and financial literacy apps. This will not only help millennials plan for their future but also keep them motivated.
- OPPORTUNITIES FOR ADVANCEMENT: Millennials are ambitious and achievement-oriented. There are certain things this generation expects from their employers. Offering job training and development benefits will go a long way in ensuring millennials define you as an attractive employer. Find ways to help these employees develop their skills, advance their careers, stay engaged and contribute more to your organization.
- CONSTRUCTIVE FEEDBACK: Millennials are an attention-craving generation. They are also hungry to learn and advance their careers. Providing millennial employees with feedback regularly will result in positive outcomes. Constructive feedback will enable them to gain the right perspective for their work, make improvements where necessary and boost their confidence levels. This will allow the professionals to be experts in their fields, effectively enhancing productivity. To ensure you offer objective feedback, you should have ongoing performance assessments.
- A GREAT COMPANY CULTURE: Besides earning a paycheck, millennials want to feel like they are making a meaningful contribution to society. These professionals prefer working for organizations whose sense of purpose goes beyond making a profit. This is why a business with a great company culture is more likely to appeal to millennials. Reconfiguring your perks to attract millennial talent will also involve investing in and providing the staff with the best technology.
- FUN WORKPLACES: Dull workplaces can be boring and stressful, something that can affect employee happiness and performance. Creating and maintaining a fun workplace will help to keep your workforce engaged in their work. Some ideas you can try are relaxing the dress code in the workplace, providing healthy snacks, increasing engagement, having recreational rooms with interesting games, encouraging team activities and making work fun.
- PAID VACATIONS: Millennials love to take time off from their busy and hectic schedules. Gifting outstanding employees with sponsored trips to their favorite destinations is a benefit that will help you retain millennial employees. Paid vacations will encourage your staff to work harder and create a sense of job satisfaction. This would make your company a place in which millennials would love to work!
At Waypoint, we help you find the perfect candidates who can meet the specific needs of your company over the long-term. This saves you valuable time and allows you to focus on your core business. Contact us to learn more.
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