Top Benefits and Employee Perks that Millennials Want
The often maligned Millennials will comprise almost 50% of the workforce, so you better be prepared to offer the benefits and perks that they want to help attract and retain this individualist and hard-working generation. All in all, recruiting millennials and keeping them happy in the workplace isn’t as hard as most employers expect it to be. While ping pong tables and pet-friendly offices are nice added perks, they’re most interested in concrete benefits packages that will help them professionally and financially. Great employee benefits can also help to inspire new hires that the company that they have joined tries to keep employees motivated and happy.
Keep reading to find out what benefits your millennial employees and future prospective hires really want.
Despite popular belief, millennials aren’t as interested in exotic perks as many employers think. Not to say that they don’t enjoy an in-office gym or good catered food, but according to several sources, health care is at the top of the list. It’s no secret that millennials are ridden with student debt and high rent costs, especially in larger cities. Probably too old to remain on their parents’ healthcare plan, the last thing they’re interested is struggling to pay a high monthly fee for their own–especially on top of their other expenses. As their employer, you can relieve a significant amount of stress by providing team members with health insurance, and helping to relieve some of their everyday costs like prescriptions and doctor visits. Health benefits are always popular with staff but other heath incentives such as providing healthy snacks and free food, employee discounts on gym memberships for fitness classes, and corporate wellness programs are all well received.
Flexible working hours
Increasingly, millennials are seeking jobs with hours more flexible than the traditional full time 9-5 routine. With many juggling part time side jobs, school, and starting a family; being allowed to work remotely or come in earlier (or later) can allow them to create a better work-life balance. Moreover, many have grown up with technology, and simply don’t see the need for the added stress of working from the office when they could be working from a more convenient location. A flexible schedule that fits each employee’s individual needs can help them to avoid lengthy daily commutes, or even feel more in control over their daily life–something millennials crave. Some companies have started to offer unlimited vacation, trusting that their employees will themselves find the right balance between their work days and leisure time. Flexible hours and extended paternity leave for new parents is also appreciated. Some companies also implement daycare facilities at the office to make life even easier for parents and to help improve general employee satisfaction with their employer.
Student loan repayment assistance
Let’s be honest, the bottom line is that it’s hard to enjoy life to the fullest when you’re saddled with student debt. In fact, studies have shown that it’s actually more difficult to be happy when you’re in debt. Student debt in the U.S. as of 2018 was above $1.5 trillion. The average college graduate in their twenties spends about $350 per month on student loan payments–a significant portion of most entry-level job salaries. Because of these high monthly payments, millennials have put off starting families and buying houses until they’ve paid off these hefty loans. Helping millennials with tuition reimbursement and pay off their student loans will not only make them happier, but be able to enjoy these important milestones, guilt free. Happy employees are better employees!
Not only are younger millennials looking for ways to advance in their career, but they’re also just looking to learn and acquire useful skills that will help them along the way. Let your employees know that there is potential for growth within the company, and provide them with the opportunities to embrace it. Not only will this engage them, but it will give them the challenge and stimulation that millennials crave. Set up workshops, mentorships, and training to help them grow personally and professionally. Moreover, helping your employees will only advance and strengthen your company.
Social events and company culture
Millennials can’t resist happy hour. Although they’re serious about their work and embrace the grind, Millennials definitely have a “work hard, play hard” attitude. Employee benefits such as organized social events give them the opportunity to let loose and relax after a long week, as well as bond with their co-workers– fostering a better and more productive workplace environment. Millennials also need to know that they are valued within a company; rewarding them with group events is a great way to congratulate them on their hard work whilst also helping with team building.
Apart from the fun, these events can help create a positive culture for your workplace. Millennials want to feel like they are apart of something, not just clocking in at a meaningless job. Of course, we are biased, but providing the right swag for your employees can also help foster a team-first feeling. However, you have to be selective about the kinds of swag you provide. Quality is important. Swag.com can provide custom Apparel, Tech Accessories and Drinkware that all your employees (Millennial or not) will love.