Millennials are the most significant demographic in today’s workforce. Chance are millennials make up the majority of your job applicants and/or your current staff. With the rise of millennials in the workforce, companies are struggling to hire the right people for the right jobs. With a tight employment market, companies are having to research and experiment to provide the right combination of employee benefits to attract quality candidates.
So, what do millennials want from their employers? What are the employee benefits that are most attractive to them?
Let’s understand one thing; millennials are people and, in some ways, they are no different than their parents and grandparents in what they want from their careers. However, they are very different in the way they approach work and life, and you should understand their mindset when considering your employee benefits packages.
Like Their Predecessors, Millennials Want Meaningful Benefits
While today’s business sections seem to be filled with articles about seemingly offbeat and silly employee benefits (things like free beer, snacks, employee day-trips, nerf-gun battles, etc.) millennials are most interested in very traditional benefits. They want benefits that are important to them both in and out of their professional lives.
Despite being young and primarily healthy, millennials do recognize the importance of health care. Health care is a cost that will only rise, and the question is how fast and high will it increase in relation to wages. Millennials want to know they will have excellent health benefits when they need them.
Help To Repay Student Loans
Today’s college students leave college with, on average, about $351 a month in college loan payments. Many companies have established programs where they help their employees repay those loans based on their tenure and other factors.
Millennials are well aware they are going to be responsible for their own retirements. They want to know they will have enough money when it comes time to retire. According to a study done by American University, an employer-matching 401(k) plan is one of the most attractive employee benefits a company can offer.
Millennials Want To Be Engaged And Invested In Their Company
Most millennials know they may be entering jobs requiring specific skill sets that they don’t possess. They want to learn skills and have opportunities for advancement. There are several excellent ways help new employees.
The first is to have a structured training program that not only covers the way things are done within your business but also teaches transferable skills. The second is to create a mentorship program for new hires.
Both of these options are very effective, and, relatively, inexpensive.
A Supportive And Balanced Work-life Company Culture
Millennials are loyal employees, and they want to work, but they don’t want to live their work. Like generations before them, they want to have time for both their family and professional lives. You can create this culture by establishing and encouraging programs such as:
At Culture Insurance Service, we help companies build strong company cultures by offering a full suite of benefit and insurance packages. We go beyond providing the typical services of an insurance brokerage by partnering with our clients to help build an environment that appeals to and helps retain the best employees.