Millennials seem to have vastly different vision of their careers and retirement than their parents did.
Our clients often tell us their young workers want to live the dream now, not wait until they retire to do the things they enjoy. They’re also looking to connect their personal passions with their workplace, so offering perks that resonate with them can go a long way. If you’re looking to attract top millennial talent to your company, then you’d be wise to look beyond the traditional benefits of pensions, a company car, or bonuses. The Intelligence Group focuses on the analysis of youth-focused consumer preferences and trend forecasting. Read on for some of the most prized perks they found among millennials to set your company apart from the competition and attract the best young talent out there.
Training and career development: Millennials are at the earlier stages of their employment journey and they want to learn and grow as much as possible. For these aspiring young workers, training and career development opportunities are an important factor when seeking a new job. By implementing training programs, mentorships, and team building courses, along with opportunities for advancement, you can attract the most ambitious millennials.
Assistance with student loans: With thousands of young people saddled with student debt, it’s no surprise that student loan repayment assistance is a sought-after benefit. According to the American Student Assistance survey, 76% of respondents indicated that student debt assistance would be among their deciding factors in accepting a job offer. While just a small percentage of employers provide this valuable benefit, offering it could certainly make your company stand out. Be sure to check with your financial advisor for possible tax implications.
A positive social environment: Millennials want to work in a positive social environment that blends the professional with the personal. A space that encourages movement, flexibility, and collaboration will attract millennials who are looking for more than the run-of-the mill box office or cubicle. Open workplaces, free snacks, community games areas, meditation rooms, and napping stations are among the many office perks that help blur the lines between work and play.
Health and well-being support: Millennials are a health-conscious generation, and they place a lot of emphasis on preventative health measures. Free or subsidized gym memberships are the most common health perk, but some companies go further and offer paid fitness classes and even healthcare wearables such as Fitbits. To enhance employee mental health and wellness, consider offering benefits like yoga, meditation, or art classes. Keep in mind that these health perks are often taxable, so it’s wise to contact your financial advisor.
Don’t forget Fido: Millennials are the fastest-growing group of pet owners and they’re also waiting longer than the previous generation to have children. With two-thirds of today’s employees owning a pet, a growing number of employers are adding pet-oriented benefits to their mix of incentives. For example, nearly half of Fortune 500 companies now offer pet insurance to their employees. They understand that pet healthcare is a powerful benefit that attracts and retains millennial talent because, more than any other generation, this group embraces their pets as children.
Companies are at risk of losing a large percentage of their next generation talent if they fail to figure out how to attract and retain millennial workers. Cultivating a culture that keeps these valuable employees happy and productive is critical, and the benefits you offer can pack a powerful punch. Need help designing effective people-first compensation strategies for your organization? Please reach out to our friendly team of skilled professionals for guidance.
About The HR Team: Founded in 1996, The HR Team is a Maryland-based human resources outsourcing firm committed to developing strategic, customized solutions that respond to the unique needs and cultures of organizations of all types and sizes. Available as a one-source alternative to an in-house HR department or on an à la carte project basis, the company’s flexible service models address the full spectrum of HR needs that many organizations struggle to address. The HR Team helps clients achieve their highest level of success by providing value-driven human resources services that leave them time to focus on what they do best: directing business growth and profitability. Headquartered in Columbia, Maryland, the firm serves all of Maryland, Washington, DC, and Virginia. To learn more about The HR Team, call 410.381.9700 or visit https://www.thehrteam.com/.