Diversity in Benefits – How to Tempt a New Generation of Talent
As millennials are poised to usurp boomers as the workforce’s largest generation, benefits and perks provided by hiring organizations are becoming what can make or break offer acceptance. In this article, we’ll delve into what employees are looking for nowadays, as monetary compensation takes more of a backseat to benefits and work-life balance.
What millennials are looking for can be grouped into five categories:
Learning Opportunities
Younger generations view learning new skills as an investment toward their future. So, training and learning provided by employers can be a huge value-add. Examples can include paid professional development and training, other programs such as first aid and CPR training and even paid time off to volunteer.[1] Employers may also consider tuition reimbursement to encourage continuation of education.[2]
Amenities
Physical amenities offered within an office environment may seem trivial but are often key to a good first impression when a potential candidate visits for an interview. Many take these perks into consideration when pondering an offer. Employees may look for amenities such as on-site gym access, childcare, food court or meal options and dry-cleaning services.[3] Details as small as offering standing desks and supplying communal snacks can go a long way in creating the type of atmosphere millennials can see themselves thrive in.[4]
Flexible Schedules
We’ve discussed the emergence of the gig economy and how it allows us to work wherever, whenever. Employees are now seeking similar flexibility within their paid full-time positions as well. Twenty-six percent of surveyed workers want their employers to provide flexible schedules and remote work options.[5] Many seek benefits such as paid parental leave, paid sick days and unlimited vacation time. Some even go so far as to offer 4-day work weeks or early Friday releases.[6],[7]
Health and Wellness Programs
Organizations have created interactive ways to inspire a healthy lifestyle for their employees, and some methods have become very successful in improving company culture. For example, office-wide fitness challenges generate comradery and boost participation. Stress management programs have also been effective in improving productivity and mindfulness.[8] Privileges as small as casual dress can improve the mindset of employees at work.
Financial Stability
Of course, benefits to help improve the financial well-being of employees are of the utmost importance to millennials as well as other generations. These can come in many forms, and it’s critical to understand how benefits can be customized to meet needs of workers in different stages of life. Some of the high valued financial benefits are stock options, student loan support, bonus opportunities, service anniversary rewards, retirement accounts and the one that employees cite as most valued: health insurance.
It’s been shown that health insurance coverage can be a deal breaker when making an employment decision. And it’s important to understand that cool perks don’t replace valuable benefits. We’re here to help you understand how supplemental coverage can allow you to win when it comes to competing for talent. Contact us today to learn about our suite of products.