Employee Benefits Millennials Value Most
As the workforce evolves, we can expect the arrival of a significant portion of millennials. Employers need to recognize the differences present between these younger employees and the older generations. Employees of different ages, life stages, and different background experiences will all be attracted to different types of workplaces, and most importantly, the kinds of employee benefits offered.
So, if you want to reel in the millennial workforce and their highly capable skill-sets, you may want to consider some of the following unique types of employee benefits that appeal to them.
Student Loan Repayment Assistance
One of the biggest sources of stress for millennials today is the student loan debt they are carrying in aggregate. The cost of higher education has skyrocketed in recent decades, and the importance of getting that schooling anyway has only become a higher priority. The average millennial has likely taken on tens of thousands of dollars in debt to go to school, and paying back these loans is a top financial priority. Some forward-looking workplaces will offer student loan repayment programs, where employers match employee contributions towards loan repayment. This type of employee benefit can be a game-changer for millennials looking to free themselves of these immense student loan burdens, so they will surely attract and retain the highly talented employees you seek.
Flexible Scheduling Arrangements
The paradigm of working 9-5, Monday through Friday, has long been established in the workforce. In recent years, this arrangement has been challenged, with many millennial workers prioritizing flexible work schedules that improve their work-life balance. These flexible arrangements might allow workers to start and end the day earlier, which gives them more daylight hours in the afternoon, helping to reduce rush hour traffic. Working remotely, or even opting for four 10-hour days per week instead of five 8-hour days are also appealing to millennials.
Millennials aren’t entirely unique, which is why one of the most important types of employee benefits you can offer is comprehensive and affordable health insurance. Purchasing health coverage on their own is a burden, but if you provide group healthcare coverage, this could greatly reduce the stress about whether or not healthcare will be covered.
Positive Mission and Sense of Purpose
A majority of millennial workers are looking to fulfill a sense of purpose at their job. While this may not be an employee benefit in the traditional sense, ensuring your millennials have a clear view of how their work impacts the company, provides accessible opportunities for advancement, and ties work to a positive mission statement will lead to highly engaged employees.
If you’re looking for the right employee benefits for your team, contact the good folks at Tobin & Collins today!