Millennials now represent the largest workplace population, with more than 56 million millennials in the workforce. Millennials are known for being tech-savvy, enthusiastic, and quick to offer innovative new ideas, which makes them an appealing demographic for growing organizations.
Do you know how to effectively recruit and retain this highly coveted group through your employee benefits offerings?
We’ve got the scoop on the top employee benefits for millennials. Consider adding a few of these to your benefits lineup.
1.) Health Insurance
Unsurprisingly, health insurance still tops the list as the most desired employee benefit. However, millennials want more than just a mediocre health plan. Instead, they want choices and decision support to help them make the most informed decision. Working with a benefits provider that makes it easy to compare plans and access on-demand education is critical to engaging and retaining your top-millennial talent.
2.) Student Loan Repayment Assistance
Student loan repayment assistance is a hot employee benefit option that is growing in popularity. Companies like Tuition.io offer a full suite of assistance, ranging from financial wellness and educational support to full repayment assistance programs. It’s no secret that recent graduates are struggling with student loan debt. In fact, student loan debt is the second highest consumer debt, falling just short of mortgages. Give your millennial employees the help they need to manage their debt and build a strong financial foundation.
3.) Retirement Funding
In addition to paying off debt, millennials are very conscious of the long-term picture and retirement savings is high on their radar. Previous generations don’t have a great track record when it comes to saving for retirement. Do you offer a 401(k) or other retirement savings plan? Do you offer a contribution match? Do you offer financial wellness education that is easy to access and understand? These are all considerations to make when building out or revamping your employee benefits plans.
4.) Learning & Career Development
Workplace happiness and feeling a sense of purpose are more important for millennials than other generations. Millennials job shop and hop, with the number of companies that people have worked for in the five years after graduation doubling over the last 20 years. Millennials want more from their career and have no qualms about moving around in order to find the right fit. Offering employer-sponsored learning and career development support will help your employees find long-term success within your organization.
5.) Flexible Work Schedules
Does your industry make it easy for employees to work remote or to embrace flexible schedules? Allowing employees the flexibility to determine their own hours or work schedule will go a long way to increase employee engagement and retention, particularly with carefree millennials.
6.) Paid Time Off
How generous is your employee paid time off policy? Most organizations offer 10 paid holidays and at least 10 other paid days that can be taken at an employee’s discretion. How can you stand out? Consider incorporating more PTO time for your employee base. Options include more total days, “Summer Fridays” or other special early-release days, and even an unlimited paid time off policy.
7.) Health & Wellness Support
We’re not suggesting you ditch the break room donuts altogether, but offering a well-balanced benefits package with support for health and wellness will go a long way to impress this health-conscious generation. The options are only limited to your creativity (and budget, of course), so don’t be afraid to think outside of the benefits box for innovative new ways to support a healthy lifestyle. Popular perks include a gym discount or stipend, sponsoring company participation for a 5k, stocking free healthy snacks, or even offering standing desks. And, don’t forget about mental health benefits!
8.) Pet-Friendly Perks
From paw-ternity leave to pet insurance, there’s a myriad of options when it comes to providing pet-friendly benefits. Millennials are more likely than any other demographic to postpone major life events (like buying a home, getting married, and starting a family)—though pet ownership is one the rise. 7 in 10 millennials own a pet, so offering pet-friendly perks is a surefire way to speak to this fur-loving generation.
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