"Millenial's value employers that have a balanced work system! Most of them like to choose their own hours per week to create stability within their home and work life."
Liam Flynn - HR Specialist & Founder at Music Grotto
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Employee Benefits Millennials Covet
Matthew Bricker - Performance Business Advisor with Insperity • Jun 08, 2020
Benefits Millennials Look for in the Workplace
Perks That Younger Professionals See Value In
Flexibility and Working Remotely
Having the option to work remotely or in office provides often leads to higher levels of productivity and makes it easier to have a strong work life balance.
Recent SHRM studies show that organizations that extend flexibility to employees are best poised to hire and maintain top talent citing that 79% of working mothers and 77% of working fathers agree they would stay with a company longer if it offered flexible work options.
Millenials covet the ability to be judged on their work and not their presence.
Paid Vacation or Flex Paid Time Off (PTO)
Overwhelmingly in the blue-collar fields, this perk goes a long way. Employers also see value in this benefit as they are able to reward workers with extra paid leave as opposed to a salary/wage increase that comes with a long-term financial commitment.
Have you heard of a good employer that gave someone a pay increase and then lowered it later? Yeah me too.
In fact, a Glassdoor’s survey indicated that employees valued vacation or paid time off over a salary raise.
If you already offer 2 weeks or 10 days off a year, why not offer another flexible 5 days instead of a salary increase? This saves on that extra salary increase and employees love it!
"Millennials put a lot of importance on experience. More paid vacation means more opportunities to experience the world outside of normal everyday life."
Melanie Musson - Insurance Writer - QuickQuote
Millennials Love Food at the Workplace
Food... Yeah the other dangerous 4-letter word. The average office worker’s diet, and by extension, their overall health is impacted by what is available on the premises of their workspace.
Remember being in a pinch on time and needing something quick to eat? Yep those stale Pop Tarts aren’t going to make those employees excited, but would a nutritious smoothie or fill-in-the-blank healthy snack increase employee satisfaction? You betcha!
Employees will appreciate just the gesture. Famous employers like Google are revered for offering healthy, gourmet-quality food choices that its employees love.
Did you already implement the remote worker benefit discussed above?
There are affordable options for companies to provide healthy snacks to their employees directly to their doorstep.
"As part of our culture, we have regular staff events which include meals, drinks, and entertainment which allows us to feel more like family rather than just colleagues"
Michael Lowe - CEO and Founder at Carpassionate
Gym Memberships or On-Site Fitness Centers
Would employers rather negotiate the salary increase with an employee or have a one-time negotiated savings plan with a local gym?
Of course, not all employees would appreciate this, but according to the Centers of Disease Control (CDC) 53.3% of adults in 2018 aged 18 and over met federal physical activity guidelines for aerobic activity.
Do you think more or less of 53.3% of the workforce wants be sitting down all day?
Does your office or work environment have a lot a of space? What about having a trainer or yoga instructor once or twice a week for group fitness classes?
An investment in your employees fitness helps increase energy levels, create a positive culture, and shows an investment in your employees lives and overall well being.
"Employees are interested in enhancing our health through corporate benefits, such as discounted gym memberships. Being healthy is a culture in itself and employers can enhance their culture by supporting their employees through discounted gym memberships and other health components. "
Elizabeth Go - Founder of We Resolve to Win
Commuter Benefits
Does anyone enjoy commuting? According to Texas A&M Transportation Institute’s annual Urban Mobility Scorecard, commuters in major cities spent between 50 and 82 hours in their cars last year.
Commuter benefits are a way an employer can provide employees with tax advantaged programs that help reduce the financial investment in their commute. This can help with tolls, parking, trains, and bus fare.
For employers in larger cities this perk is becoming more and more of a necessity. Almost every
New York PEO views commuter benefits as a benefit staple based on the evolving transportation habits of Millennials and future generations.
Millennials Expect More From Employers
As you can see business owners and employers are challenged with what type of package to offer their current or new employees. There are many complexities involved when selecting the full package.
In addition, Millennials appreciate positive feedback, coaching, guidance, and the opportunity to grow within the role and organization.
One thing is for certain, companies can gain great insight into how to attract and retain great employees by engaging subject matter experts that have experience identifying the best hiring and tenure packages.
PEO organizations like
Insperity PEO help their clients tailor custom Employee Benefit Packages
to help them offer the best options that their employees are looking for.
ABOUT THE AUTHOR:
Matthew Bricker
Business Performance Advisor
Insperity, Inc
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