13 Company Benefits That Millennials Actually Seek
If you were asked, what makes your company a good one? You would say the work environment, the facilities, the perks, and much more.
With the dawn of the new age, your workforce is most likely to be full of millennials. These millennials are more likely to be tech-savvy, innovative, enthusiastic, and confident. By 2030, 75% of millennials are likely to make up the workforce.
And these millennials are more likely to stay and work for your company if you provide them with certain benefits. A study shows, 89% focus on benefits over pay raises. At the same time, 83% of millennials would change their job for better benefits.
Also, millennials having a great workplace are 59 times more likely to endorse their company to friends and family.
So, to stick with millennial employees, you have to provide them with benefits that they find attractive.
This article will provide you with some company benefits and ideas that will help you keep top talents for your company.
Company Benefit Ideas for your Millennial Employees:
1. Vacation over Hectic Schedule Anyday:
It's a known fact that employees love some time off from their hectic work schedules. Plus, it becomes a bonus for them if a company culture allows employees to take sabbaticals. It is one of the most desirable benefits that you can offer.
This will create a good reputation for your company and a work culture that every millennial would love to work for.
2. Remote Control: Work from a Couch
Millennials never want to chain themselves in their cubicle desks. They want to have that freedom to work from their home or a coffee shop be a park.
This way, they will be able to focus more on their work and increase productivity with a touch of innovation.
Also, this benefit will likely increase retention as your millennial employees will be more comfortable and open to it.
3. Bend the Schedule like Beckham:
Almost every employee of an organization has a schedule which they stick to. This is done to keep track of the work they need to do and what they need to do.
Everyone likes to have control over their schedule. Flexibility is what employees want during their tight work schedule.
Getting some extra time to run errands or planning a day out helps them in their work-life balance.
It is a perk which every millennial desire. Offering benefits like this gives them the freedom to do their work. This way, they can reach their set target according to their schedule.
4. Winning the Battle with Finances:
As an employer, you have to understand-
- What the millennials need
- How they are holding up with their finances
The least amount of time your employee will spend is on keeping track of their finances.
To help them with their finances, you can set up Financial Planning sessions. These sessions will include-
- Debt reduction
- Asset management
- Saving for current and future needs, such as purchasing a home, etc.
It can also include discount programs where your employees get exclusive offers on selected products. This helps your employees to realize that they will be able to save up money.
A bonus of this program for you is that you will be able to keep your top talents from your competitors.
Once they get the idea about how planning their finances will help them in the future, they will likely adopt such plans and stick to them. So, make sure that they get the bigger picture of saving up their hard-earned money.
5. Feedback: Game of Time
Okay, so let us talk about what is essential for millennials? Not money in the long run but their career growth. The more knowledge and experience they gain in their work, the more beneficial it becomes for their career.
Feedbacks help your employees to build the proper perspective for their work. It clears their doubts and also gives them room for improvement. Along with increased productivity, it also helps them to be an expert in their respective fields.
6. Training Programs: Freedom of Choice
Millennials always look for opportunities that will help their career growth. You can organize a skill development program to leverage this benefit.
It will elevate their learning of new tools and courses of their desired choice. Thus, helping them in acquiring a skill of their interest.
Such a program focuses on furnishing raw talent and guiding them in their career. These programs allow-
- Good mentoring
- Accurate training
- Professional development opportunities
7. Best Technologies: Hack it and Crack it
When a new employee joins in, the first thing that they will expect from your company is having a good workplace. A good workplace means an organization with good company culture and, most importantly, to have facilities that your competitors do not have.
Millennials have grown up with all the technology that provides them with everything at their fingertips. Technology that makes their work easy and a lot less stressful.
Technology has provided every employee with a tool to hack their work and break down it. This helps them to understand what they are working on and how to make it work.
Having an office with state-of-the-art facilities with advanced technology will always make you a front runner among your competitors. That is what every millennial desires to have.
You need to emphasize that if you lack facilities and infrastructure at your organization, you are likely to fall behind in the race among your competitors.
8. Health that you care and Wellness that you share:
Along with other perks, millennials also focus on their health wellness. They want to keep themselves fit mentally and physically. Companies do provide health wellness schemes such as smoking cessation and disease management. But employees want more than these schemes that are going to help them in the future.
An organization must focus on providing:
Health insurance policies and a tie-up with insurance companies
Launching stress management programs
Weight loss programs
Site gym and health care clinics
Offering a nutrition and diet plan
A health care program is beneficial and an important one for every employee. Such programs help employees in covering medical expenses and providing medical counseling as well.
Health care programs assist your employees' family members during an emergency as well.
These are a few of the ideas that you can implement. But there is a vast majority of programs and policies that you can adapt to benefit your employees and you as well.
9. Student Loan Repayment Assistance:
Most of the employees you have recruited during campus placements are students with no experience in the corporate area.
While they have completed their studies and landed themselves with a job, the big question is how they have paid for the soaring student fees?
We know the answer that most of the students have taken up loans to complete their studies.
And we know that loan repayment assistance or tuition reimbursement programs are a hot benefit that every new employee wants. Millennials are struggling to manage their student loans, and a program to help them assist in repaying their loans is beneficial.
Most of the companies do not follow this scheme. But if you implement such a program at your organization and help millennials plan on managing it, you will have a competitive edge.
Also, your company will become much more attractive to millennial job seekers, and they will look forward to work for you.
10. Holidays that are Paid For?? Voila!
We all love holidays, don't we? Plus, it becomes a bonus when you go on a paid vacation. That is one another benefit that you can provide to millennials.
Gift your ''employee of the month'' some time off and a sponsored trip to places which they want to visit once in a while. This will give them a sense of job satisfaction and inspire their colleagues to put in more effort into their tasks.
11. Work Space: Don’t be dull Jack, Have some Fun!
Workplaces sometimes can become very dull, stressful, and boring places. This can affect your employees' performances in the long run. So, what can you do to avoid this?
What you can do is create a workplace that can also become a place to have some fun. Installing a ping-pong table for some leisure time or a room to have a friendly chat or a room full of board games are some of the good ideas you can adapt to. If not entirely, but to some extent, it will reduce the boredom at your workplace.
12. Oh, My Food:
Who does not like free food? Everyone loves it. Food is one important and essential part of everyone's life. And millennials love the idea of having free food at their workspace.
We all know how Google has this policy of providing free food to every one of its employees. You can refer to that very same idea and have a food center with varieties of food options on the table.
With the diverse workforce, you must include a menu that covers up food choices of everyone's interest. This will help you build your company's reputation and culture as well.
13. Pawtastic Workplace:
Many companies have numerous perks, which they design for their employees. Benefits and perks that help employees in various ways. But many organizations miss this opportunity to attract millennials in creating a pet-friendly workplace.
Millennials these days have more pets to keep them company. And as a result, they feel more happy and secure with their pets. The main advantage of having a pet-friendly workplace is that it improves employee morale, good work relationships, and working longer hours.
Summing it Up:
You can provide all the perks and benefits in the world to your employees. But if you are not specific about it, then your employees will not find it worthy of working. It is essential to keep in mind that your employee's morale and productivity are related to the benefits you provide them.
So, keep in mind that their well-being matters, and it is because of them your company thrives among your competitors. Please provide them with all the best possible programs at your exposure that help their cause and see the positive results they bring to improve your organization's bottom line.