Company Benefits That Millennials Actually Seek
If you were asked, what makes your company a good one? You would probably 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 that will help them in their steady growth. A study shows, 89% prioritize benefits over pay raises. While 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, basically, to stick with employees who are millennials, you have to provide them with benefits that they find attractive.
In this article, I will be providing you with some company benefits and ideas that will help you in retaining top talents for your company.
Company Benefit ides 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 you provide them with a work culture where your employees can take some time off without having to worry about projects or pay. 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
One of the most important aspects that a millennial focuses on is working from home or being a remote worker. This is one of those benefits that every millennial wants or desires from their employers.
Millennials never want to chain themselves in those cubicle desks with their heads down. They want to have that freedom where they can work from their home or a coffee shop or maybe 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 is likely going to increase retention as your millennial employees will be more comfortable and open towards it.
3. Bend the Schedule like Beckham:
Almost every employee of an organization has a schedule which they stick to. This is done so that they can keep track of all the work they need to do and what needs to be done.
Everyone likes to have control over their schedule. Flexibility is what employees want during their tight work schedule.
Like getting some extra time to run errands or planning a day out with their family and friends. This helps them to maintain 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 and how are they holding up with their finances. The least amount of time your employee will spend is on curating a data sheet where they can keep track records of their finances.
To help them with their finances you can set up Financial Planning sessions. These sessions will include debt reduction, asset management and saving for current and future needs, such as purchasing a home, financing their children's education or preparing for retirement and much more.
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.
An added bonus of this program for you is that you will be able to retain your top talents from your competitors.
Once they get the idea about how planning their finances will help them in the future, then they are likely to adopt such plans and stick to it. 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 important 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.
To provide such employee benefits it is important that as an employer you give them the feedback they want at regular interval. Just keep in mind that you give them constructive feedback resulting in a positive outcome.
Feedbacks help your employees to build a right perspective for their work. It clears their doubts and also gives them a room for improvement. Alongwith increased prodcutivity it also helps them to be an expert in their respective fields.
6. Training Programs: Freedom of Choice
Millennials are always in the lookout of opportunities that will help their career grow in every way possible. And the best way that you can provide them with this benefit is by organizing a skill development program.
A program where they can learn new tools and courses of their desired choice. Thus helping them in acquiring a skill of their interest.
Such a program mainly focuses on furnishing a raw talent and guiding them in their career. Mentoring, training and professional development opportunities that indicate how to advance in their careers will keep millennials engaged and contributing to your organization.
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. 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 breakdown it. This helps them to thoroughly 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 desire to have.
You need to emphasize on the fact that if you lack facilities and infrastructure at your organization then 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, disease management, and weight-loss challenges. 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
- Medical Leave
A health care program is beneficial and an important one for every employee. Such programs help employees in covering medical expenses and also providing medical counseling as well.
Health care programs also provide assistance to your employees' family members during an emergency as well.
These are just a few of the ideas that you can implement. But there is a vast majority of programs and policies that you can adapt so that it benefits your employees and you as well.
9. Student Loan Repayment Assistance:
Most of the employees that 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 stands as to how they have paid for the soaring student's fees?
Basically, 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 to repay their loans is really beneficial.
Most of the companies do not follow this scheme. But if you implement such a program at your organization and help millennials to plan on how to manage it, your company will be set apart from your competitors.
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 will inspire their colleagues to put in more extra effort in 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 really affect your employees' performances in the long run. So, what can you do to avoid this?
What you can do is create a workplace which 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 maybe a room full of just board games are some of the good ideas which you can adapt to. If not fully but to some extent, it will reduce the boredom at your workplace.
12. Oh, My Food:
Who does not like free food, in fact, 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, it is essential you 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 it 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 ability work 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 to work for. It is important to keep in mind that your employee's morale and productivity are all 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. 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.