76% of millennials say they would leave their current position for a new opportunity.
Better workplace benefits are among the top three reasons why millennial employees change jobs. What’s even more surprising is that millennials place the highest value on relatively low-cost benefits, outside of healthcare. For employers, this means attracting and retaining talent could be as easy as offering cost-friendly fringe benefits that increase work-life harmony.
This approach’s success is entirely dependent on choosing the RIGHT perks. To make things easier, we’ve put together a list of the five job benefits that millennials want the most.
Five Job Benefits Millennials Actually Care About
1. Flexibility, Flexibility, Flexibility
97% of employees want flexibility. It’s the most highly coveted workplace benefit of the 21st century among every working generation. In reality, less than half the workforce enjoys this benefit. This discrepancy makes flexibility a massive opportunity for organizations to differentiate themselves in our competitive labor market. And, it doesn’t necessarily have to cost you a dime!
So why aren’t more employers offering flexible work schedules? Lack of trust, according to Inc. journalist Cameron Albert-Deitch, who helps organizations navigate workplace issues from the perspective of a young employee.
He writes, “Let me dispel a myth for you: Young workers aren’t trying to game the system. Your average 20-something is well aware that it takes hard work and dedication to get ahead.”
Albert-Deitch advises companies considering flexibility to start slowly by designating a single work-from-home day each week or try it on a month-by-month basis. Make a plan and keep the channels of communication open. You may find yourself pleasantly surprised.
2. Financial Wellness Benefits
Millennials came of age during a financial crisis and, as a result, they graduated college marred by debt in a crippled economy with stagnant wages. This generation needs help navigating a complicated economic landscape, and they’re looking to their employers for help.
Financial health benefits such as student loan assistance, 401(k) contributions and financial education programs like Momentum onUp are among the most in-demand perks for millennials.
It’s an excellent time to invest in financial health benefits because they’ll continue to be a hot perk well into the foreseeable future. Case in point — 75% of Gen Z cite money matters as a leading source of stress, according to the American Psychological Association.
3. Job Training and Development Benefits
Clearly, millennials are concerned with finances, but they prize professional development over a salary bump. In today’s market, opportunity is the new currency. In 2019, 58% of millennials said they were planning to change jobs for learning and growth opportunities because these are the types of investment with big payoffs. People who change jobs every two years make more money, according to research.
It’s not all about the Benjamin’s though. Millennials genuinely invested in their job welcome training and development opportunities because they’re purpose driven. Millennials want to matter. Ask yourself, beyond pay what is the biggest reason people work for your company?
4. Wellness Programs
Another famous moniker for millennials is the “wellness generation” because they smoke less, exercise more, and are eating healthier than previous generations. As a result, millennials want job benefits that demonstrate a culture of caring. Wellbeing apps, health screenings, on-site fitness centers or gym discounts, yoga classes, and personalized experiences like stress reduction and weight loss programs are all popular offerings.
If done right, wellness programs can cut costly healthcare expenses, and reduce absenteeism and presenteeism.
5. Adulting Benefits
Adulting benefits are work-life balance perks that give employees their personal time back, like errand-running services, convenience services or concierge services. Virtual and on-site specialists manage employees’ personal “to-do” lists to reduce work-life friction.
Millennials were dubbed the “burnout generation” for a reason, and on that front, Gen Z is right behind them. Adulting benefits are effective because they target a subtype of stress plaguing millennials and Gen Z that ends up causing a plethora of problems in the workplace.
The Time is Ripe for Employers to Take a Fresh Look at Their Job Benefit Strategy
Being strategic about benefits isn’t just about your employees; it’s about you too. Look for benefits that provide value to your employees and your bottom line.
With the record low unemployment rate, the competition to attract and retain top talent is fierce, and because millennials make up 75% of the workforce, tailoring benefit programs to their needs is important.
Remember, salary and pay increases aren’t the magic bullet they used to be. Attracting and retaining millennial talent means choosing employee benefits that hack into their growth and purpose-driven nature.