Millennials (people born between 1980 and 1995) currently make up about 34 percent of the workforce in the United States, but by 2025, they will represent the majority, at 75 percent globally.* They will likely make up the majority of your team, if they haven't done so already. If you want to attract and keep valuable millennial employees, you'll need to consider offering benefits that millennials want. Here are some of the top priorities for millennial jobseekers.
1. Flexibility
Flexibility is one of the top benefits millennials want from their employers. They would like their schedules to fit their needs and be able to work from home some or all of the time if the job can be done remotely. Be willing to implement part time schedules if it fits your business model.
2. Growth Opportunities
Many millennials want to work where they know they can get ahead. They don't want to be stuck in a low-level position, though it may not be only about the money.
"They're interested in gaining new skills and looking for opportunities to do so," says Andrea Lechner-Becker at Entrepreneur.** "In order to show millennials you're serious about helping them advance, create an actual program you can share with them. To be most effective, it should involve regular discussions around career goals and skill gaps, along with a plan to reach them and fill them. It should be clear to employees what it will take for them to get from Position A to Position B, and having this foresight will often motivate and retain them."
3. Paid Time Off
Paid time off is a much-desired benefit by all generations, including millennials. Try to offer paid vacation, paid sick or personal time, paid maternity/paternity leave, and paid holidays. Do some research before setting up a time-off policy, because many factors should be taken into consideration, including whether time will expire or roll over into the following year, how much time an employee can take off per year, and how job assignments can be covered when an employee is absent.
4. Shorter Work Weeks
Shorter work weeks are popular among millennials. Employers may be skeptical, but this doesn't have to mean less work. For example, four 10-hour days will easily make up the difference of the lost fifth day of work. Your business may actually be able to get the same amount of work done and your team is likely to be recharged and ready to go after a three-day weekend.
5. Good Retirement Plans
According to Extensis HR, millennials have begun preparing for retirement faster than previous generations, starting an average of nine years earlier than baby boomers.*** For this reason, it behooves small businesses interested in attracting and keeping millennial employees to offer worthwhile retirement plans as a benefit. Research different options to find a plan that works for you as well as your employees.
6. Money Management
Financial stress impacts a lot of millennials, and this can affect their work performance. Having their money well managed can bring peace of mind and make for an overall happier worker. Consider providing money management benefits, such as access to financial advisors, debt counseling, retirement planning advice, budgeting guidance, and help with student loan repayment.
7. Wellness Programs
As Best Upon Request notes, millennials generally smoke less, exercise more, and eat healthier than previous generations.
"As a result, millennials want job benefits that demonstrate a culture of caring," it says.**** "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."
The reality is that most of these benefits are likely to be popular among other generations, including GenZ. Having desirable benefits in place will not only help you attract and retain talent in the short-term, but will set your business up for success in the future.
* https://teamstage.io/millennials-in-the-workplace-statistics/
** https://www.entrepreneur.com/article/380394
*** https://extensishr.com/resource/retirement-planning-for-millennials/
**** https://www.bestuponrequest.com/the-five-job-benefits-millennial-employees-really-want/
