Today’s unemployment rate is extremely low, which means companies must work harder than ever to attract—and retain—top talent. Recruiting millennials should be at the top of your priority list. Studies show that they are the demographic that are the most likely to change jobs. Therefore, it is paramount to offer them tip-top benefits that are competitive in your industry—and set your business apart from your competition.
In this post, we take a look at the top benefits that millennials look for on their job search.
Health insurance.
Surveys show that healthcare is the most important benefit to millennials. Make sure that plans are customized to their individual needs—and include options such as wellness programs (gym memberships, exercise classes, dietary/nutrition initiatives, and stress management), wearables, and virtual visit services (phone, email, or video consultations). Companies with on-site health clinics that offer basic and primary care are also very attractive to millennials. Clarity can assist with this process!
Student loan repayment assistance.
Repaying student loans is a pressing concern to millennials—one that often prompts them to postpone major life milestones. As a result, millennials desire a benefit that will set aside money toward reducing their student loan debt. Employers who offer student loan repayment assistance will find themselves with a leg up on the competition, and perhaps increase their chances of attracting fresh talent.
Flexible work schedules.
When it comes to work, millennials feel strongly about having the ability to choose when to work. They do not measure productivity by the amount of time spent at the office during typical work hours; rather, it is the quality of the work they produce. It is important to them to come in earlier or later, telecommute part of the week, or take a longer lunch to run errands. Flexibility and work-life balance are a priority for millennials.
Commuter benefits.
Commuter benefits plans allow millennials to realize significant tax savings by using pre-tax dollars to pay for an array of commuting expenses via a pre-tax, employee-paid payroll deduction; a tax-free, employee-paid subsidy; or a combination of both methods. These benefits—when offered by employers in major cities such as New York, Chicago, or Seattle— are a significant perk for millennials who may be more likely to use public transportation. Leverage these benefits to attract them to your business! Commuter benefits administration may be tricky, but Clarity Benefit Solutions commuter benefits can help!
A sense of purpose.
Millennials are invested in landing a job that has purpose—aligning with their values and reflecting a desire to give back. The company they work for should have additional goals other than simply to make a profit. Millennials want their beliefs to align with a company’s culture, and their work to have meaning beyond simply earning a paycheck. Craft a company mission statement, choose a charity or cause to donate to, and become an active member of the community you work in.
Retirement funding.
Although retirement is far off for millennials, they still want to have a retirement plan—with a matching contribution from their employer. The 401(k) is a widely known option, and a good place to start.
Brainstorm ways to reinvent your business to attract top millennial talent. Offer the technology tools they need for success as well as plenty of opportunities for professional development, and reap the rewards of an engaged, productive, and highly satisfied millennial workforce!
