With the U.S. unemployment rate at 4.1 percent, employers need to pull out all the stops when it comes to attracting top talent, especially with millennials comprising a majority of that talent. According to Deloitte’s seventh annual Millennial Survey, millennials are extremely discerning when it comes to business motivation and ethics, which could impact business loyalty. However, you can help your clients by turning their attention to the following benefits that are top of mind for millennials.
What Employee Benefits Do Millennials Want?
Unlimited Paid Time Off (PTO).
While unlimited PTO has been a rising trend over the past several years, millennials desire the merging of all forms of PTO into a single form of PTO, rather than dividing it into personal and vacation days. Fortunately, since technology blurs the lines between professional and personal time, millennials and other employees don’t seem to be abusing this approach. Rather, they are more productive than ever as they realize the flexibility this benefit provides.
The ability to work remotely.
The millennial workforce does not want to sit at a desk the entire workday. They want to opportunity to work from home, their local coffee shop, or some other remote location. They believe their work quality and productivity should be measured, not how much time they put in at the office. Employers need to acknowledge this and offer this important perk.
Control over their work schedule.
This benefit goes together with telecommuting. Millennials desire a flexible work day, without scheduled hours. They may want to run errands over the course of the day and complete their work in the evening with their beverage of choice. Again, millennials firmly believe that their merit should be judged by the quality of their work and not a timetable.
Commuter benefits programs.
This up-and-coming benefit is becoming increasingly important to millennials. Commuter benefits programs permit employees to use pre-tax dollars to pay for an array of commuting expenses such as car and vanpooling, public transportation, transit passes, and parking expenses. Since Clarity is a part of the Employer Navigator Marketplace, clients can simply flip a switch and integrate with Clarity for COBRA, FSA, and HSA—even if they don’t wish to enroll online. In this marketplace, all carriers connect seamlessly, which could be key in attracting and retaining millennial top talent. Other benefits of the Clarity SmartRide Program include a smart debit card, mobile app, and cloud-based platform.
Health insurance.
Obviously, healthcare is important to millennials. Provide customized benefits plans that include options such as wellness programs (exercise classes, gym memberships, dietary/nutrition initiatives, and stress management), wearables, and virtual visit services (phone, email, or video consultations). Employers with on-site health clinics that offer basic and primary care are also very attractive to millennials.
Student loan repayment assistance.
Millennials consider student loan debt a critical issue and want benefits that will allow them to set money aside for reducing their student loan debt.
Addressing millennial concerns and offering clients viable options to meet millennial demands is a surefire way to secure repeat business and financial success!
Sources: https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
