Top Workplace Benefits Millennials Are Looking For
When they aren’t busy travel hacking with credit card points and cutting the cord on cable television, millennials are running to work with an overpriced coffee in hand—or so the tropes would make you think.
By 2025, the generation will make up roughly 75% of the workforce. A healthy and productive work environment is a fundamental element of a millennial's well-being, and they’re not afraid to walk away if it’s not up to par.
89% of millennials prioritize benefits over pay increases, and 83% say they’ll change their job for better perks. The traditional 401k, pension, or company car are no longer high-value benefits to the average millennial. Luckily for business owners, however, the most coveted benefits are relatively low-cost.
Companies should consider updating their hiring approaches and employment packages to recruit and retain top talent. This generation isn’t just looking for a 9:00-5:00 to pay the bills; instead, they’re striving for something to challenge them personally and professionally.
Below is a list of some of the top benefits millennials seek when searching for employment and why companies should consider adding them to their packages.
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Contact UsThe Benefits Your Millennial Employees Are Looking For
Flexibility
A make-or-break benefit for younger millennials, flexible scheduling, and a work-life balance is critical to prospective employees. A Harvard Business Review found that 96% of professionals in the nation say they need flexibility, and nearly half do not have it.
When the pandemic first hit the employment market, companies worldwide converted to a work-from-home model. This was the case for years; however, now that businesses are reopening, many are struggling to return to the traditional workplace.
As technology and digital communication experts, cultivating a productive remote workplace is in their DNA. Having the flexible arrangements of working from home or offering hybrid options are excellent benefits for a generation that values freedom, time ownership, and individuality.
Loan Repayment
This generation is riddled with the highest amount of debt, bearing significant financial burdens from their academic years. An American Student Assistance survey revealed that 76% of millennials find debt assistance a deciding factor when choosing employment.
Whether it's student loan repayment programs or tuition reimbursement, these are two high-value benefits that any millennial would appreciate. Not only does it help manage their financial situations, but it also shows that companies encourage and advocate for continued education and the personal growth of their employees.
While this benefit is vital to this generation, the Society for Human Resource Management found that only 4% of companies in the workforce offer it. Providing this perk will make employers unique to the industry and more attractive to millennials looking for employment.
Premium Perks
Millennials are climbing the ladder, becoming executives and company leaders all around the globe. Traditional benefits are no longer appealing as they seek out businesses offering premium perks. Premium benefit programs like EXEC help with employee retention by providing discounted benefits to popular brands and services. From massages and pilates classes to luxury luggage and apparel, employees are taken care of both at work and in their personal lives.
Health & Wellness
More than ever, this generation is fully invested in their mental and physical well-being. Along with affordable healthcare, companies should offer perks like:
- Stress management programs
- Weight loss programs
- Gym memberships or ClassPass discounts
- Paid maternity, paternity, and even ‘pawternity’ leave
- Mental health wellness via Calmerry
- Self-care days via Soothe
- Onsite employee clinics
Maintaining one’s physical health can be difficult when juggling full-time school or raising children. The market is loaded with subscription-like perks that companies can utilize to prioritize their employees' physical and mental health.
Read more here for our list of 2023’s Top Wellness Trends In The Workplace.
Top-Notch Technology
As millennials who’ve grown up with technology that keeps advancing, having the best components for your day-to-day is essential. This generation is looking for companies that value the top technology, including laptops, phones, and tablets, to make their lives easier.
In a tech-dependent era, they expect the best of the best to do their jobs efficiently. From Sennheiser headphones to Nespresso machines, young employees keep up with the latest trends and most cutting-edge products.
State-of-the-art infrastructure, ergonomic office space, and the best tools on the market will keep companies ahead of employer competition. It’ll also prove the organization’s dedication to innovation and productivity that can be achieved with the best technology.
Opportunities for Growth and Promotions
Millennials are always looking for both professional and personal growth and development. 59% of young millennials stated that opportunities for career growth were a deciding factor when searching for an employer; therefore, a clear promotional ladder should be in place.
As the younger group in the workforce, the generation is aware that their earlier careers are stepping stones to their future. The era is eager to learn and develop their interpersonal skills and resumes for a successful future.