Unlike their predecessors, standard benefits only won’t satisfy this selective group.
Is your current benefits program designed to attract millennials?
As of 2016, millennials became the largest generation segment to enter the workplace. Within the next two years, 50 percent of the U.S. workforce is expected to be made up of millennials. It will be 75 percent by 2030, according to the U.S. Bureau of Labor Statistics.
Unlike the generations that came before them, millennials aren’t going to get as excited about standard benefits, like retirement plans and dental insurance.
With the low-unemployment job market working in their favor, millennials, who make up the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data, can be picky about the jobs they take and stay at. Organizations need to balance good pay with the benefits that millennials actually care about.
3 Benefits to Offer Millennials:
1. Flexible work schedules. Millennials want work-life balance, plain and simple, and offering flexible work schedules is a huge perk. By allowing employees to telecommute, shift hours, or come in late or leave early on occasion, organizations show that they value output over hours, which falls in line with millennial thinking. Offering employees the option for flexible work schedules typically doesn’t cost the employer a dime—and can help boost productivity.
2. Financial wellness and literacy support. Financial matters are the leading cause of stress—more than all other life stressors combined—according to PwC’s 8th annual Employee Financial Wellness Survey. With student loans and first homes to think about, all while planning for retirement, millennials value employers that offer free access to financial advisors, educational programs, or financial tools. Employee Assistance Programs (EAPs), such as Ulliance’s Life Advisor EAP, are designed to help your employees and managers with personal concerns, including financial worries that impact their ability to work and live a quality life.
3. Wellness and well-being benefits. Millennials appreciate a holistic approach to their health and wellness, and they want a benefits program that delivers on all fronts. Wellness programs, such as Ulliance’s Life Advisor Wellness® programs, focus on creating and sustaining a healthy culture. They educate, motivate, and empower employees and their family members to adopt and maintain healthy lifestyle behaviors. Effective wellness programs incorporate everything from healthy cooking classes to mindfulness practice and more.
Ulliance’s comprehensive Life Advisor Wellness and EAP programs are designed to enhance your employees’ lives and improve your business’ bottom line. How can we help you? Visit www.ulliance.com, or call 866-648-8326