What Work Benefits do Millennials Want?
91% of Millennials don’t intend to stick with their job for more than three years according tofutureworkplace.com. Millennials, according to census.gov, were born between the years of 1982 and 2000 (16 to 34 years old). Millennials make up ¼ of the working population. Updating company benefits to attract and retain millennials will be important for years to come as millennials go from entry level employees to managers.
Career Advancement and Professional Development
Career path or skills development opportunities are things millennials look for when applying and accepting positions. Development programs also help retain millennial employees because they know the process they have to take to reach the next management level.
Flexible Schedule and Work Life Balance
Millennials want to have the choice of what hours they work and where they work. They want freedom to plan and schedule their day on how they see fit. Almost 70 percent of Millennials don’t believe regular attendance is required at a workplace according to workplace.care.com. Millennials also want have social events and to make friends with fellow employees.
Choices in Employee Benefits
Millennials want to be able to customize their medical benefits to fit their needs. According togriffinbenefits.com 92 percent (of millennials) want a solid dental and vision plan which some benefit packages do not include. Offering gym memberships is an idea that appeals to millennials as well.
High bonus potential based on performance is another thing millennials look for. Bonuses are a great incentive for millennials to help meet company deadlines. Money isn’t everything to millennials. They look at the big picture which includes money, but being happy outweighs the money most of the time.