The benefit packages that companies offer employees are not one-size-fits-all. Now that the majority of the workforce is comprised of millennials, it’s time to look at what benefits millennials value most and how they may differ from their professional colleagues’. Studies show that millennials understand less about their benefits and, therefore, are less engaged in what their benefits actually cover. It's critical to provide millennial employees with accessible, understandable options and allow them to personalize their benefits.
It comes as no surprise that the number one benefit that millennials care about is healthcare. Employer provided healthcare generally provides the best coverage at the lowest cost to the employee. As healthcare costs continue to rise, this is one expense that millennials value having coverage for—especially when they have become increasingly burdened by student loan debt.
More and more millennials are seeking out companies where there is an onsite health clinic. While an appointment with their general practitioner may take weeks to schedule and several hours out of a workday to go to, a clinic onsite can schedule them within a day or two and the appointment may take an hour or less out of the workday. Having this offering is appealing because it is so much easier for your employees to quickly see a doctor when sicknesses pop up.
A more modern desire for millennial healthcare coverage is access to mental health professionals. The rise of life spent online and constant media stimulation is something, along with the high rates of student loan debt, are things that set millennials apart from previous generations. According to the American Psychological Association, this generation is said to experience more stress than other generations and has proven to be less capable of handling it. This problem deserves a new benefits solution to make sure your employees are in good condition both physically and mentally.
Millennials are eager to learn good financial planning strategies, and this is a benefit many would love to see their company provide. While only 39% of boomers valued financial training, more millennials (51%) “strongly value” education programs on individual finances and retirement planning.
Millennials tend to save money much more aggressively than previous generations. Financially, they are more cautious and more risk averse--perhaps it’s because they reached adulthood during the Great Recession. They value retirement plans less, but save more of their own salary for their retirement.
If you offered things such as financial planning workshops, tax preparation assistance, or investing training to your millennial employees, you may have a significantly better response than you anticipate.
Millennials are motivated to grow and as individuals who are still in the early stages of their careers, it is important for them to build their skills. Regular meetings to assess their performance and offer guidance are helpful for millennials. They don’t like to stagnate in a position, so the more feedback and opportunities for growth that you can provide for them the better.
One thing that has been proven to be beneficial is the implementation of a mentoring program. Both employers and employees benefit, because mentoring helps to reduce turnover in the workplace. The 2016 Deloitte Millennial Survey found millennials with a mentor were more likely to say they planned on staying with their current employer compared to millennials without a mentor.
Enabling millennials to further their education is a huge perk. Tuition reimbursement programs are a great incentive for millennials to not only come to your company, but also, to stay a while. Both you and they will reap the benefits of their educational progress as they bring new skills and fresh perspectives into the workplace.
Achieving a work-life balance is an ongoing struggle for most people, and one way that helps millennials feel they have a better sense of support from their benefits is through perks that helps them manage and balance their day to day lives.
Did you know that 12 percent of millennials ranked paid time off as their most important benefit?
This doubles the percentage of baby boomers who rated PTO as their number one benefit. Millennials are in their mid-twenties to mid-thirties. A lot of change happens during this phase of life. If you can offer benefits that fits the transitions millennials are going through, you will have their loyalty. Some of the biggest transitions include relocation or beginning a family. If a millennial relocates for a job at your company, it will speak volumes if you offer relocation assistance. Reimbursement for childcare or having an onsite childcare facility brings a lot of financial relief to an expense that comprises a significant amount of any parent’s monthly budget.
You may notice that the categories of desired benefits remain relatively similar across generational lines, but how those benefits look are subject to change. Look at what your employee’s greatest needs are and do your best to customize your benefit offerings to fill in the gaps. Benefits that are customizable to meet your employees’ needs are the best kind of benefits, and you can expect a greater level of loyalty from employees who can tell you care about their wellbeing.
How the Millennial Generation is Transforming Employee Benefits -- https://www.iscebs.org/resources/bq/documents/bq214a.pdf
Millennials and Employee Benefits: Generational Differences Matter -- https://www.adp.com/spark/articles/millennials-and-employee-benefits-generational-differences-matter-7-996
The Surprising Employer Benefit Millennials Really Want -- https://www.forbes.com/sites/kaytiezimmerman/2017/04/16/the-surprising-employer-benefit-millennials-really-want/2/#460007595f28
What benefits do millennials want the most? -- http://www.benefitspro.com/2017/02/09/what-benefits-do-millennials-want-the-most?page=2&slreturn=1498679461&page_all=1