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Employee Benefits Millennials Covet

Matthew Bricker - Performance Business Advisor with Insperity • June 8, 2020

Benefits Millennials Look for in the Workplace

Perks That Younger Professionals See Value In

There are many different factors that millennials consider when they view their current or future place of employment. While it comes as no surprise that Compensation, Health Insurance Benefits, and Retirement Plans like a 401k Plan are referenced as the top three reasons why employees stay or join an organization, many employers and business owners struggle with identifying which other employee benefits are the most coveted.

Flexibility and Working Remotely

This is significantly important to working professionals as a deciding factor when taking a job. Companies could utilize this option for current and future employees when negotiating wages/salary because employers and employees don’t get paid during their commutes.

Having the option to work remotely or in office provides often leads to higher levels of productivity and makes it easier to have a strong work life balance.

Recent SHRM studies show that organizations that extend flexibility to employees are best poised to hire and maintain top talent citing that 79% of working mothers and 77% of working fathers agree they would stay with a company longer if it offered flexible work options.

Millenials covet the ability to be judged on their work and not their presence.

Paid Vacation or Flex Paid Time Off (PTO)

Overwhelmingly in the blue-collar fields, this perk goes a long way. Employers also see value in this benefit as they are able to reward workers with extra paid leave as opposed to a salary/wage increase that comes with a long-term financial commitment.

Have you heard of a good employer that gave someone a pay increase and then lowered it later? Yeah me too. In fact, a Glassdoor’s survey indicated that employees valued vacation or paid time off over a salary raise.

If you already offer 2 weeks or 10 days off a year, why not offer another flexible 5 days instead of a salary increase? This saves on that extra salary increase and employees love it!

Millennials Love Food at the Workplace

Food... Yeah the other dangerous 4-letter word. The average office worker’s diet, and by extension, their overall health is impacted by what is available on the premises of their workspace.

Remember being in a pinch on time and needing something quick to eat? Yep those stale Pop Tarts aren’t going to make those employees excited, but would a nutritious smoothie or fill-in-the-blank healthy snack increase employee satisfaction? You betcha!

Employees will appreciate just the gesture. Famous employers like Google are revered for offering healthy, gourmet-quality food choices that its employees love.

Did you already implement the remote worker benefit discussed above?

There are affordable options for companies to provide healthy snacks to their employees directly to their doorstep.

Gym Memberships or On-Site Fitness Centers

Would employers rather negotiate the salary increase with an employee or have a one-time negotiated savings plan with a local gym?

Of course, not all employees would appreciate this, but according to the Centers of Disease Control (CDC) 53.3% of adults in 2018 aged 18 and over met federal physical activity guidelines for aerobic activity.

Do you think more or less of 53.3% of the workforce wants be sitting down all day?

Does your office or work environment have a lot a of space? What about having a trainer or yoga instructor once or twice a week for group fitness classes?

An investment in your employees fitness helps increase energy levels, create a positive culture, and shows an investment in your employees lives and overall well being.

Commuter Benefits

Does anyone enjoy commuting? According to Texas A&M Transportation Institute’s annual Urban Mobility Scorecard, commuters in major cities spent between 50 and 82 hours in their cars last year.

Commuter benefits are a way an employer can provide employees with tax advantaged programs that help reduce the financial investment in their commute. This can help with tolls, parking, trains, and bus fare.

For employers in larger cities this perk is becoming more and more of a necessity. Almost every New York PEO views commuter benefits as a benefit staple based on the evolving transportation habits of Millennials and future generations.

Millennials Expect More From Employers

As you can see business owners and employers are challenged with what type of package to offer their current or new employees. There are many complexities involved when selecting the full package.

In addition, Millennials appreciate positive feedback, coaching, guidance, and the opportunity to grow within the role and organization.

One thing is for certain, companies can gain great insight into how to attract and retain great employees by engaging subject matter experts that have experience identifying the best hiring and tenure packages.

PEO organizations like Insperity PEO help their clients tailor custom Employee Benefit Packages to help them offer the best options that their employees are looking for.

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