What Millennials Want in Employee Benefits

Millennials are currently the largest living generation in the U.S by population. These are the young experts of today and they are really shaping how we do business. They have grown up solidly with technology and are familiar with making use of it to their advantage.

Millennials are generally looking for these benefits from their employer: 

Paid time off without restrictions

Giving employees more freedom above their time off can be an appealing alternative, as the line between professional and personal time is becoming increasingly blurred.

Opportunity to work remotely

Millennials are the generation who prefers exercising, working, running errands and lots more in only one day. It lets them finish work where and when they want, with the capability to work remotely.

Flexible functioning hours

The employees of today want to have a flexible work day without schedule work hours, together with the telecommuting option. This gives them the freedom they are looking for. As a matter of fact, over 75% are of the belief that flexible work hours make them more productive, while 43% opine that if they are given greater flexibility somewhere else, they will change jobs.

Student Loan Repayment benefit

Studies show 401(k) products don’t adequately incentivize employees under age 35.  Student loan debt is millennial’s top financial concern, with an average pay-off time of 21 years.  42 percent of millennials claim debt as their #1 concern.  And, 90 percent said that this benefit will factor into their decision to stay at their place of employment.

Wellness Plans

Nowadays, a good number of mid-sized and large employers are providing some kind of wellness investment initiatives. Employees are seeking more than only a gym membership, but emphasize mental health support, yoga classes and management plans.

Competitive compensation

Even though money talks with any age group, most millennials favor performance-based compensation instead of an inflexible salary structure, depending on the longevity of the employee.

Socially conscious culture

Millennials desire good things in the course of carrying out good work, more than any group. 60 percent allude to a sense of purpose as part of why they work for their present employer.

Development and Training

More than half – 58 percent of Millennials say they don’t anticipate a chair and paycheck, but want their employers to offer them actual learning opportunities interrelated to their positions. The remaining 42 percent however want feedback from mentors and supervisors each week because they don’t want to work in a fizz.

All-inclusive health care

All other things being equal, approximately 96 percent of the millennials would prefer taking a job that offers a healthcare package.

Retirement funding

Millennials notice the benefit of saving, due to the fact that they worked through the Great Recession. Over 50 percent want to put their money in retirement savings and search for a munificent matching scheme.