Now that Millennials account for one in three employees in the United States, companies must offer benefits that will attract the generation’s most talented workers. Millennials don’t necessarily want the same things as people from previous generations.
If your business wants to stay ahead of competitors, you need to give employees the following four benefits.
Professional Development Opportunities
Millennials know that a lot of people get stuck in dead-end jobs that don’t offer advancement opportunities. When they accept entry-level positions, they want to know they will have chances for promotion.
Providing professional development opportunities shows employees you’re invested in their futures. Some of the most successful professional development programs include:
- Mentoring with experienced managers
- Classes that teach new skills
- Coaching that teaches employees how to succeed
Student Loan Repayment
On average, college graduates in their 20s spend more than $350 per month repaying their student loans. That level of debt makes it nearly impossible for them to purchase homes and start families.
As Millennials confront the massive debt they accumulated in college, they begin to realize they can’t afford to reach milestones like getting married and buying their first houses. They’re exceptionally educated and motivated, but their debt holds them back.
Student loan repayment initiatives help relieve the pressure of student loan debt. You don’t necessarily have to pay an employee’s entire monthly student loan payment to attract talented workers. Agreeing to repay a portion of the debt in return for a commitment of one to five years of employment will convince many Millennials to take positions within your business.
Flexible Work Schedules
Few things are more important to Millennials than flexibility. To them, flexible work schedules mean:
- The opportunity to care for children and parents
- Avoiding rush-hour traffic
- Chances to take fitness classes during the day
In return, your business will benefit from:
- Lower turnover
- Better employee morale and productivity
- Reduced absenteeism
Although you can’t give flexible schedules to people in every position, you can use the benefit to attract more Millennials to your business.
Millennials want to stay healthy, so they often look for employers that can help them reach their wellness goals. Some wellness initiatives you can offer include:
- Opening an on-site gym or giving employees discounts at local gyms
- Offering health screenings
- Holding after-work exercise programs such as marathon training and yoga classes
- Having a dietitian or nutritionist teach healthy cooking classes
As of March 2018, the U.S. has a low unemployment rate that makes it harder for companies to find new workers. When you offer the right benefits, you can attract talented Millennials to your open positions.