According to the U.S. Census Bureau, the millennial generation outnumbers the popular baby boomer generation by millions, so it's no surprise that millennials get a great deal of attention in the corporate world. Millennials are also driven, technologically savvy and unafraid to think outside the box, traits that can help move any corporation forward. Employers that want to stay competitive need millennials and should consider offering the following employee benefits to attract them.
Career Advancement Opportunities
Don't expect workers from the millennial generation to stick around if your company doesn't offer advancement opportunities. Millennials are known for their drive, and even younger millennials who are just starting out want to know they can face work challenges, gain valuable skills and eventually move up the corporate ladder. Give these workers tasks that allow them to grow professionally, and regularly promote from within your organization. Millennials who see workers getting promoted on a continuous basis are more likely to dedicate themselves to your company.
Workers from the millennial generation are less likely than baby boomers to stick with a job that consumes their entire life. Benefits such as extra vacation days, telecommuting options or flexible work hours are sure to grab the attention of millennials. Since they're technologically savvy, they're very comfortable using mobile devices, web hangout platforms or Skype to conduct business when they're away from the office. Also, individuals from the millennial generation are more likely to travel and explore the world, so for many of them, a strict work schedule just won't do.
Like workers from the baby boomer generation, millennials expect employers to offer financial benefits, such as 401 (k) plans, tuition reimbursement and student loan repayment assistance. Workers from the millennial generation are likely to earn an advanced degree, especially if it will help them move up the ranks within their organizations. Show you support their efforts by lessening their financial burden. A good, comprehensive health insurance plan is also important to millennials, as many of them have families or want families in the future. Consider offering a subsidized health insurance plan that includes maternity leave benefits and coverage for pre-existing conditions.
Job satisfaction and personal fulfillment are extremely important to millennials. These professionals must feel like their work is greater than themselves, as they generally want to feel as if they're part of a mission. Therefore, it's essential for employers to give millennials the opportunity to thrive within their work environments. Allow them to come up with innovative ideas that will shift the direction of your company. If possible, do your best to give back by supporting specific causes or donating to various organizations. Millennials are very charitable, and knowing their organization supports a great cause also enhances job satisfaction.
The millennial generation is much different than the baby boomer generation, which mostly focused on job stability and a good retirement plan. Millennials are much more likely to jump ship if you don't offer these employee benefits. Attract workers from this generation and keep them around by making your company a flexible, charitable and supportive environment where this group of professionals can thrive.
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