If you’re looking to attract top millennial talent to your company then you might want to look beyond the traditional benefits of pensions, company car, or bonuses (as great as they are).
Job seekers are increasingly transferring an importance on to work benefits with over a third of employees revealing perks are a primary consideration for accepting a new job according to Glassdoor.
The younger generation want more from their job and the right perks can emphasise the sense of purpose and company culture millennials desire in a job. So we’ve gathered a list of the most wanted work benefits to set you apart from competitors and attract the best millennial talent out there.
1. Learning and career development
Millennials are at the earlier stages of their journey, where they want to learn and grow as much as possible, which is why training and career development is a top desire when seeking a new job.
By implementing training programs, mentorships, and team building courses, with the scope for promotions, you could attract the most ambitious millennials. Pushing a culture of learning and personal development instills the sense of purpose, which will engage, and motivate employees be the best workers they can be, whilst pushing your company forward.
Millennials are hungry to learn and succeed, and if you can offer that to them, then they will hear your call.
2. Social and off-site events
Millennials are sociable and live by the saying ‘work hard, play hard’. Social events will keep employees happy with fun experiences, but they can also improve bonds between co-workers. Additionally it’s a great recruiting tool that can encourage employee advocacy; throw a fun off-site event, and employees are more likely to capture and share the moment on their social media, showing your company culture to their network of social media-savvy, millennial friends.
3. Flexible working hours
Millennials value the control over their daily life. The rigid constraints of 9-5 doesn’t resonate as well with a generation who champion freedom and individualism.
Allowing flexible working times gives employees the ownership of their own time and schedule, offering the choice to avoid mundane commutes during peak hours that add to the daily, banal, run of the mill routine. It also imparts a sense of trust and confidence from employer to employee that millennials value.
4. Student loan repayment assistance
With soaring student fees, and thousands of young people saddled with student debt, it’s no surprise that student loan repayment assistance is a hot benefit.
To attract millennials some companies are offering to reduce student debt quicker, and unsurprisingly millennials are lured to the call. According to the American Student Assistance survey, 76% revealed that student debt assistance would be a deciding factor to accepting a job.
Whilst only 4% of companies currently offer the scheme, according to the Society for Human Resource Management, offering such a unique yet desired benefit would really set you apart from competitors.
5. More holiday time-off
Millennials in particular have a zest for adventure, and as such they value a healthy work-life balance. Offering a good amount of time off to allow employees to pursue their own hobbies and adventures will appeal to the younger generation. Most companies have a set number of paid holidays, but you can remain competitive by offering a more generous holiday allowance, or even offer a day off on their birthday – just a little way to say ‘happy birthday’.
More companies these days allow unlimited time off that offers workers the opportunity to take as much time off as they wish. The benefit for you is that it actually boosts productivity. When you trust workers to take responsibility of their own time and workload, they are more motivated to get the work done and earn the time off.
Again this trust is likely to reflect well with millennials.
6. The ping-pong table
So not necessarily a ping-pong table per se, but the ping-pong table epitomises how fun spaces have taken over rigid, conventional business environments, which is important to young people – It’s about work-life integration.
Millennials want to work in a positive social environment that blends the professional with the personal. A space that encourages movement, flexibility, and builds on community will attract millennials who are looking for more than just your ordinary boxed office. Open workplaces, free snacks, community games areas, and napping stations, are amongst the many office benefits that blur the lines between work and play.
7. Health and well-being support (physical and mental)
Healthy employees are happy employees, regardless of age. However millennials in particular are a more health conscious generation, as they place an increasing interest in preventative health measures.
Free or subsidised gym membership are the most common health perk, but some companies go further to offer health insurance, paid fitness classes, or even hand out healthcare wearables like Fitbits.
Health and wellbeing schemes should extend to mental health. 20% of millennials report depression according to Mashable, which is higher than any previous generation. Consider offering benefits that promote good mental health like yoga and art classes. Or show millennials your care and awareness of mental health by offering free mental health support. This already sends out a positive rhetoric around the issue, which will resonate well with a generation who are more socially aware.