How Non-Traditional Perks Attract Millennials
What types of employee benefits are today’s workers seeking?
In order to attract and retain employees, it is essential for any business to compensate their workers fairly, and provide them with fringe benefits such as company sponsored health insurance, retirement investment programs, vacation pay, and sick leave. While these benefits are traditionally provided by businesses across multiple industries, the advance of millennials into the workforce is changing the benefit landscape.
Non-Traditional Employee Benefits
Today, in addition to offering a competitive salary and the traditional benefit options, employers need to meet the demands of these new workers who are seeking different perks such as flexible working arrangements, work-life balance, additional paid time off, free lunches, and a positive and green workplace. The fact that millennials are the largest demographic in the workforce means it is essential for employers to re-think their employee benefits programs.
A number of studies show that millennials are not motivated by titles and work responsibilities and want to be recognized and rewarded for their efforts in different ways. Of course, this is not to say that employers should throw the baby out with the bath water. Providing traditional benefits 401(k) plans is still necessary – and the Affordable Care Act mandates employer sponsored health insurance for many companies.
At the same time, millennial loyalty is largely driven by flexibility and office perks. This is partly because many of these employees work from home after hours. Having a flexible schedule will improve not only their happiness, but productivity as well. In response to these demands, more employers are adopting telecommuting and flexible schedules.
And while they’re at the office, millennials are also more concerned with the work environment. In particular, they place a premium on break time, having a break room, and a well-stocked pantry with snacks and drinks. It seems to make sense that taking breaks will allow workers to refresh and de-stress, which will enhance productivity. Lastly, millennials also value sustainability and want their employers to be eco-friendly. Having said all that, the factor that drives millennial loyalty in large part is money and many of these workers expect a higher salary.
In the end, companies that are considering offering unconventional benefits along with traditional benefit options should engage the services of an experienced employment law attorney.
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