Employee Benefits for Millennials is a topic not well understood by most hiring managers. According to a 2016 study composed by PwC’s NextGen: A Global Generation Study, about 80% for the workforce is composed of Millennial employees. For managers and firms to develop a competitive advantage, they must understand several key factors about this group of workers. This article will explore Retirement Planning for Millennials and the necessity to help them participate in such programs.
Employee Benefits for Millennials
The research mentioned above was conducted together with University of Souther California school of Business and the London School of Business’s over a two year time frame. This study included responses from 44,000 employees of professional service firms and the trends it found were astonishing. There are two benefits that seems to be most value by Millennials.
1. Millennials want greater options for their work hours and location.
2. Millennials put a greater premium on their work/life flexibility.
This means that a benefit that will attract Millennials to work at an organization are benefits that promote work/life balance. Understanding this point can propel your organization to find an edge on your competition. While most companies still focus on traditional 8 hour workdays, 5 days per week, offering additional schedule options like 10 hour workdays for 4 days a week will help your organization stand apart in the eyes of many Millennials.
What about transitional employee benefits?
Traditional employee benefits have lost their touch due to lack of education. In today’s work environment, most employees have not received the proper needed education, thus these plans continue to be undervalued by most Millennials. A companies ability to paint these benefits as an promotion to work/life flexibility is key when speaking to Millennial Employees.
What benefits do traditional employee benefits offer you might ask? In addition to promoting a healthier life style, retirement planning benefits offered in the workplace has potential to bring higher net worth. A new study has found that putting money into a retirement savings account instead of clearing student loans can result in higher net worth. This is an interesting point you as a hiring manager can capitalize on. Every one know that young workers are struggling paying off Student Loans Debt, and buy helping them understand how their money could work for them in other ventures is a benefit that should not be overlooked.
Where to start.
Our first advice to you is to find your employees goals. Employee benefits for Millennials should be relatively simple to implement if you understand what your employee want to do with their money. What their goals and ambitions are. Are they looking to purchase a home? Start a family? In both cases, a retirement plan like a Roth 401k or a Health Saving Plan is beneficial in helping store money.
Offering the proper benefits can also be the difference whether your employee will see your organization as a organization that identifies to their values or not. For more information about how you can use your employee benefits to stand apart from your competition speak to your employee benefits broker or contact us.