Right now millennials make up around 34% of the workforce globally. They are currently the biggest share of the workforce and right now with the eldest millennials hitting their mid 40s they’ve been around long enough to be more than familiar with what matters to them, what they want from their career and how the world works.
They’re also the generation that isn’t as easily impressed with the work ethics of the generations before them or the standar benefits that were touted around. They demand different standards from their employers.
It makes sense then, that you have a majority millennial workforce you’ll be honing your benefits package to accommodate what they actually want. Let’s take a look at what exactly that might be.
Financial Wellness
Millennials entered the workforce during or after the financial crisis and many are still carrying student debt navigating rising housing costs and are trying to build a sore type of financial security in an economy that isn’t making it easy to do that.
When it comes to the best millennial incentives you need to focus on financial wellness over one off perks. This means things like student loan repayment assistance, access to financial planning and benefits that reduce the cost of living day to day. It’s the little things that put money back in their pocket on a regular basis, not just an annual bonus. This is why HR teams choose The Electric Car Scheme and similar programs. It’s a tangible monthly saving on something employees actually use, not just a flashy benefit that doesn’t offer much.
Flexibility
Remote and hybrid working options shifted from nice to have to expected a few years back now, and this is something that is a priority for many workers, not just millennials, although they are paving the way for this to be a staple for all sectors that can accommodate it.
If you’re enticing new employees on board or you’re looking to not lose your millennial team, then you need to look at how you can accommodate remote or hybrid options into your working week. It won’t work in all circumstances, but offering it where you can will be massively appealing to this generation.
Purpose and Development
Purpose and DevelopmentSalary matters, of course, but more than this, many millennials want to know that they’re appreciated and there is a genuine career path for them to follow. Growth opportunities and meaningful work matter here alongside compensation for the role they perform. And if you’re able to offer both, then you’re doing a lot more than other employers.
Because a job that plays well but goes nowhere isn’t as enticing as you might think it is, but offering development for people to progress both personally and professionally gives your team something to work towards, something to get stuck into. Even if there aren’t any growth opportunities, with you investing in helping them be the best they can be is never going to be a wasted effort.
When it comes to benefits for millennial employees, you need to think outside the box and meet them exactly where they are and deliver the benefits that actually matter to them.