Things to Expect Besides a Paycheck
February 27, 2015 by Raymond Lee
As more millennials enter the workforce, companies need to be aware of the different types of benefits that attract this new pool of talent. Gone are the days where just a salary was enough to recruit workers. Millennials expect more benefits, meaningful work, and a chance to make a difference. Here are the top 8 things millennials expect from their employers that can help your organization be an employer of choice for this informed and bright generation of new talent.
1) Health Insurance: Millennials expect health insurance to be covered by employers. This includes dental and vision as well. In the past, workers were content with minimal insurance or none at all. In a recent survey done by The Hartford Insurance Company, 42% of millennials believes that their health is there greatest asset. As millennials phase out of their parent’s coverage around age 26, they will be looking for employers who can help protect their greatest asset with affordable and comprehensive health coverage options.
2) Work/Life Balance: As opposed to previous generations who didn’t care as much about work/life balance as long as they had work, Millennials now want vacation time, a strict overtime policy, and more flexibility than the generations who have come before. Around 88% of millennials consider it a top priority that their job provides them with some sort of work/life integration.
3) Telecommuting: Growing up in the information age, it should be no surprise that the ability to work remotely is a major factor in a millennial’s job search. Whether it’s a full time telecommute position or the option to work from home a few days a week, this flexibility gives millennials the time to take care of other priorities in their life, and the ability to work for companies they wouldn’t have been able to before because of distance. According to a recent article published by Forbes, 74% of millennials desire this type of flexible work schedule. In fact, millennials expectations for flexibility are right in line with workforce trends: a SHRM study found that 57% of companies offer flexible work arrangements.
4) Outplacement: While executive and senior level employees are most likely to receive outplacement, the loyal millennial workforce also want to know that their employers care about them even after they are no longer employed. But we’re not talking about our parents’ old-school, in-office, face to face outplacement of the 1970’s. Millennials crave freedom and need an outplacement service that meets the mobility and flexibility they expect from their workplace.
A PWC study found that 41% of millennials say they prefer to communicate electronically at work rather than face to face. A virtual outplacement experience is tailored to the needs of a mobile millennial workforce, as compared to traditional outplacement that focuses on in person meetings for your job search. The face-to-face outplacement programs that have been around for 30+ years aren’t garnering the engagement that millennials desire. Employees want flexibility, including working from their home office, on their laptops and smartphones. Careerminds customizes and personalizes each program and path for our participants, based on their comfort level with technology and where they are within their job search. Check out Careerminds to learn more about how to provide this service.
5) Retirement and Investment Assistance: Many millennials experienced firsthand the fallout from the Great Recession and as a result, place high priority on saving money and being fiscally responsible. While all generations have cared about saving money, millennials know that depending on social security or a pension plan to keep them afloat in retirement is a dream of the past. More than any generation in the workplace, they expect their employers to provide solid investment education and retirement options such as a 401k or a stock option plan.
6) On Site Health Tools: More than half of millennials said that “living or working in a healthy environment” is influential to their personal health, more than any other generation in the workforce. They have no problem with their employer being a partner in supporting their health, and look for health-boosting benefits such as a gym, healthy options in the cafeteria, or wellness counseling services. As millennials become passionate about their career and work long hours, they will want these options at their work place to help find that healthy balance.
7) Meaningful Work: Gone are the days where workers were okay with doing monotonous data entry for a paycheck. Millennials, used to instant digital gratification, want to care about what they work on, feel passionate about their company’s goals and make an impact now. At least 84% of millennials are drive by purpose, thus seeking meaningful work to fulfill said purpose. In fact, 72% of millennials said they would even take a paycut to work at an organization that shares their values.
8) The Chance To Make A Difference: As stated before, millennials care about making a difference. They want to work for a company that tries to better the world. Generations before didn’t care as much about how their company was making a difference, as long as the company was doing financially well. In a recent article, Forbes states 64% of millennials say it’s a priority for them to make the world a better place. Companies that provide employees with the opportunity to volunteer or work with non-profits during work hours will attract more of the millennial talent pool.
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