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How to Use Benefits to Attract Top Millennial Talent
Posted by Insightlink on 07/10/19
"Within the next two years, 50% of the U.S. workforce is expected to be made up of Millennials". Dynamic Signal
Benefits brokers can help companies gain a competitive advantage by attracting top millennial talent with enticing, premier benefits package offerings.
Unlike older generations who have traditionally aimed to find a high paying company and remain loyal for many years, millennials have adjusted their career goals and strategy. As pay is still important in the decision-making process, the traditional and voluntary benefits that employers offer will be just as or more scrutinized as they decide to take a position or not. Unlike past generations, they crave more than a cold check at the end of the pay period.
All-in-all, millennials are in search of positions that will help them achieve a good work-life balance and improve their quality of life, both inside and outside of the office.
Attract Millennials with These Modern Benefits
To stand out against their adversaries, employers need to appeal to younger talent generations by offering creative and unique benefit packages to appeal to their wants and needs. Brokers can help companies build their employer brand and create demand for their open positions by helping them to choose the benefits options most beseeched by millennial talent today.
“This age group is the least likely age group to settle with just one company,” according to a recent Gallup data study. Most millennial aged employees switch jobs at least four times before they turn 30. Notorious for “job-hopping”, millennial-aged applicants are constantly aspiring to reach new heights within their careers and will not hesitate to leave for a more desirable position. This generation is difficult to please and retain in the workplace, largely due to a rise in the “grass is greener on the other side” syndrome.
Today’s top candidates are always in search of the next best opportunity. This is made all too easy with access to an array of social networks, applications and job boards that make finding the newest open positions a breeze. Employers who offer desirable workplace benefits are highly successful in attaining and retaining top millennial talent. Companies who do not have the bandwidth to really focus on their offerings, can hire brokers to assist in selecting the top benefits options currently in demand by this generation.
Health, dental, vision and family benefits
Before accepting a job, applicants insist on knowing the details of their medical benefits first. Many companies have strategize how to best supplement medical coverage due to skyrocketing costs hurting both employees and the employer today. Those who have offered more all-encompassing medical coverage, implementing a total mind and body well-being approach, have been very successful.
This type of benefits strategy implemented shows potential and current employees that their employer cares about their prosperity, and that they are more than just a number in a cubicle.
The healthcare options an employer offers are a huge motivator during the job selection process, as these benefits make a huge difference in the quality of life for individuals and their families. As healthcare continues to rise, a supportive medical benefits plan will undoubtedly offset major costs that can accrue for an employee and/or their loved ones. Having an employer who will not only assist in covering medical costs but offer voluntary options as well can lighten the financial burden that would have otherwise seemed monumental.
Top medical benefits perks sought by millennial employees today include:
In acceptance of the unpredictability of life circumstances, people want the reassurance that their employer can offer them various types of coverage to protect them and their families. A medical crisis could happen at any time, and most millennials are at the age where they want to plan for their future and possibility have a family. Without the right benefits, these goals are unfeasible.
Other perks include:
Mortgage Assistance Programs
A study by Bankrate found that 61% of millennials don’t own a home and nearly a quarter of them attribute student loan debt as the cause. This guide includes charts of mortgage assistance programs and the requirements for each as well as financial steps to improve the chances of getting approved for a mortgage.
Travel to-and-from the office can be expensive to many employees too. A creative incentive that has appeared on the radar is the concept of offering transportation compensation. For millennials who cannot afford vehicles right after graduating college and entering the workforce, relying on public transportation can be daunting. For commuters who use public transportation and rely on the bus or subway, the offer of a position by a company willing to help with commuter passes is quite desirable.
Student loan assistance
Helping employers choose a strong benefits program is a surefire way to attract and retain top millennial talent. With the right benefits, an employer can truly improve an individual’s entire life, creating a positive and enjoyable work- life balance. Bearing in mind the job-hopping mentality of millennials, making the decision to offer employees unique benefits promises a lower risk of losing employees to other companies and a higher applicant rate. Offering the right workplace benefits and creating a space that is innovative, rewarding, and enjoyable will only benefit an enterprise in the long run as they open the door to today’s top millennial talent.
Insightlink Communications is a leader in full service employee surveys and offers a range of employee survey products and services to fit their client's needs. With over 18 years of experience, Insightlink's reputation has been built on giving organizations the knowledge they need to create effective change using their acclaimed employee research, analytics, benchmarking and survey methodologies. Insightlink's expertise in data collection reporting and analytics takes the pressure off organizations that find data overwhelming and daunting creating reports that are digestible and understandable, simple and easy to understand for organizations of any size and experience level.
For more information please contact us at 866-802-8095 ext 705 or visit our website here.
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AboutInsightlink Communications are experts in employee survey design, data collection and analysis. Since 2001 we've helped companies of all sizes measure and improve their employee satisfaction and engagement.
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