Millennials workers are a humanistic bunch. Most value workplace intangibles like organizational direction or internal innovation, and care less about the zeros in their paychecks, The Atlantic reported. Of course, this professional outlook has confounded recruiters and forced pursuant companies to modify their compensation plans. If your business plans to court young professionals, you might want to consider adding a few key benefits to your current package.
Personal and professional development
According to a survey of almost 5,000 millennial workers conducted by PricewaterhouseCoopers, more than half of workers in their 20s and 30s expect employers to provide some sort of developmental path that would enable them to climb the internal ranks and develop as individual contributors.
"Our capacity to attract, retain and manage executive talent does not depend on the compensation package, but rather on our ability to create a sense of belonging to an [organization] that offers a long-term relationship and a professional development opportunity, and that has a clear conception of itself, of what it wants to be, and of how to achieve it," Armando Garza Sada, chairman of the board of directors at Alfa SAB de CV, a food services conglomerate based in Mexico, told PwC.
Organizations have embraced this ideology to varying degrees. Major industrial players like Starbucks offer tuition assistance, while more meager companies boost their internal training programs or offer lunch-and-learn initiatives. Most of these schemes, including tuition assistance, bring a solid return on investment, reported Recruiter. So, take a chance and enhance your training policies to attract development-minded youngsters.
Flexible scheduling and paid time off
Work-life balance is a major concern for most millennials workers, The Washington Post reported. Unfortunately, many bosses of older generations can't seem to understand why. The reasoning is surprisingly old- school: family time. Young working couples looking to start families now demand flexible schedules and paid maternity and paternity leave. Almost 40 percent of millennial workers in the U.S. believe organizations aren't doing enough to fulfill these expectations and would be willing to quit or relocate as a result.
Unfortunately, fewer than 10 percent of companies offer such benefits, the Families and Work Institute reported.
"The narrative that's always drawn is you have to choose financial success or personal success [and] having a life. And to me, that's a false choice," Ryan Shaw, a 23-year-old marketing professional, told The Post. "I think you can have both. I'm sort of playing the long game. I want to take care of my health and have deep relationships with people I care most about. And not just people who happen to be in the same building with me everyday."
If you're worried such policies will negatively impact your bottom line, don't fret. California requires employers to offer paid family leave programs, reported FastCompany. The Center for Economic Policy and Research surveyed businesses across the state and found that almost 90 percent successfully implemented these policies without affecting productivity.
ZestFinance, a financial services company based in Los Angeles, launched a paid family leave initiative last year and has since seen major success.
"The important question really is: What's the cost of not offering these extended benefits?" Sonya Merrill, the company's head human resources officer, told FastCompany. "When we looked at our options, we realized that by not extending our family leave program, we would run the risk of losing great talent and potentially making it difficult to attract new, family-minded, and diverse people."
A healthy environment
Life and work are completely intertwined for millennials. As a result, many expect employers to provide benefits that improve employee minds and bodies. In response, organizations courting young workers now promote self-improvement via company-sponsored health initiatives, reported Entrepreneur. From office medicine-ball seating to employer-paid gym memberships, workplaces across the country now embrace fitness in a variety of ways. In fact, more than 50 percent of employers sponsor employee health programs.