Millennials are the most influential and largest generation in the workforce today. They are a talented demographic, but it can be hard to keep them. In fact, 75% of millennials are open to finding a new gig.
Why? One of the top three reasons they change jobs is because they want better benefits.
They want benefits that meet their needs today and that can adapt as their lives change. In other words, millennials don’t want to have benefits they can only use when they’re disabled, sick or dead. They want benefits they can use now.
So, what do these benefits look like? What types of benefits do millennials actually want?
The 11 Benefits Millennials Want
These eleven benefits are based on extensive research, analysis and feedback from millennial employees.
1. 401(K) Contributions and Financial Wellness Benefits
30% of millennials have less than $1,000 in savings (24% have no savings at all). This statistic isn’t shocking when one considers millennials became adults during a major financial crisis and graduated college into a struggling economy. As a whole, the generation needs assistance navigating a complex and ever-changing economic landscape, and an increasing number want their employers to play a role.
Financial benefits like 401(k) contributions, 401(k) matching, 1:1 financial education, on-site financial seminars, company stock options and discount programs are some examples of financial wellness benefits.
2. Comprehensive Medical Insurance Plans
One in five millennials can’t afford routine healthcare expenses, so it’s no surprise that one-third of millennials list affordable and comprehensive medical insurance as their number one desired benefit.
To show millennials they value their health, companies should incorporate a completely comprehensive medical insurance plan that includes dental, vision, holistic practitioners, telemedicine, mental health care visits and more.
3. Paid Time Off
60% of millennials agree that work-life balance is “very important” for a job. In fact, most millennials seek out companies that provide a good work-life balance over those that offer more pay.
Most companies offer ten paid days off, but organizations that want to impress millennials should consider offering more. Radical approaches like unlimited paid time off are becoming progressively prevalent, too.
4. Remote Working Options
79% of millennials report wanting to work from home. If a full-time WFH option isn’t feasible, companies should consider allowing employees to take one remote day a week or consider offering remote days periodically to keep morale high.
5. Fitness Classes & Wellness Initiatives
Millennials are often also referred to as the “health-conscious generation.” And it’s true.
Millennials care a great deal about their overall health and wellness. That’s why 73% of millennials look for wellness benefits when looking for jobs.
Wellness initiatives include things like gym memberships, healthy snacks and on-site fitness classes.
6. Public Transportation
Studies show that millennials drive less than past generations. This trend is evident by a poll showing millennials value paid transport passes over access to parking from their employers. If located in a city with an established public transportation system, companies should contemplate comping their employees’ public transportation.
Companies can offer other transportation benefits like monthly gas, Uber and Lyft stipends or allowances for bicycle and scooter rentals, too.
7. Pet Benefits
70% of millennials own a pet, and 68% of them say they would take leave from their job to take care of a new pet if their job offered it. Many companies provide an array of pet benefits, including pet leave, which allows pet owners time to take care of their new animals.
Other pet-centric benefits include pet bereavement, dog-friendly campuses, paid dog care, comped dog walking and pet health insurance.
8. Student Loan Repayment
69% of millennials have student loan debt and owe on average upwards of $35,000. Consequently, many companies have added student loan repayment programs as part of their benefits package. One example is SoFi, which pays $200 per month towards their employees’ student loans. Other companies aren’t paying down the debt but are helping with education or technology to make managing and navigating the debt more manageable.
So far, millennials are responding positively to this type of benefit. 76% of younger workers say they’d be more likely to choose a company that offers a benefit like this than one that doesn’t.
9. Flexible Schedules
77% of millennials agree that a flexible work schedule would increase their productivity and happiness. Companies like DuckDuckGo and Zapier proudly allow their people to work whenever and wherever they want, as long as they get the work done.
While all companies can’t be this flexible, there are many ways to increase flexibility, including remote options, allowing employees to occasionally come in later or earlier, or letting employees leave to pick up kids from school. Flexibility doesn’t just apply to scheduling either. Companies that allow benefits like flexible wardrobe, workflow and workstation also appeal to millennial employees.
10. Mental Health & Well-Being Benefits
Numerous studies show millennials suffer from higher depression rates and have higher burnout rates. As a result, more companies are working to improve their mental health and well-being support benefits.
These benefits include offering subscriptions to premium meditation apps (like Headspace), self-care budgets, meal delivery services, telehealth counselors (or a subscription to Talk Space), on-site yoga, monthly massages and more to ensure their team feels mentally well and emotionally invested in by the company.
72% of millennials prefer to spend their money on experiences rather than material items. In other words, they aren’t as impressed by materialistic benefits as they are by experiencing something new or exciting.
As a result, companies can please their millennial employees by offering experiential benefits, like travel stipends, event tickets, paid trips, in-office concerts, amusement park tickets and more.
What Millennials Want Most: Customization
Millennials are a demographic of hard-workers and innovative thinkers who want to work for companies that invest in their intrinsic values. They’re also a generation that admires individuality.
As a result, 73% of millennials say they want the ability to customize their own benefits to fit their unique needs. Companies who want to ensure their millennial employees feel heard and valued should think about offering customized benefits packages, so millennials can truly get the benefits that are most important to them.
Fringe’s lifestyle benefits platform offers completely customized lifestyle benefits to ensure your millennial employees feel happy, engaged and supported. Talk to our team to schedule a free demo today!