What Millennials Want From Their Employee Benefits

Millennials, also known as Generation Y, are those individuals who are born between 1981 and 1996. Millennials are now considered to be the largest generation in Canada making up 27% of the overall population and are sought out to make up 50% of the workforce. Because Millennials make up roughly half of the workforce, it is important for companies to understand how they choose who they work for and why. Remember, it is not just you, as an employer providing a job opportunity to them. It is also them deciding who they will provide their time and skills to. What you offer as benefits and perks play a significant factor in their decision. 

According to LinkedIn, the top reason Millennials accept a position at a company is due to the provided benefits and compensation. Benefits, as a part of total compensation, allows employees to feel valued and acknowledged, while in turn, employers can see a greater return in productivity. By promoting your workplace culture with the below sought-after benefits, you can recruit and retain millennial employees while also growing your business: 

Wellness and Mental Health Support 

Along with other benefits, millennials place a premium on their health and wellness. They want to stay emotionally and physically fit. Companies that promote mental and physical well-being through wellness programmes, business activities, and comprehensive benefits packages, have an advantage with millennial employees.  

Supports that companies can put in place to increase mental health support and wellness: 

  • Medical Leave 
  • Stress management programs 
  • On-site gyms and spas 
  • Third-party Counselling services  
  • Nutrition and diet plans  

Virtual Healthcare 

Millennials believe healthcare is a right, not a privilege. The belief that healthcare should be accessible to whomever, whenever, is incredibly important to millennial employees and it is now becoming more accessible via Virtual Healthcare. Virtual Healthcare is a new approach to traditional healthcare, that allows for flexibility, work-life balance, and more.  

Virtual Healthcare is becoming more accessible due to accessibility of technologies. According to Digital Media Solutions, 100% of millennials use or have access to the internet. This ensures that with the proper resources and benefits, millennial employees can easily connect with a healthcare professional from anywhere.  

Flexibility in Hours – Quantity and When 

Workplace flexibility emphasizes the willingness and ability to adapt to change. While there is constant change in the work environment, millennials look for companies that are willing to adapt. The idea of working 9-to-5, Monday to Friday, is no longer appealing to this generation of workers. Millennials seek greater freedom in the workplace over when, where or how to fulfill their roles. Flexibility in the workplace can look like flexible scheduling, remote work, and time off. A flexible schedule usually entails a shorter work week with compressed hours or more flexible starting and end times. Schedule flexibility allows employees to spend more time with family and friends, pursue interests and activities, and allows employee autonomy which results in greater productivity and morale. 

Flexibility in Work Location 

While millennials are also leaving behind the traditional block of hours and looking for more flexible schedules, they are also ditching the classic office cubicle for remote work. Remote work allows employees to work from home, the local coffee shop, or while on a trip. These are some of the few benefits that millennials desire from their employers. Millennials want to have the freedom to work anywhere. Remote work benefits both employees and employers; employees can focus more on their work and increase productivity while Employers are able to increase millennial employee retention. 

Time Off 

It is a well-known fact that millennial employees enjoy taking some time away from their job. Furthermore, if a corporate culture allows employees to take sabbaticals, it becomes a plus for them. It is one of the most appealing benefits a company can provide. 

Personal and Professional Development Opportunities 

Many Millennials are in the early phases of their professions and are zealous to advance their skills, whether it be personal or professional. As a result, millennials place a high importance on learning and advancement possibilities. Millennials seek out companies that will allow them to challenge themselves and help advance their skills.  

Employers can demonstrate their commitment to their employees continued professional and personal growth by providing them with an educational allowance to apply towards conferences, seminars, courses, and certifications. 

Conclusion 

Companies can provide staff with all the perks and advantages in the world. However, if they are not explicit to the millennial workforce, they will not feel worthwhile to work with you. It is critical to remember that your employees’ morale and productivity are directly tied to the advantages you provide them. 

By providing millennial employees with all of the best programs at your disposal that will support their motives, the great outcomes they will bring to an organization. Contact us today.