As the millennial generation is entering the workforce at a massive rate, companies and organisations are finding that they need to match what the marketplace of young workers are looking for to attract talent. Where the older generation of workers today, and their parents, found solace in workplaces offering traditional benefits like retirement plans, health insurance, dental insurance and life insurance, today’s youth that is entering the job market are looking for a whole new span of benefits and perks that older workers would have never considered. On top of that, companies would have never considered offering many of the things that young workers today are looking for.
Looking at how millennials have been raised and what type of world that they grew up in, it is no wonder why they crave the type of on the job and off the job benefits that they seek. Today’s world is higher in technology as it has ever been. The generation entering the workforce is as connected to other people as any other generation before them and the young workers today crave this idea of being connected. On top of that, famed employers like Google have added a whole new level of workplace perks that has this young generation craving for uniqueness in their employers.
For today’s companies to be in the market for top young talent, we’ll take a look at perks and benefits that employers are using to attract young talent. These perks come on the job, in company benefits and in benefits that are provided while outside of work.
On the Job Workplace Perks
First and foremost, today’s young job seekers look for a sense of family in their workplace. Where the older generation of workers didn’t hold personal relationships inside the workplace in high esteem, this is desired from today’s young workers.
A family atmosphere in the workplace gives a sense of belonging to young workers. Organisations are giving this feeling to young workers by maintaining an open door policy at all levels of the organization. Gone are the days where an entry-level worker didn’t have access to the company’s CEO. Organisations today with open door policies allow any worker to sit down with the leaders of the company to talk business. As well, some companies go the extra mile where the CEO has lunch with employees on their birthday to get to know them better.
Many of today’s young workers are seeking a casual dress atmosphere to model their home life and companies are catering to that need.
On the job, today’s young workers are also seeking flexibility in their work. Where the older generation grew up on punching the time clock at 9 am and leaving at 5 pm, today’s job seekers are looking for flexibility in work hours and the ability to telework from home. Organisations that are offering the flexibility in hours and workdays are finding attracting top talent a much easier task. The flexibility aspect goes the other way as well with the millennial generation where they are looking for time off work to be just that. They don’t want the responsibility of taking work calls or emails after work hours and many employers are catering to that.
The young generation of workers is also looking for transparency and the ability to be a part of the decision making processes in their organizations. Gone are the days where the CEO made all executive decisions as an autocratic leader and those decisions were filtered down by leaders to all levels of the organization. Young workers today are seeking more of a democratic workplace where they are involved in high-level decision making processes and given the ability to know about things that are happening at the highest levels of the company.
Perks and Benefits from the Company
As the older generation sought benefits like company paid retirement, health/dental benefits and life insurance, the generation entering the workforce today is seeking and getting additional company benefits. One big benefits that young employees are looking for is in continuing education. Many employers are sponsoring robust education benefits for employees to seek furthering education to further benefit them in their careers. Doing so, employers are seeing more long-term employees as they can help shape their future leaders through continuing education.
Paid-time off and work hours are also being reconfigured for the young generation of workers today. Many companies are now offering paid days off on birthdays and the ability to utilise holiday pay on other days rather than the actual holiday itself. Some workers are seeking alternate work schedules like 10 or 12 hour days with longer weekends or even reduced hours during the summer and longer hours during other times of the year.
Other unique perks that young workers are seeking and companies are offering cater to the worker’s needs for fun and convenience in the workplace. Many organizations are offering nap time during the work day, free massages in the office and even a paid stipend to decorate a new office when a new employee starts. Many companies are putting on fun events on a regular basis like holiday-themed parties, potluck lunches and other social events/retreats where employees can get to know each other better.
Convenience wise, for young employees that are spending a lot of time busting their tails for the organization, companies are offering free food on-site like breakfasts, snacks, fruits and vegetables. As well, some companies are offering errand services for employees that are busy throughout the workday by stamping and sending mail and offering laundry drop and pick-up services.
Perks and Benefits out of the Workplace
Outside of the workplace, the young generation is also craving and receiving benefits from their organization. Many companies today are offering event tickets for concerts or sporting events. Many young employees seek paid fitness memberships which are being offered by employers and some are even putting in on-site fitness centers.
The young generation of workers is also seeking coworkers with similar interests and many companies are offering company sports teams and other hobby clubs where employees with similar interests can get together with the company footing the bill.
Young employees are also seeking the use of company equipment outside of work or help in paying for their technology. Many companies are offering a cellphone stipend for employees that use their phones for work. Other companies are offering discounts on tech products and local businesses to attract talent. Allowing employees to use company equipment for personal matters is also becoming a new trend to attract talent.
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What Kind of Workplace Perks are Millennials Expecting?