Most sought after employee benefits for millennials
Updated: Apr 11
Millennials, generally those born between 1981 and 1996, are working in a quite different setting than earlier generations. After the pandemic expectations of employees have changed immensely especially of the younger generation. They're also the largest segment of the U.S workforce, and by 2021, they'll make up half of the workforce.
If your organization hires millennials or expects to hire new talent from this group, it's important to learn more about the benefits that attract this generation. Here are some of the most essential advantages for millennials.
1. Healthcare plans
People's perceptions of work perks have shifted because of the pandemic. The COVID-19 pandemic seems to have a significant impact on how workers make benefits decisions. Supplemental insurance is more popular now than it ever was, according to a third of employees. Because of the epidemic, over half of employees—including 63 percent of millennials—purchased at least one new benefit, with life insurance, critical illness insurance, and medical services being most sought after.
Although this could be viewed as people being anxious about their capacity to pay medical costs, the fundamental motivation remains the same as before: people want to protect the ones they care about the most. They want to make sure their loved ones are physically and financially secure.
2. Mental health benefits
Now is the moment to double down on mental health and stress advantages. Personal mental health has had a detrimental impact on the job performance of a third of the American workforce in the last year. Employees who are younger, essential workers, or those who have been diagnosed with COVID-19 are more prone to experience burnout. Women are also more likely than males to have suffered from burnout. Employees say that benefits-related tasks bring even more stress to these groups, therefore you and your clients may need to provide extra assistance to them.
While half of all American employees are concerned about health-care expenditures beyond what their insurance covers—part of the reason why our study suggests that negotiating medical bills is particularly stressful—they are also concerned about determining what benefits they require.
Taking this into account, it may be advantageous not only to promote mental health and wellness advantages but also to arrange your offers in a way that allows employees to navigate them effortlessly.
3. Flexible working hours
"35 percent of millennials say they prioritize schedule flexibility above pay," according to Forbes.
They want to achieve a work-life balance that allows them to devote more time to their personal
interests. Flexibility implies that you, as an employer, may give your employees greater flexibility in how they prioritize their time.
Examples of flexible schedules
Working hours that differ from the standard 9–5 routine.
Work from the comfort of your own home or work remotely once or twice a week.
Reducing their 40-hour workweek to four days to have three-day weekends.
Flexible schedules can make employees feel like they have more control over their life and inculcate a sense of satisfaction. As a result, you may see lower employee turnover and fewer days missed by your employees.
4. Flexible working hours
One of the reasons why many millennials hold off major life decisions like purchasing a home or starting a family is because they have huge student loan debt. This debt may make them feel insecure about taking some of the most significant steps toward conventional milestones. According to Employee Benefit News, roughly 88 percent of millennial workers consider aid with student debts to be a significant benefit. Even though a substantial number of millennials surveyed think it's an important benefit, it's a rather unusual perk for employers to provide. That means you have an opportunity to offer millennials a perk they won't find anywhere else. It sets you apart from the competition and maybe the determining factor in attracting bright millennials to your firm.