Money is nice, but benefits can make or break a job opportunity. To recruit and keep millennials, you’ll want to offer competitive benefits packages.
Here are four benefits millennials are looking for in their next position.
Healthcare costs are a concern for everyone. With rising healthcare costs, student debt and housing costs, millennials fear seeking medical attention. Data shows that 27% of millennials don’t want to go to the doctor, as they’ll end up with a medical bill they didn’t budget for. Millennials are looking for good healthcare plans, so offering solid healthcare will go a long way to attracting and keeping those talented workers.
Companies who offer high deductible health insurance plans may also consider offering Health Savings Accounts (HSAs) to their employees. HSAs allow people to use their pre-tax money to pay for health-related expenses. Not only will they see a tax benefit, the money they put into an HSA rollover year to year, so they don’t have to worry about their hard earned money disappearing.
However, you do it, providing solid healthcare options for millennials is an important step to keep them satisfied.
Student Loan Repayment Assistance
American college graduates have a tremendous amount of debt, somewhere around $1.3 trillion to be specific. Owing so much money makes it difficult to reach life milestones for many millennials. Because of this, many millennials are looking for employers that will put money towards helping reduce student loan debt.
More companies are offering this benefit, though it is not widely available. If your company can provide some type of student loan repayment assistance, you’ll be ahead of the curve in recruiting and keeping talented millennials. As you know, less stressed workers make more productive employees.
Flexible Work Schedules
Millennials are hard workers who want to bring value to their employers. They also value flexibility in their lives. They are not unwilling to do the work, they may just like to have some flexibility in the way they do it. Offering flexible work schedules is a huge plus for millennials. For the natural night owls, being able to come in later may be what they need to bring their best work to the table. On the other hand, for those early birds, working bright and early may be their best time. Allowing some flexibility in their work schedules will go a long way to attracting millennial talent.
In the past, great value was placed on career development and pay increases. Millennials are equally interested in work-life balance which is easily obtained by offering flexible schedules.
Millennials are smart and always looking ahead. They know it is critical to plan for their futures. Many are looking for good retirement benefits so they can build their nest eggs.
Many millennials are starting to increase their retirement contributions. One basic, but strong retirement option is to match their 401(k) contributions. Of course, they will have to diversify funds to ensure a stable retirement, but knowing their employer is helping goes a long way to retaining talent.
Millennials are a talented part of the workforce. Be sure to consider offering these benefits to find and keep the fantastic millennial workers you hire.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.