In today’s society, millennials have become a dominant force in the workforce. Many people argue that they are lazy and entitled, but some believe that they are changing how work is done.
Compared to contrary belief, millennials aren’t lazy or entitled. On the contrary, they work more hours when compared to those that come before them. In the United States, they spend 45 hours working, five hours higher than the average. This means that they also get stressed a lot more.
Managing your millennial workers to retain them can be pretty challenging. But knowing what they want means that you’re armed to make the necessary policies for your company. Here’s what the millennial workforce wants from employers.
Though they might be stereotyped as being job-hoppers, millennials stay at jobs for an average of 2.5 years. But to keep them around longer, you need to offer competitive benefits.
More and more companies offer things like unlimited vacation time, gym memberships, and catered lunches. So let’s do a run-down of the benefits millennials would enjoy, aside from the mandatory ones like health insurance and 401k.
A recent study by MetLife showed that most millennials see dental insurance as necessary. This is because most of them understand the importance of oral health. Moreover, they’re asking for dental insurance policies to cover essential cosmetic dental surgeries such as implants. This can give them the best dental health without breaking the bank.
Many millennials also believe that vision insurance is essential to them. This could be because of the high percentage of millennials using glasses and their exposure to various technologies like computers and smartphones, which can affect their sight. They consider this a work hazard.
According to a study by Harvard, most millennials say that parental leave is important to them. This is crucial for any generation and must be in every company.
Millennials want to feel like they’re making a difference in the world. They want to feel like their work matters. Employers can give them this feeling of purpose by giving them more responsibility. This could be in more challenging tasks or being put in a leadership position.
Alongside this rise is responsibility should be appropriate benefits that come alongside it. For example, when promoting a millennial to an executive position, it’s good that they have a small share of the company. This should incentivize them to work harder than before.
One of the benefits that millennials are asking for is the opportunity to telecommute. This means that they can work from home, which can be an excellent option for younger parents. It can also be great for people who have a long commute.
There are many companies that are starting to offer this benefit, and it’s something that’s crucial during the pandemic. Think about it, telecommuting can decrease the chance of infection in your office. Moreover, it can increase flexibility in your employees’ work schedules.
It’s a worthwhile choice, especially if you want to grow your company.
This is another important benefit that millennials are looking for. In order to keep up with the changing times, they know that they need to continue their education. And this isn’t just limited to their undergraduate degrees. Many of them are also interested in pursuing graduate degrees and certifications.
Employers can help their millennial employees achieve their educational goals by offering tuition reimbursement programs. This could be in the form of a certain amount of money per semester or a percentage of the cost of tuition. It’s an important investment for both the employee and the employer.
Having a gym in the office is another great way to keep millennials happy and healthy. It’s been shown that having a gym in the office can decrease stress levels, improve productivity, and increase morale.
Millennials are known for being health-conscious, so a gym in the office is a no-brainer. Plus, it’s a great way to promote team-building.
Reward and Recognition Programs
Lastly, millennials want reward and recognition programs from their employers. They want to feel appreciated for their work. These programs could be in the form of a points system, where employees can earn rewards for reaching certain milestones.
Employers can also recognize employees with certificates, plaques, or even shout-outs on social media.
There are many benefits that millennials are asking for, and it’s important for employers to listen. By giving them what they want, employers can create a happy and productive work environment. And who knows, maybe some of these benefits will be beneficial to older generations as well.