Millennials most wanted job benefits
We’re in a candidate-driven market, which means that the benefits on offer are more important now, than ever. The Employer no longer has the upper-hand. You need to consider the benefit package you offer if you wish to successfully recruit Millennials.
As well as being a candidate-driven market we have more Millennials entering the workplace. In fact, by 2020 Millennials will make up a third of the adult population! In a recent glassdoor survey 90% said they’d choose benefits over pay.
Below I’ve listed some of the benefits Millennials want when searching for work:
As a lot of Millennials are at the start of their career they want training and development opportunities. Millennials get bored and won’t stick around, because of this it’s important they can progress and learn within their role. This is a win/win, as the candidate will be happy and you’ll be recruiting an ambitious Millennial.
Flexible working hours
Flexible working is being introduced more and more across businesses. Millennials live in a world where they thrive on their individuality and they aren’t as keen with the 9-5 life. By giving them the opportunity to plan their working week it allows them to feel trusted, so, in a world where mental health is becoming a huge focus, it promotes a healthy work-life balance.
More holiday days
Millennials (as well as other generations) enjoy holidays/travelling and adventure, therefore, it’s vital you remain competitive and offer more holiday days, ways to do this can be; reward leave (birthday day off) or allow employees to purchase more holiday days. I know a lot of Millennials who have turned down a role as the holiday days are low or have wished to leave their current job because they want more holiday days.
Think standing desks, modern computers, cool colour schemes – these are the things Millennials deem important when accepting a role. They feel that the way the office looks and feels has an impact on their mental health so making sure your office has nice break out areas, flowers and greenery can make a real difference.
This is a sub-section to the ‘office environment’, the break-out area needs to be fun and engaging. A pool table or a ping-pong table is something a millennial would be excited about. Be sure to list that you have a fun work-space or even list a ping-pong table (if you have one) because this will show you’re modern and exciting. Including sofas and vending machines are also a great way to allow millennials to socialise and millennials enjoy socialising, which brings us to our next point:
Millennials love socialising, so any social events you can offer outside of work will be great to get millennials talking to their co-workers. Millennials are more likely to take part in social events because they don’t have the commitments other generations do; a lot will still live at home, not have children or partners (this isn’t to say ALL millennial’s of course). Social events are a great way to bring everyone in the business together and they don’t have to be expensive, you can play rounders on the field!
Now you know the benefits Millennials are looking for, here are the next steps:
Review your own benefit package
The first thing to do is to look at the benefits you’re currently offering (or not offering). Do any of the benefits above feature in your benefit package? Talk to your employees, speak to potential candidates, ask friends and family in order to find out what benefits they have that they like, what they don’t like and what they want. It’s worth encouraging team leaders to engage with their staff to find out exactly what they want/ don’t want. A questionnaire is a great way to get the information you need, as it is confidential and you’re more likely to get honest feedback.
Check your competitors
According to the glassdoor survey, the highest-rated benefit packages are found within Finance, Tech and Manufacturing. Therefore, if you work in any of these sectors you will need to look at what they’re doing, what benefits they’re offering and consider what you can offer to be more appealing.
Look at reviews
It’s important to look at the reviews of the benefits your competitors are offering, because there is no point in offering a benefit that doesn’t have good reviews, as clearly this isn’t a benefit worth having. You need to be the voice for your employee’s, present the feedback to your management team, present your findings, along with your recommendations.
A great way to engage with your employees and to show you care, without going over budget, is to offer freebies. If you have a small budget or need to make cuts then this is a good way to offer incentives to your staff: free-parking, 5 o’clock finish on a Friday, time off for educational studies, gym membership discounts etc.
Once you have implemented your new benefits in the company it is worth completing a further questionnaire to find out how people feel about them. Be sure to take on any constructive criticism you get as you want to be better than your competitor in order to retain staff and to recruit millennial’s entering the workplace.
Please be in touch with us if you’d like any further information, or if you have a role you’d like advertising – 01452 412999.