Work Benefits That Millennials Truly Value
Companies are offering new benefits to attract the young work force.
Young employees now care about other things besides a 401k and traditional employee benefits. They are looking for an employer who goes above and beyond and who understands that their lifestyle and goals are not the same as they were for older generations, such as baby boomers.
Millennials now make up the majority of the work force, it’s important to know what they are looking for in an employer if you want to attract the best people for your company.
Furry Family Perks
Younger generations are starting a family at an older age, many of them are adopting or buying a pet before having children. Some companies like Mars Petcare are now offering “pet leave” where new pet owners can work from home for the first few days they get a new pet. Other employers offer the option of bringing your pet to the office.
Extended Parental Leave
Millennials value paid parental leave benefits for both parents, regardless of their gender. Companies like DocuSign now offer six months of paid parental leave for both parents. By law, your employer should offer up to 12 weeks of unpaid paternal leave, although this is only available if you have worked for at least 12 months with the company, and if you’re a full-time employee. If you’re eligible for paternal leave and your employer is threatening your job security, contact an employee disputes lawyer to help you. Every parent should be able to enjoy these precious first months with their new child.
Student Loan Repayment Program
New college graduates walk out to the real world with a substantial amount of student loan debt. Most of them are more worried about paying off their student loans than they are about saving for retirement. This is not to say that a retirement plan is not important, but for millennials their immediate worry is to pay off their debts, so they can move on to other important milestones, such as purchasing a home. A 2017 study reports that 45 percent of employees prefer a student loan repayment program over a 401k.
Not being tied up to a 9 to 5 schedule reduces stress related to traffic, being on a strict timeline and it makes it easier for employees to attend doctor appointments or maybe have a quick workout before work. Millennials also value the option of working from home when needed. The number of remote companies and remote workers have increased in the past years. This allows companies to hire the absolute best talent regardless of their location around the world and employees don’t need to relocate or face long commutes.
Generous Paid Time Off
Paid time off is also important, many millennials appreciate a generous paid time off package that allows them to take vacations, visit family, and explore the world. Many startups are offering unlimited PTO in order to attract talented workers. According to a poll by travel booking giant Expedia, millennials are among the age group that travels the most, about 35 days a year. While older generations like Generation X travel the least, as a result of work and family responsibilities.
If you’re a millennial on the job hunt, make sure to compare benefits packages between companies and choose the one that fits best with your lifestyle. Companies are quickly restructuring their benefits to attract the new work force, so don’t be afraid to negotiate more vacation days or maybe a work from home option. Millennials are often described as entitled, but they are just a generation with different goals and obstacles to overcome than older generations. If employers want to keep up with employment trends they’ll need to cater to their needs.