3 ways to 'millennialize' employee benefits
This year, the millennial generation is expected to become the largest living adult generation. Are you ready?
The impact of the millennial population is being felt in the workplace, reshaping many operational areas, including employee benefits. This year, the millennial generation is expected to become the largest living adult generation, overtaking baby boomers. This generational shift is reflected in the demographics of the U.S. workplace, where more than one in three employees (35 percent) are millennials, making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data.
As a result of this shift, companies are finding they need to adapt their employee benefits to attract top millennial talent and to meet the needs of this growing workplace demographic.
Paid time off
One of the ways businesses can reach this demographic is by looking at offering paid time off (PTO) benefits that stand out from other companies. This could be in the form of half-day Fridays that allow employees to leave every other Friday, providing extra time off and promoting the work-life balance millennials value.
Related: 10 best companies for vacation and paid time off
Giving employees their birthday off is another low-cost benefit and a “gift” from the company that can also keep millennial employees happy and engaged.
One of the most appreciated PTO benefits companies can offer is giving employees the holidays off without charging them vacation days. More companies are simply shutting down the week between Christmas and New Year. Giving employees this typically unproductive week off is a great perk, an excellent tool for employee engagement and an effective recruiting aid. It can also be a plus for managers, who don’t have to decide who works during the holidays and who gets it off.
Volunteer time off (VTO) that allows employees PTO to volunteer at charitable causes is a tangible benefit that resonates with millennials. Millennials are attracted to companies that embrace social responsibility, and VTO is a benefit that can help recruit engaged, ambitious and committed employees.
High tech health care
In a split from the generations that came before them, millennials are ditching primary care doctors. Millennial preferences for convenience and tech-based solutions are upending the traditional model of office-based doctor’s appointments in favor of telemedicine.
To keep up with this trend, offering a health care plan that allows them to leverage technology in plan usage is a great draw for millennial workers who want to see a doctor without actually going to the doctor.
Millennials have a different set of expectations than prior generations when it comes to health care, and businesses should ensure the health care plans they offer feature digital components that provide the ease of access and convenience millennials desire.
Wellness
Adapting any benefit program to millennials should include offering programs that support the millennial generation’s strong focus on healthy living and healthy habits. Businesses can tap into this millennial health and wellness priority by offering programs like in-office yoga or wellness hours that allow employees to leave the office early so they can attend fitness classes.
Offering wellness programs like these demonstrate that the company takes an active role in the overall health and well-being of their employees – something that is highly prioritized and valued by the millennial generation.
Millennials are helping to reshape the workplace, and it is critical for employers to understand the priorities and expectations of this demographic in order to offer a combination of benefits that attract and retain top millennial talent. To achieve this, companies will need to “millennialize” their benefit packages by adapting them to include offerings this generation values, including a variety of paid time off options, high tech healthcare, and wellness programs that help support healthy habits.
Read more:
- 3 trends and 4 survival tips for managing millennials in 2019
- What do millennials think about benefits? I asked them
- 3 ways millennials and Gen Z will put pressure on benefit costs