Which Work Benefits Do Millennials Value Most?

What benefits are important to Millennials?

6 Employee Benefits Millennials Actually Care AboutFinancial wellness and literacy programs.Student loan repayment assistance.Unlimited PTO plans.Flexible work schedules.Opportunities for advancement.Health and wellness benefits..

How do companies attract Millennials?

To recruit and retain millennial employees, highlight benefits like competitive salary, health insurance, professional development, job flexibility, remote work and company culture. Motivate younger employees by creating a clear company vision and emphasizing job flexibility and collaboration.

Are Millennials motivated by money?

But it’s only half the truth. The truth is the youngest generation in the workplace, the Millennials (born 1981-2001), want both meaning and money. … They want meaningful work, and a supportive culture to work in, but they want a well-paying job and career advancement more.

What are the top 10 employee benefits?

10 Most Commonly Offered Employee BenefitsHealth Insurance. This one is a no-brainer. … Life Insurance. Life insurance is common, though not as common as health insurance. … Dental Insurance. … Retirement. … Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) … Paid Vacation and Sick Time. … Paid Holidays. … Paid Medical Leave.More items…•

What employees value more than salary?

Boosting Employee Happiness | 5 Things Employees Value Above Salary#1 – Company Culture and Mission. … #2 – Approachable Leadership. … #3 – Opportunity to Grow in the Workplace. … #4 – Flexibility for Balancing Work and Life. … #5 – Recognition.

What benefits do employees value most?

A new survey conducted by my team at Fractl found that, after health insurance, employees place the highest value on benefits that are relatively low-cost to employers, such as flexible hours, more paid vacation time, and work-from-home options.

What are millennials looking for in life?

Idealistic: Millennials are a largely optimistic group, and they believe that life and work should be worthwhile and have meaning. They want to learn and grow. A full 87% of millennials say professional development or career growth opportunities are very important to them in a job.

What Millennials want in the workplace 2020?

According to a recent survey, these are the top six things Millennials want in the workplace:To be understood by their employer.The opportunity to learn and grow.They want to be highly engaged.They want to make a difference.The authenticity of your company.Flexibility.

Are Millennials loyal to employers?

Study after study show that Millennial workers bring little employer loyalty to their careers, with 60 percent leaving within three years of being hired. … These demands in the workplace fall under the “culture fit” umbrella, which Millennials offer as by far the most common reason given when leaving a company.

What Millennials want in a job?

The 5 Things Millennials Look For In A JobThey value purpose over paychecks. Millennials are more likely to take a job with a lower pay if they believe that this position gives them a sense of meaning. … They want skill development. … They want a coach, not a boss. … Regular feedback is crucial. … Work-Life cohesion.

Why do Millennials struggle at work?

There are many potential reasons as to why millennial work engagement is so low, but there are some of the biggest ones: Unrealistically high expectations of what their day-to-day work lives would be like. Impatience and frustration because they want career advancement in months vs. years.

Why do Millennials quit jobs?

Only 28% of respondents said they would remain with their employer for at least five years. The top reasons cited to leave their current job unsurprisingly include unhappiness with compensation, lack of career advancement and lack of professional development opportunities, among others.

What Millennials are worth in the workplace?

Millennials seek a company culture that values collaboration, innovation, and an investment in professional development and the employee experience.

What do Millennials need to consider to get the compensation and benefits package they want?

Consider the following tips on how to design compensation and benefits for millennials.Workforce challenge. … Engaging employees. … Preferred benefits: Health coverage and assistance with student loans. … Work-life balance. … Financial well-being. … Authentic benefits communication.

Do employee benefits really matter?

Offering benefits to your employees is important because it shows them you are invested in not only their overall health, but their future. A solid employee benefits package can help to attract and retain talent. Benefits can help you differentiate your business from competitors.