There's no doubt about it — millennials employees are different. Having grown up seeing their parents laid off from companies where they have worked all of their lives, most millennials no longer expect loyalty from or to any employer. Today, millennials are looking for something different; 94 percent of them say that nontraditional benefits make potential employers more attractive, while 64 percent of millennials care more about the benefits they receive compared to only 51 percent of baby boomers. Here's what you can do to keep millennials loyal to your company.
In short, millennial employees want it all. They are looking for a meaningful, rewarding job with a supportive corporate culture, but refuse to trade their personal time and values to achieve career success. While a low salary may keep millennials from taking a position, simply paying them more will not attract new employees or keep the ones you already have from leaving.
When it comes down to it, millennials want perks which make their lives better. Craft beer on tap, small-batch roasted cappuccinos, and an office masseuse are nice bonuses, but millennials are after benefits which make them feel more secure while giving them more control over their lives. Perks such as working from home, flextime, extended vacations and comprehensive health insurance are far more likely to interest them.
The future of your business depends on hiring and retaining the best employees. This means attracting millennials and providing them with enough incentives for them to stay. While smaller businesses may not be able to offer the same expensive benefits corporations provide, they do have an advantage when it comes to flexibility. These five perks are affordable for most businesses, and millennials love them:
A health and fitness perks. Health is a priority for most millennials. That is why offering these types of benefits are so attractive. Providing memberships for your employees at a local gym is relatively inexpensive and can even improve productivity. You may also offer healthy outings for your team.
More control of their work schedule. For most millennials, the nine to five, Monday through Friday office grind is not attractive. If it is possible, think about offering flextime and the ability for employees to work off-site. This arrangement benefits not only employees but can lower your business' fixed expenses like rent.
Mentorships. A company mentoring program provides younger employees something they crave the most in a job — the chance to connect, form relationships and learn. Mentoring also helps businesses by providing an opportunity to instill corporate culture and shape employees.
Simple perks. Sometimes simple things mean the most. Providing free coffee for employees is an easy way to keep them motivated in the morning. A trend that is currently sweeping workplaces are standing desks. As millennials are caring more about their health, standing desks are a healthy alternative to sitting all day. Giving them the option to sit or stand shows that you are invested in their health as well.
Appreciation. In the end, millennials want to feel they are appreciated. Finding ways to show appreciation to these employees can go a long way in keeping them around.
Do you need help to find ways of showing your appreciation to employees? At GLS Group, Inc., we offer a wide range of branded merchandise for recognition award programs, incentive programs, and awards. Call us at 800-955-9435 to speak with a customer representative.