Guest post by Corey Doane
The workplace is ever-changing, and millennials are taking the job scene by storm. According to the Pew Research Center, millennials currently account for the largest percentage (35%) of the U.S. workforce and are expected to make up over 50% by 2020 and 75% of 2025.
With the unemployment rate creeping lower, millennials are in high demand. Many companies are trying to stand out from their competitors by stepping up efforts to recruit and retain this demographic, which is generally defined as young adults being born between 1981 and 1996 (ages 23 to 38 in 2019).
Unlike their predecessor generations, millennials are more likely to leave their job if they are not happy with some aspect of their employment. The average tenure of a millennial employee is reported by the Bureau of Labor Statistics to be approximately three years. In comparison, baby boomers have an average job tenure of 10 years.
Millennials want more than the bare minimum when it comes to employee benefits and are attracted to the overall company culture and perks. Employers are working hard to outduel their competitors by recruiting and, most importantly, retaining millennials by catering to their expectations and providing the benefits they want.
Here are 7 perks and benefits to keep millennials engaged and excited about their work.
Unique Benefits to Attract Millennials
- Unlimited Paid Time Off
More companies are starting to offer unlimited paid time off, allowing employees to take off as much time as they please. While the concept of this benefit may have employers worried that their employees will abuse this privilege, the opposite has been found to be true, with unlimited time off resulting in increased productivity. By placing that trust in your employees to manage their time and workload, they are more motivated to complete their work before taking time off. A good employee who genuinely likes being at work will assure that this benefit will not be abused.
- Work Remotely
Remote work or work from home days is a trend that many companies have recently been testing out. Who wouldn’t love being able to take a day to work in your pajamas or at your favorite coffee shop? While some jobs require time in the office, there are instances where your work can be done remotely. Working from home promotes a better work-life balance and can help relieve stress, anxiety, and work burnout.
- Casual Dress Code
There’s a time and a place for professional attire, and in today’s workplace, it’s just not looked at as it once was. Many companies are promoting a more comfortable and relaxed work environment by implementing a casual dress code. Not only does this promote a comfortable work environment, it’s also an opportunity for your employees to have the freedom to dress as they please. This ties back to that trust the employer is building with their employees. Happy employees show up and perform better than those that dread coming into work.
Sacha Ferrandi, founder and principal of Source Capital Funding and Texas Hard Money says, “Unless my team is scheduled to meet with a client, they have free reign to dress how they want. I want my employees to feel comfortable, and if they’re getting their work done and performing well, what they’re wearing isn’t something I’m worried about.”
- Flexible Work Hours
Millennials want more control over their time and work schedule and flexible work hours promote a healthier work-life balance, something millennials value deeply. If they are doing the work and producing the same results, when they work isn’t as much of a factor. Employers should focus on results and allow employees these flexible work hours. For example, if employees have children, they can adjust their schedules to be able to take the kids to school. For those employees attending school in addition to work, flexible hours can help them manage both.
- Opportunity for Growth
Professional development and opportunities to grow personally and professionally within the workplace is something all millennials strive for. Employees are more motivated, and their performance is stronger when they know there are opportunities for advancement. Employers should offer mentoring, leadership development and training opportunities to demonstrate a commitment to employees’ growth and keep them committed to their jobs.
Jason Yau, VP of E-Commerce & GM of Canvas People says, “I want my employees to want to strive for more. I want them to feel motivated in their place of work and know that they have the capability to be in an environment where professional development is encouraged.”
- Free Food and Snacks
Everyone loves free stuff, especially food. Providing free snacks and/or lunches to your employees helps raise energy throughout the day and acts as the perfect pick me up during a busy workday. Provide healthy options for your employees in order to promote a healthy and productive work environment.
- Company Social Events
Millennials love the social aspect of a job, and company social events and activities can boost employee morale and help employees feel valued. When employees feel wanted, they develop a more positive attitude towards their employer, their job and their colleagues. They are more engaged and have a stronger work ethic when they have fun activities to look forward to. Not only is this a fun way to connect with your employees, but social activities also allow employees the ability to unwind from work stress. Examples of events or activities could include happy hours, companywide trips, bowling, scavenger hunts, holiday parties, etc.
Millennials continue to take over the workforce, forever changing the way employers look at the work environment. While the job market is competitive, companies providing millennials with these benefits will continue to attract highly motivated talent. Millennials are looking for more than just a job – they are looking for a long-lasting, meaningful career.
About the author: Corey Doane is a contributing editor for 365 business tips. She has a B.S in Public Relations from San Jose State University and has experience in PR, marketing and communications.