Want to recruit millennials? Offer these benefits
Attracting millennials is one of the challenges faced by many businesses in recent years. According to Gallup,
One of the keys to convincing talented millennials to take a job with you (and then stick around) is offering a benefits package that is competitive within the industry. In some cases, the benefits you offer might even be just as important as the salary. For employers who want to impress millennial workers with your company, here are five benefits to consider.
1. Health insurance
Healthcare is the most important benefit to millennials, according to a survey from Fit Small Business, a publication for small businesses. A good healthcare plan can go a long way toward attracting millennial talent. It’s even possible to earn bonus points with an on-site health clinic. With healthcare costs on the rise, an increasing number of employers offer on-site health clinics that offer basic preventive and primary care.
Debt-ridden millennials are worried about going to the doctor. Data finds that that 27% of millennials don’t go to the doctor because they want to avoid the costs, and 50% have received a medical bill that they had not budgeted for. Provide a good health plan and an on-site health clinic, and employers can help solve a concern of millennial workers.
2. Student loan repayment assistance
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Though a growing number of employers offer student loan repayment assistance, it’s still not widely available. If your company can jump in ahead of the curve and offer a student loan repayment benefit, you could gain an advantage in recruiting and retaining talented millennials. Providing an employer sponsored student debt relief service is a great way to attract top talent and ease the stress of paying of those student debts.
3. Flexible work schedules
Where possible, according to
While other generations placed greater value on career development and pay, millennials are more interested in flexibility and work-life balance. A Fidelity study found that millennials are willing to take a $7,600 annual pay cut for a better quality of work life. That includes flexibility.
4. Retirement funding
Data indicates that
5. Sense of purpose
Review your company’s mission and values. Do you offer something your workers can believe in, beyond helping you achieve greater profits?
It might seem a little strange to consider your company’s mission a benefit you can offer potential employees. However, millennials are looking for more than just a paycheck. Craft a benefits package that addresses their individual challenges and interest in meaningful work, and you are more likely to attract millennials that have talent and are willing to remain loyal.