The Millennial generation is estimated to account for more than 40 percent of the American workforce by 2020, is your business ready to attract these tech-savvy and innovative employees?
Many experts believe that, in order to appeal to and retain Millennials (those born between 1982 – 2002), companies need to give them the very best benefits and options. In addition to having a boss that is more of a mentor, flexible work hours and a collaborative work environment, this young generation expects optional but highly valued offerings that improve their quality of life both during and outside of work hours, including:
Affordable dental and vision benefits
Although most 19- to 40-year-olds have good vision and dental habits, having this benefit available means more reassurance in case of emergency (i.e. cracked tooth). Plus, with 50-90 percent of workers staring at a computer screen all day, knowing they can afford a good pair of glasses or a year supply of contacts, prevent future migraines and ultimately perform better at work adds to the attractiveness of specialty health plans.
Incentive-based corporate wellness programs
More than 50 percent of surveyed Millennials already have a health or fitness tracker of some sort that they use to monitor their physical activity and wellbeing. Utilizing the technology already associated with this generation can benefit both the employee and company. Providing rewards for reaching health goals would motivate roughly 64 percent of the workforce. For example, during the Annual SHRM Conference, where hundreds of human resources professionals collaborate on ways to improve company morale, contests like the TV show “The Biggest Loser” were found to be inspiring and effective ways to incorporate wellness programs with employees, especially with such incentives as extra vacation days or cash rewards for reaching milestones.
Supporting the local community either through volunteer hours, fundraising, 5k run/walks and more is often overlooked by many companies, but the Millennial workforce thinks this is one thing that should never be put on the back burner. In fact, 71 percent want to work for a company that encourages some sort of global or community social responsibility. Many companies are now scheduling a volunteer day for the whole office to participate in together or giving employees an extra day off each year to dedicate towards their own volunteer activity.
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