Generation Y is taking over the workforce, and it seems they may want different benefits than those that came before them. Each generation views the workplace differently, and Generations Y and now Z are starting to impact company cultures. To attract and keep them, you’ll need to offer the benefits they’re looking for. Here are four perks the next generation isn’t likely to go without.
According to Forbes, 64% of managers now expect their employees to be available outside of work when needed. Many in the younger generation are willing to accept this, but only if they are given the same flexibility. The ability to work from home and flex their hours as needed is important to this generation who spends as much time planning their free time and family time as they do scheduling work time. The concept of work life balance is more than a buzzword to these young employees, so be prepared to give a little in order to get a little.
The rising cost of healthcare is driving younger employees to worry more about their insurance coverage, especially after they have children. While once considered excellent perks, dental and vision insurances are becoming the standard. Providing them is expensive, however, so many employers are offering these coverages as voluntary benefits or offering to provide less expensive choices such as dental discount plans. Where these benefits come from will be important, with more than half of employees currently reporting that the brand name of their insurance provider matters to them. You should also expect women to demand paid maternity leave in the near future and for some men to request the same.
Higher Starting Salaries
The rising costs of a college degree has put many young workers on edge and made them feel the need to earn more faster. Gone are the days of finding a good job without a college education and then working your way up in the company until retirement. This career model is a thing of the past, and the younger generation knows it. Young workers who have paid for college, graduated at the top of their class and gobbled up internship opportunities expect to be compensated well for the time and effort they invested in just preparing for and getting a job. Many will simply pass on entry level jobs they feel pay too little. Baby boomers were willing to work hard for a payoff later in life. Millennials, however, want to be compensated for working hard now and fear a later payoff may never come due to company closures, downsizing, outsourcing and other common job killers.
While tuition reimbursement programs are an excellent benefit, the next generation is looking for a different type of education. Today’s workers want employers to offer courses and seminars on financial planning, tax preparation and other useful financial information. Millennials are more concerned about shoring up their finances than any other generation. They are also the most in need of a financial education, with many acquiring credit card and student loan debt while failing to plan for retirement or save money for the unexpected. This generation worries about financial security but is quite unsure how to achieve it.
Today’s young workers expect quite a few benefits and perks and weigh them carefully before taking a job. They are willing to work hard in return for these benefits, however, and you can catch some excellent talent for your company if you use the right bait. Asking young employees what they want and paying close attention to their responses will help you take your business into the future.
By: Dennis Hung