How to Attract and Retain Millennial Employees with Benefits
Millennials command a significant portion of the job market and account for about half of the existing workforce. As a result, their desires for the workplace garner a good deal of attention from job recruiters and employers. Unlike previous generations, millennials have no problem looking for a new job with 75% of them reporting they are open to new opportunities. If your Florida business is experiencing high turnover, it may be time to look at your benefits packages.
Why Millennials Leave their Jobs
Understanding what pushes millennials out of the door can help employers reduce employee turnover. The most common reasons millennials begin searching for a new job include:
- The desire for a new role
- Better perks and benefits
- Unhappy with their career options
While employers may not be able to do much about shifting career paths or growth options in the short term, they can take immediate steps to improve their benefits packages.
What Benefits Keep Millennials in the Workplace
Many employers have already begun work on revamping their benefits packages. Some of the biggest changes include:
- Flexible work arrangements. Many millennials have young children they need to take to or from school and the traditional nine to five workday can’t accommodate that well. Some may need to come in earlier or arrive later to balance their work and family responsibilities. The ability to work from home at least part of the workweek is also highly appealing to many millennials.
- Better medical coverage. This benefit appeals to all employees; however, many millennials have significant college debt already. Paying high medical premiums can put a strain on their finances and lead them to look for a new job with better medical benefits.
- Student debt assistance. Addressing the student loan problem, many employers offer to chip in to help pay some of millennials’ student debt.
- Pet insurance. Millennials love their pets, but veterinarian costs can often be too high to be realistic. Pet insurance is a popular option to have as it can help millennials handle the cost of keeping their pets healthy. Seeing as millennials account for more than a third of pet owners, they are the target demographic for this benefit.
Keeping pace with employee expectations can be difficult, but cultivating a superior benefits package is worth the effort. Retaining employees to reduce turnover saves businesses a significant amount of money. To learn more about what Florida employees want out of their benefits, contact the experts at MMA Florida.