Recent strides have been made to assess what employee benefits and employee engagement suit different generations - Power2Motivate has four you need for satisfied millennials.
An increasing amount of resources have been devoted to researching the different kinds of benefits that various generations of workers want in the workplace. Indeed, nearly 60 per cent of companies are taking greater measures to gather data on this, according to MetLife. In response to these results, there has been a more concerted effort to target employee benefit programs to the personal taste of the individual, or to their generational demographic.
Millennial workers carry a reputation for being demanding of their work-life balance and requiring exotic staff membership benefits in order to quell their career wanderlust. However, recent research suggests that these views may be askew. Power2Motivate Australia are experts in providing employee benefit programs that truly suit your business and employees - so we have compiled four of the employee benefits you need for satisfied millennials.
Reputations for demands like in-house cafes proceed millennials - but research indicates that their employee benefits expectations are not as exotic as we believe.
1. Health Insurance
Beyond the extravagance of their demanding reputations, the majority of research points to a comprehensive health insurance package as a highly valuable staff benefit for millennials. Fit Small Business highlights the fact that 34 per cent of millennials selected it as the most sought-after staff benefit. A good package with a healthcare provider can go a long way to keeping millennials satisfied with your employee benefits, while an on-site health clinic would be one step better.
2. Student loan repayment assistance
Vast numbers of millennials are leaving tertiary education with thousands of dollars of student debt, and worries about responsibly paying this off are high on the list of issues for millennial workers. Offering a employee benefit program that helps students repay their loans will go a long way to not only relieving this personal stress on your millennial employees, but will also endear your business to them as an organisation that cares.
3. Flexible work schedules
While often decried as a perceived lack of work ethic in millennials, the opportunity to work flexible hours, remotely or via correspondence is increasingly important to workers of all generations as we move into the digital age. Being able to dictate their own hours, be that with earlier starts, later finishes, or through working from home days, will give millennials an autonomy that they will appreciate down the track.
Flexible working hours are an important employee benefit in keeping millennials satisfied.
4. Employee benefits programs
With all of these factors considered, another solution is non-monetary rewards benefits. With regular frequency, employees can see that you are recognising their efforts and celebrating their achievements. A PwC report indicates that 41 per cent of millennials prefer to be rewarded or recognised for their work at least monthly - by using Power2Motivate's employee benefits programs, employees feel in control of their perks and therefore their positive output for your business.
Offering customisable staff member benefits is also a good solution to keeping millennials satisfied - 60 per cent of younger workers express strong preference to shop for benefits at the workplace, according to MetLife.
60 per cent of millennials prefer to shop for their own benefits at the workplace, according to MetLife.
Your employees' interactions with their employee benefits program is all monitored online, with an interactive online platform lodging benefit points that employees can spend in our fantastic Rewards Gallery. Choosing from any of hundreds of exclusive items, there is something to satisfy all of your millennial workers.
For those who want to travel, flight and accommodation discounts prove a great incentive to prolong their career with your company. Others may be more interested in our huge entertainment library for their down time. Letting them choose a staff benefit that suits them is key to better workplace engagement and millennial satisfaction.
Employee benefit programs that work
Millennials are the immediate future of the workforce, so prioritising customisable staff employee programs that suit them is key to retaining your top talent,. For more information on Power2Motivate Australia's portfolio of staff member benefit programs, contact our team today.