In today’s world, more employees would prefer new or additional benefits over a pay raise, according to Glassdoor’s Quarter 3 2015 Employment Confidence Survey.
Millennials especially accept a job based on benefits, but they’re looking for more than a strong health insurance plan and vacation time. As they’ve now surpassed Generation X as the largest generation in the U.S. workforce, millennials certainly hold a lot of weight when it comes to workplace operations.
We’ve compiled a list of the top benefits millennials are looking for when searching for a job- and benefits they wish they had at their current one.
The 9-to-5 work day is slowly becoming a tradition of the past as employees are seeking higher work-life balance. How important is flexibility to the modern office worker?
A recent survey found that 34% of millennial respondents quit their jobs as a result of limited to no work flexibility, and 14% have considered doing so. In addition to, 24% are seeking a new job due to work flexibility issues, while 35% of millennial respondents would be willing to take a 10 to 20% pay cut in exchange for telecommuting options. Those are some serious statistics.
Student Loan Repayment
As college tuition has increased, so has student loan debt. Overall, there is $1.44 trillion in total student loan debt, with $37,172 being the average share of class of 2016 graduates- up 6% from 2015.
A total of 44.2 million Americans are paying back student loan debt at a median monthly payment of $203 for borrowers between the ages of 20 and 30 years. If those numbers aren’t staggering, 11.2% is the student loan delinquency rate, and that’s just for 90+ days of being delinquent or in default.
This unsustainable system has led to student loan repayment becoming a hot benefit some early Gen X’ers just barely remember having themselves.
As a college degree is a prerequisite to obtaining most jobs on the market, it only makes sense that employers make a small contribution to keep their companies competitive.
Career and Personal Development
According to the Harvard Business Review, 71% of millennials are not engaged or actively disengaged at work, which is why they’re not likely to celebrate a 40th anniversary with an employer as previous generations are.
Millennials tend to jump from job to job due to disinterest, which is why they seek opportunities with room for growth and development.
Corporate Catered Lunch
Millennials value health and are known to spend more on health and fitness than any other generation. Along with exercising more, using fitness apps, and setting goals, millennials try to eat healthy whenever they can.
Along with healthy options, millennials want food with ethics, including locally grown and Fair Trade options. Being a generation that’s rush, rush, rush, however, they tend to ashamedly resort to fast food options. Offering employees corporate catered lunch from an ethical company gives them a quick option that’s also healthy. This benefit also reaps rewards for employers.
It’s no mystery why job dissatisfaction is the number one reason for employee turnover in a company, but to lower turnover, millennials want competitive benefits that differ from the traditional package.