Millennials recently surpassed baby boomers to become the largest segment of the U.S. population and workforce, making it more important than ever for companies to tailor their office culture and benefits to align with their needs. In order to attract and retain the best talent, companies must understand what millennials really value in a job.
Millennials today are looking for different kinds of job perks than the ones their bosses likely had when they began working, and they have been very vocal about what they want. They are advocating for benefits that allow them to grow their skills quickly and maintain a healthy work-life balance. As a result, many companies are making changes to their benefits offerings to meet the expectations of millennials.
Employers also must heed the demands of millennials because of today’s candidate-driven job market. Since the economy has recovered from the Great Recession, more companies are hiring again, and job seekers now have the opportunity to be more selective about the offers they take and the organizations they choose to work for. The best candidates understand this and will simply take their skills elsewhere if they feel their needs aren’t being met or if the organization is not offering the benefits they want.
On the surface, it may seem like “fun” perks like office kegs and game rooms are the things that younger employees are seeking. However, these are not the types of company benefits that will serve as the deciding factors for a candidate when choosing between two job offers. A few more sought-after benefits have started to gain popularity at companies.
Parental Leave
One of the benefits that has seen significant growth over the last few years is paid parental leave for both parents. High-profile companies, including Twitter and Coca Cola, have expanded their parental leave policies to be inclusive of all parents. This new benefit will continue to be adopted as more companies look to demonstrate their commitment to the well-being of the entire family unit.
Unlimited PTO
A growing number of companies are implementing unlimited vacation policies. Many millennials want to have autonomy over their work and can start to become discouraged or disengaged if they feel like they are being micromanaged. Having an unlimited PTO policy demonstrates to employees that the company leadership trusts them to manage their own workload and take vacation when appropriate without hurting their own work or their team.
Paid Training Programs
According to a study by The Execu|Search Group, employees have reported that the opportunity for professional development is their #1 priority when deciding whether to accept a job offer, and many companies are responding to this demand by implementing paid professional development and training programs. These may take the form of a coding class or a more structured management program, but in any case, companies should consider offering ways for their employees to develop their skills if they want them to stick around for the long haul.
Student Loan Forgiveness
Finally, given the overwhelming amount of student debt in the U.S. currently, many millennials are looking for companies that will offer student loan forgiveness. Companies like Fidelity and PwC are at the forefront of offering assistance to their employees in paying back their student loans. As the amount of student loan debt continues to increase, more companies are likely to offer financial assistance to their employees.
