Can Your Employee Benefits Package Attract Top Millennial Workers?
Every entrepreneur you ask will always say the same thing when it comes to succeed as a startup: “It’s about the team, not the idea.” The people that are helping you move forward are the ones that are going to change the trajectory of your company. And Millennials could be the key to unlocking your potential.
“Getting the right people to innovate and grow the business is more important in achieving overall goals than any other part of a business plan,” writes Colin Day, CEO of ICIMS, writing in Entrepreneur.com.
A business model that keeps this bit of advice holy will be much more likely to succeed in the end. Creating a competitive employee benefits plan that attracts top talent in the huge Millennial workforce, though, starts with understanding what they really want at work.
How Millennials Are Redefining the Benefits Landscape
Making up at least a third of the workforce, Millennials are having a massive impact on company culture and recruiting practices. Overall, they are far less impressed by the kind of benefits package that the Baby Boomers insisted on, like health care, 401(k)s and other benefits. They’re now taken for granted as a given in a good benefits package.
According to a recent PriceWaterhouse report, health insurance ranks fourth overall in importance to the average Millennial. The same report found that opportunity for career progression was actually the most important desire of Millennials, followed by competitive wages.
Brand image has also been found to greatly influence Millennials’ desire to work for a particular company. This age group is often concerned with social justice causes and personal integrity. When a company is perceived to be misaligned with their values, it can really suffer when it comes to attracting the younger, social aware worker.
To stay competitive, your plan – and your company culture – must offer something beyond the norm.
Attracting the Millennial Worker: Some Key Considerations
If health care, pensions, and other traditional benefits don’t offer that competitive edge, what does? According to Liz Taurasi, an HR professional, one of the top draws is a holistic approach to wellness.
“Employees today are expecting something more than a gym in the basement and a ‘Thanks for Not Smoking.’ They’re looking for holistic wellness initiatives that include stress management, yoga classes, wearables, gamification, dietary consultations, mental health supports and more a la carte options,” wrote Taurasi in Care@work.
They want choices, options, and tangible lifestyle solutions that keep them in control. And if you want to compete, you’re going to have to provide them.
Creative Ways to Bump Your Benefits Package
Fortunately, there are many ways that companies can offer these types of holistic benefits, without radically overhauling existing benefits package or damaging the bottom line. Check out these easy-to-implement ideas below:
Offer Nutritional Support
You don’t have to go as far as Google and other tech companies – with their gourmet onsite cafeterias – to improve your company’s wellness initiatives. Skip the pizza lunches or the tray of donuts at the morning meeting. Instead, provide healthy snacks throughout the day with an office snack delivery service like SnackNation. You’ll keep your team happy, productive and a whole lot healthier.
Foster a Low-Stress Environment
While some stress at the office is probably inevitable, there are a number of ways to reduce stress or at least manage its manifestation. Try giving more vacation days or flex-time, or designating a fun or relaxing area for staff on-site to lighten the mood. Incorporating calming design and décor elements can help, too. Let workers decorate their own spaces in whatever way makes them happy. Lead by example and your company culture will flourish.
Create a Quiet Room
Offering a quiet space for yoga or meditation helps your team escape the pressures of the work day. Studies show that meditation, yoga, and similar practices not only create a calmer atmosphere, but they also boost productivity. Yoga can easily be implemented at the desk as needed. Office yoga can help deal with “tech-neck” and all the other aches and pains associated with the work environment. Standing thigh stretches, chair yoga, and shoulder stretches can all help greatly and are welcome elements in the Millennial’s ideal workplace.