The business world is changing as the Millennial generation takes the stage. Nearly every industry has witnessed a surge in young talent that brings new, innovative ideas to the table. These workers are introspective, tech-savvy, and more connected to the world, but they also tend to look beyond salary when considering compensation, placing greater emphasis on company culture, personal development, and attractive benefits. In many cases, they’ll take a position that offers better perks and opportunities, even if it means accepting a lower pay grade.
If you’re having a hard time recruiting Millennial employees, it may be time to broaden and contemporize your range of benefits. It’s all about enticing top talent with premier packages to prove you are the best employer to work for. Here are 13 benefits that can help incentivize young entrepreneurs to join your team.
- Unlimited Vacation
These days, more and more employers are offering a flexible or “unlimited” vacation policy. It’s not truly unlimited; the idea is that workers are free to take as much time off as they like, pending that they can still get the job done. This motivates them to put in the hard work and produce fast results, rather than simply putting in the hours. Taking time off here and there helps to prevent burnout, allowing re-energized employees to return to their roles with renewed focus. Many states require employers to pay out employees for their unused vacation time accumulated, so this strategy may be able to save you some money while strengthening your recruitment efforts.
- Flexible Hours
Millennial workers feel less indebted to their employers than previous generations. They’re more interested in working for a company that cares about them as an individual rather than just a cog in the machine. By accommodating a flexible work schedule, it shows that you’re mindful of their duties outside of work, such as picking up their kid from school or attending college classes at night. Plus, some people work better at certain parts of the day than others. Rather than forcing everyone to work from a standard 9:00-5:00, the early birds can get their worm and the night owls can function with full vivacity.
- Dog-Friendly Office
During COVID, your employees might be working remotely, using video conferencing to collaborate while lounging in their pajamas and hanging out with their furry friend. But when the office does reopen, consider letting Fido tag along. The work environment will become more joyful, and new recruits will appreciate that their companion can stay by their side.
- Break Rooms
Our brains can only intake so much information and output so much work until our attention span needs a break. For some, that might look like a game of Nintendo 64. For others, a quiet nap in a sleep pod. You decide what makes the most sense for your team, but designate a space where workers can go to recharge their batteries. You may be impressed by the ROI on workplace wellness!
- Stocked Kitchen
It doesn’t cost much to stock up with snacks and goodies at the grocery store once a week, but it can have a tremendous effect on workplace satisfaction! Remember to be mindful of dietary restrictions in order to cater to the increasing number of Millennials who are vegan and/or gluten-free.
- Keg on Tap
Attracting young workers with a keg in the office is one of the top-trending recruitment strategies in recent years. It helps establish a “work hard, play hard” company culture that understands everyone needs to take the edge off once and awhile. Be mindful not to overhype the libations, though; you don’t want to inadvertently create a hiring bias and scare off talented applicants who prefer to steer clear of beer.
- Catered Lunch
Is it in your budget to cater lunch for the office once a week? If so, getting the team together around some cold cuts, fresh tacos, or hot pizza could offer an attractive perk to job applicants that value comradery and community in the workplace. They might be willing to accept a lower salary by factoring how much money they can save on lunches!
- Team-Building Events
Whether you all go to happy hour, laser tag, bowling, or the arcade, try to sponsor a team-building event at least once a month. It’ll boost employee morale and position you as a fun boss to work for, who knows there’s more to life than just working around the clock. While COVID-19 is still a concern for many companies, consider hosting team-building events virtually with a video conferencing tool.
- Company Vacation
This might be a stretch for larger organizations, but if your company is small, talk to an event planner and see about organizing a company vacation. Seeing the mention of an annual trip listed in the job description is sure to capture the interest of any recruit.
- Ongoing Education
Millennials are invested in personal development and want to know that their employer is, too. Some folks well into their 20’s, as successful as they may be, still don’t know what a will and trust are, let alone the best investment strategies to grow their net worth. Encourage them to take online classes that appeal to them personally and professionally on your dollar, so that they know you care about their long-term success.
- Rewarded Success
Speaking of success, employees who work hard and produce results hope to be rewarded for their extra effort. Depending on your line of work, you might offer commissions, bonuses, or sign-on packages. If it’s not within your budget, written and verbal recognition always go a long way. In either circumstance, clearly identify their path to promotion so they know what it takes to climb up the ladder.
- Employer-Matched Contributions
Retirement savings plans are standard for salaried employees, but Millennials prefer to work for an employer who will match their contributions. Remember, those dollars are tax-deductible, so it can be a win-win situation for both parties.
- Health Insurance
Last but not least, anyone searching for a full-time role expects medical, dental, and vision insurance to come with the job. Some benefits packages are more attractive than others, with lower deductibles and greater employer coverage, so shop around to find one that shines.
Use these 13 tips to entice young and talented entrepreneurs to join your team. With an innovative crew by your side, your company will be poised for greater success this year and beyond.
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- 13 Benefits that Attract Top Millennial Talent - October 9, 2020
