Flexible Benefits: Why Millennials Favour Choice at Work
Attracting top talent is vital for the success of any company, and there are a number of ways to do so. Some individuals search for a high salary with plenty of vacation days, while others prioritize meaningful work with people they respect. For some, spending time with family is more important than a huge paycheque. As such, the ways to attract candidates are as varied as the
What’s more, millennials now constitute the largest demographic in today’s workforce. While previous generations were accustomed to working a 9 to 5 schedule, this age group favours more flexibility. In fact, many of them prefer this type of schedule to other traditional benefits. As a result, companies need to rethink what a typical workday looks like. That might mean offering a less strict schedule through the week. Some companies are even letting employees create their own schedule, or have a greater input on the way it is made.
In addition, more companies are allowing employees to work remotely. While this type of arrangement is clearly ideal for parents, it is an extremely attractive option to many others for a number of reasons. For one, it frees up an individual’s schedule so that they can spend less time commuting; some employees may even travel while working outside of the office. What’s more, remote work may actually save a company money since these employees aren’t taking up office space.
Flexible Benefits Package
Flexible scheduling and remote work are attractive options for many; however, they won’t entice every individual to choose one role over another. While millennial employees may prefer certain types of benefits more than others, there is no “one size fits all” recipe for what works. For this reason, many employers are implementing a number of benefits that appeal to a wider range of people.
For example, a great majority of millennials in the workforce are strapped with staggering student loans. For these individuals, working from home may be a nice perk but won’t facilitate them with paying down their loans. As such, companies that offer assistance with these payments will appear more attractive. Of course, offering a variety of benefits attracts a much wider and far more diverse hiring pool. Some of these benefits may allow staff to bring their pet into work, take afternoon naps, or even allow them to play ping pong on breaks. Focusing on employee wellness prevents sickness and will reduce employee turnover. All in all, employers that allow staff to select benefits that they find most attractive are clear favourites; people view a flexible benefits package as an additional benefit itself. Moreover, employers that take the time to work directly with individuals to understand their goals are seen as empathetic.