Millennials or “Generation Y” represent an increasing share of the workforce, expecting to exceed a third by 2020¹
This younger demographic (typically defined as anyone born between 1980-2000) requires targeted employee benefits. Most Millennials know they are likely to work longer than the generations before them (Generation X and Baby Boomers) with different motivations. So does your company’s offering hit the mark?
1. Flexible working
Advances in technology mean many jobs can now be performed from anywhere with Wi-Fi. In a 2017 survey of 8,000 Millennials representing 30 countries, 64% say their employers have adopted flexible location arrangements, allowing them to work from home, the office or elsewhere². This goes some way to fulfil the 75% of Millennials who said they want more opportunities to work remotely³.
Millennials experiencing high flexibility report greater productivity, personal wellbeing and health. Such agile working practices not only benefit the employee, but are connected to higher employee retention and loyalty for the employer². This is especially important for the Millennial generation who can have less desire to find a ‘job for life’.
2. Development and progression
Development within an organisation can satisfy younger appetites for new opportunities without them having to go elsewhere. Research shows that companies providing support for those wishing to take on leadership positions are more likely to stay with that company for more than 5 years³.
Mentoring is one way to engage young people, showing that you are invested in their future. The Millennial isn’t the only one who benefits. The mentor, likely to be from Generation X or Baby Boomers, may profit from a broadened understanding of a younger perspective.
3. Holiday and travel
When looking at how Millennials differ in what they expect from employee benefits, it’s important to consider why Millennials work.
Unlike the two generations which proceed them, 70% of Millennials say the desire to travel is their principal reason for work. This is second only to paying for basic necessities (the main reason for 88%)⁴. It’s no surprise then why 86% of Millennials prioritise holidays/time off in their top five priorities when looking for a job¹.
Employers would do well to help enable Millennials with their travels – whether that’s through encouraging agile working patterns, flexible location or offering bonus holiday days.
4. Lifestyle perks
Tangible benefits, which can save you money regularly and almost immediately, offer another route to appealing to the Millennial audience.
For example, LifeWorks offers employees a seamless and easy-to-use experience to save money. The app provides discounts and cashback on over 1,000 online retailers, over 8,000 UK restaurants and a wide range of cinema chains. This is deally suited to a demographic well used to shopping around online for the best deals.
Millennials have been brought up surrounded by messages of the importance of health and wellbeing and expect similar support from their employer. Gym membership discounts are an easy way to manage both physical and mental wellbeing. Education on managing and recognising stress, anxiety or depression is also likely to show your business in a positive light.
Communication to Millennials is key
Not so much a benefit by itself, but communicating and educating Millennials on their benefits is vital Studies show younger people are less informed about their workplace benefits than other demographics⁵.
¹ Manpower Group (2016). Millennial Careers: 2020 Vision. Page 3, 8
⁵ SHRM. (2016). Millennials in the Dark about their Benefits
⁴ FlexJobs. (2016). Millennials More Interested in Travel, Work Flexibility than Gen X, Baby Boomers
³ Deloitte (2016). The 2016 Deloitte Millennial Survey. Page 22, 7
² Deloitte (2017). The 2017 Deloitte Millennial Survey. Page 20, 21