There are more millennials in the workplace than ever before.
According to Pew Research, Millennials currently make up 35 percent of the workforce. By 2025, they’re expected to account for 75 percent of workers. Why does this matter? Because they’re demanding more benefits and more flexibility than workers ever have before.
Why Millennials in the Workplace Matter
The millennials are doing for the workforce what baby boomers did back in the 1980s. They’re redefining what it means to take home a paycheck. They’re also demanding workplaces fit their lifestyles — not the other way around.
Gone are the days when your employees stay at their jobs for 20-plus years because ‘it looks good on your resume.’ These days, it’s extremely common to move from company to company. The kicker? Some companies consider fast movers an asset — not a liability.
That means you need to work even harder to keep twenty-and-thirty-somethings at your company (and keep your overturn low).
One way millennials in the workplace are changing the game is through office design aesthetics. They understand how important a role environment plays in job satisfaction. Those outdated carpets? The drab cubicles? Fluorescent lighting? Forget about it.
The number one benefits millennials are inquiring about at an office? Flexibility. This could mean flexibility regarding hours, location and paid time off.
When “The Four-Hour Workweek” hit bookstores in 2007, most people thought author Tim Ferriss was crazy for encouraging readers to ask their bosses for the freedom to work from home.
Now, it’s the norm.
If you want to attract millennials in the workplace, you’ll need to consider offering project-based workloads. Meaning, your employees are reviewed based on the quality and timeliness of their work. Not their total hours clocked.
This is good news for companies, though. Research shows that the quality of work actually improves when employees have greater flexibility in their work environments. Another factor that matters? Job satisfaction.
Women make up more than half of the total U.S. workforce. And we’re getting even savvier about asking for what we want these days.
Female millennials want three things:
- Great maternity leave packages
- Women’s health and self-care benefits
- Proof of equal pay to male counterparts
Offering these types of benefits will increase female leadership in your company.
Student Loan Repayment
It doesn’t matter how much you pay your employees; if they are struggling to pay off crippling student debt, they can’t be successful and productive beings.
Millennials understand the value of their educations. They know that said educations benefit you as an employer as much as they benefit the graduate.
Offering some kind of student loan repayment assistance is one of the top benefits millennials look for when considering offers from potential employers.
Different Insurance Benefits
In addition to better insurance, millennials in the workplace are looking for different types of benefits.
One of the hottest benefits that’ll get you noticed by millennials? Pet benefits, including insurance and pet-friendly offices.
Yes, that’s right: millennials are opting out of having kids in their 20s and adopting fur babies instead.
They want to spend as much time as possible with their pets, and they want benefits to keep pups happy and safe. That includes insurance, dog-walking services and in-office pet care.
If you’re ever in doubt, simply ask your millennial employees what matters most to them. Not only will you gain valuable insight, but you’ll realize one thing that all generations have in common: we all simply want to feel heard.