Does Your Business Provide the Right Benefits for Millennials?

How will you attract your next team? Benefits for millennials can help you build the best workforce. 

Millennials view work differently from previous generations. Not only are they shaping the way that businesses run and communicate, they’re changing the benefits packages altogether. More than financial security, they crave flexibility. Autonomy is nice, but team collaboration is valued more highly. In short, benefits for millennials are different.

The millennials’ importance is starting to outstrip traditional career benefits like upward mobility and job stability. Businesses should take active steps in working to create an attractive benefits package that will acquire and sustain their next, up-and-coming workforce.

Here are the top benefits that millennials list as important:

Training and development. Millennials don’t expect a chair and a paycheck. More than half state that they expect employers to provide them with real learning opportunities related to their positions. Regular feedback from supervisors and mentors is also highly regarded.

Flexible hours. More than three-quarters of millennials expect to be given a flexible work schedule or the ability to work from home. While employers are trained to think negatively of these options, millennials actually work harder to accomplish their goals while maintaining their work/life balance.

Competitive compensation. Money talks with any age group. Millennials would rather have performance-based compensation rather than a rigid salary structure based on employee longevity.

Socially conscious culture. Sixty percent of millennials cite “a sense of purpose” as part of the reason they work for their employer. Getting your business involved with a local charity or event may do more good than you think

Are you ready to get started on your business insurance that will protect your employees as well as your company? We can help you develop the right benefits for millennials. Contact the professionals at Humble & Davenport, serving Renton in Washington with reliable policies!

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