Share this
Millennials account for a substantial part of the nation’s workforce, and this number is expected to rise over the next few years. According to the U.S. Bureau of Labor Statistics, millennials will outnumber all other age groups in the labor force in the next five years. It is estimated that over 38.5 million millennials between aged 35 and 44 will be working or actively looking for work by 2029.
With baby boomers fast closing in on retirement, the next generation will inevitably dominate the candidate pool when you are looking to fill vacancies. Here, it is important to remember that this segment of employees is looking for more in addition to a healthy paycheck.
Understanding the preferences and aspirations of millennials can help you tailor an appropriate HR strategy to effectively attract, retain, and engage these employees. Here are the top five benefits that resonate most with this category of workers.
Competitive salaries, retirement plans, and healthcare coverage top the list of requirements as financial insecurity continues to plague the next generation. According to data collated by Deloitte, three in ten millennials claim they do not feel financially secure, while six in ten report living paycheck to paycheck.
The high cost of living and the burden of student loan debt add to this anxiety. Employer-sponsored financial planning sessions related to asset management, debt reduction, and budgeting can help millennials reduce financial stress and manage their money better.
Despite soaring inflation and rising home prices, Colorado is still a haven from the more expensive, high-tax states such as California and New York. Over 41% of Denver’s population and about 28% of Boulder’s population are comprised of millennials. Quality of life, employment opportunities, and political and social environment make the Centennial State a lucrative choice.
The ability to balance professional commitments and personal life takes priority with millennials. Flexible work arrangements including remote work options, compressed workweeks, and autonomy over work timings are crucial to achieving a work-life balance.
Being in control of their work schedule can help your employees take advantage of the many recreational opportunities that Colorado offers, from the Rocky Mountains to Mesa Verde National Park. For instance, an early or late start in summer means they can get outdoors before or after work hours.
Similarly, a flexible schedule allows parents to help out with field trips and other volunteer activities at school without having to compromise on work duties. Providing flexibility is a significant retainment strategy for Colorado employers.
Millennials have an insatiable thirst for knowledge and professional growth. They prefer to choose organizations that provide skill-enhancement opportunities. Offering mentorship, and training programs, and facilitating upskilling by providing tuition reimbursement are some employee benefits for millennials to consider.
The majority of small businesses in Colorado are in the scientific, professional, and technical services segment. Healthcare, construction, and retail trade follow close behind. The availability of such diverse employment opportunities is conducive to career advancement and is extremely attractive to millennials looking to make their mark.
An ideal millennial work environment is built on support, trust, and effective communication. Besides making employees feel valued and motivated, it can foster collaboration and teamwork that translates into better productivity. At the same time, allowing for individual personal style through casual dress codes on some days of the week could also boost morale.
The wealth of natural and outdoor resources available in Colorado provides employers with an opportunity to introduce unique initiatives that promote creativity and employee engagement. Walking meetings and walk breaks outside the office building, or team building activities in parks and green spaces are some possibilities when contemplating employee benefits for millennials.
Millennials are inclined towards organizations that take their social responsibility seriously. They want their work to have a purpose and make a difference. Some causes valued by millennials include fighting climate change, volunteering, and signing up for charitable initiatives
Colorado’s commitment to 100% net-zero greenhouse gas emissions by 2050 is one ambitious plan that could appeal to millennials in the prospective employee pool. The state’s plan to source almost 80% of electricity from renewable sources by 2030 is yet another commendable goal you could showcase when recruiting from out of state.
Zeroing in on benefits for employees can be challenging. At Obsidian HR, we understand that there is no single formula that fits all when it comes to millennials and employee benefits. We specialize in personalized HR services designed for your team and the specific needs of your company. To make use of our expertise in generation-specific employee benefits, contact us today.
Call us today to speak to one of our team members.
