After graduating college, Millennials approach the job market with a keen eye for the positions that best suit them. As an employer, you might be wondering how to attract young, recent graduates to your company. Obviously, that means putting together a comprehensive benefits package that appeals to the younger generations. But what benefits would those be, exactly?
First, it’s important to keep in mind that Americans currently hold 1.3 trillion dollars in student loan debt. With the cost of college skyrocketing, most Millennials are entering the workforce deeply in debt. Therefore, much of their concerns will be financially motivated, with an eye toward ensuring continued financial health.
When presenting benefits for your prospective workers, it might help to know that 35 percent of Millennials say that they have turned down a job due to insufficient insurance offerings (according to Anthem, Inc). Contrast that with 27 percent of Americans overall who have turned down a job for the same reasons, and it’s easy to see that Millennials care an awful lot about insurance! That might be contrary to what you were thinking about younger workers.
According to Anthem, the Millennial generation is actually more likely than the previous generation to engage in long-term financial planning. Not only are they considering issues such as health insurance ; Millennials are attracted to produces such as disability insurance. That might surprise you, but remember that this is a generation that often lives paycheck-to-paycheck, and they know that just one serious accident or illness could devastate them financially. Anthem found that of those Millennials who don’t currently have a disability insurance policy, 53 percent said it was because their company doesn’t offer it. Thirty-two percent said that it’s just too expensive.
Other voluntary insurance products might also be valued by this generation. Again, because they are living on a tight budget while repaying those student loans, most Millennials can’t afford the huge deductibles imposed by many health insurance plans. Voluntary insurance benefits are another idea to carefully consider when attempting to attract young, recent college graduates to your company.
Many employers make the mistake of offering trendy, wellness-focused options such as in-office massage or yoga classes. While there is certainly nothing wrong with these ideas, particularly since they do tend to lower stress and promote wellness, most business owners would be surprised to learn how practical and bottom-line driven the Millenial generation seems to be. As you put together a package of benefits to offer new workers, give us a call and we’ll walk you through the various benefit options that most appeal to younger workers.