Millennials now make up 75% of the workforce, so it is important to tailor your benefits program to address their needs. Previous generations valued health plans and 401ks; Millennials consider these benefits to be standard. They are expecting employers to provide traditional and additional benefits.
Here are three relatively new benefits that we are incorporating into custom benefits packages and human resource processes for our clients and companies like yours:
Health and Wellness Benefits
Today’s workforce demands a more modern, comprehensive approach to wellness. They are not looking for programs like smoking cessation or weight-loss challenges. When approaching wellness benefits, our clients can take advantage of apps and mobile-friendly websites to help engage employees in health and wellness campaigns. Millennials check their phone an average of 50 times per day, so incorporating technology into your wellness program is key.
Some ways to build a current, Millennial-friendly wellness program include:
- Offer treadmill workstations or standing desks
- Give discounts to fitness programs like Zoom yoga
- Provide allowance for healthy snacks through various online services
- Sponsor companywide fitness challenges
- Arrange for mental health education and support
- Offer access to a nutrition and diet platform
- Launch a stress management program
Student Loan Repayment Assistance
Research shows that substantial long-term debt is the top financial challenge for Millennials and is a major cause of harmful anxiety. Nearly 70% of college graduates have student loans, with the average undergraduate encumbered with $30,000 in outstanding loan costs.
You may consider options to amend your 401(k) plans to offer student loan benefits. Student loan repayment assistance programs allow employers to match employee contributions to their loan repayments. These programs have the potential to make a big impact on the workplace satisfaction and overall wellness of Millennials. This benefit represents a significant opportunity for employers who want to become an employer of choice for top Millennial talent.
Additional benefits of offering student loan assistance include:
- Elevated productivity in the workplace
- Average employee tenure increases over 35%
- Increased diversity in the workplace
Financial Wellness and Literacy Programs
Financial wellness is the ability to manage short-term finances while also saving for long-term goals. Given their burden of student debt, Millennials are coping with achieving financial wellness, and 64% of Millennials state that they are stressed about their finances. With personal finance at the top-of-mind for many Millennials, it’s no surprise employers are beginning to offer financial wellness programs as a part of their overall benefits plan.
More and more employers, large and small, are embracing these programs as integral to their benefits offering. Employers are also seeing the connection between employee financial wellness and productivity.
Some ways you can approach financial wellness include:
- Educational sessions with a financial coach or investment advisor
- Access to financial literacy apps or budgeting tools
- Offering educational workshops
PT Business Solutions can work with you to explore and integrate Millennial-friendly programs into your overall benefits strategy.