If you work with people of the millennial generation you know that they have a far different vision of career trajectory and retirement than their parents did. It's important to them to live-the-dream now and not wait until they are 65 and retired to do the things they enjoy. Millennials need to love their jobs and have job benefits that matter to them--and not the same old benefits that mattered to mom and dad.
As companies look to recruit younger talent, benefits and the types of benefits offered are expanding. "Millennials are looking to connect their personal and professional lives in a way that's dynamic," says Jim Conti, Director of Talent at Chicago-based Sprout Social, Inc. "They want a connection between their personal passion and what happens in the workplace," he says. The company has taken great care to evolve their benefit plan to consider what is important to the millennial generation and incorporate it into the workplace culture. "They want to feel at home and a company can achieve that with more than breakfast on site, flex hours, and stand-up work stations," Conti says.
For instance, millennials are the fastest growing group of pet owners and are waiting longer than the previous generation to have kids. With two-thirds of employees owning a pet, a growing number of employers are adding pet cloud technology (the means to monitor your pet while at the office) and pet insurance options to the mix.
One such provider, Figo Pet Insurance, even offers a pet GPS tracking tool to monitor pets' movements in real time. Figo provides pet benefits to a major airline and automaker, popular restaurants, and retailers.
"Today over a third of Fortune 500 Companies offer pet insurance to their employees," says Rusty Sproat, Founder & CEO at Figo. "They know pet healthcare is a powerful employee benefit that attracts and retains millennial talent because, more than any other generation, millennials embrace their pets as children."
What else might your younger talent appreciate in their benefits package? Equity, for certain. "At Sprout, equity is not just compensation," says Conti. "It's a chance for our employees to see their contributions build their financial security as well. The harder you work--the more successful the company becomes--the more your equity is worth."
Take a page from Sprout Social's book--here are a few other creative perks and benefits that work well for them.
Annual divvy bike memberships (Chicago's bike sharing system).
Many millennials are city dwellers and they don't own cars. This convenient mode of transportation is a big hit in Chicago.
Parental leave program.
Primary and secondary care givers are given parental leave: sixteen weeks for primary and six weeks for secondary.
A quarterly program that provides very tailored awards (think a trip they've always wanted to take or tickets to a show they've always wanted to see) to individuals who exemplify their team's values.
Seventy percent of millennials are already saving for retirement and started saving at the unprecedented young age of twenty-two.
Health focused offerings:
How does your company tailor your benefits package to all generations? Share your ideas with us here!