The Benefits That Millennials Really Want
Vol. 16 No. 3
Millennials first entered the workforce about 10 years ago and abruptly changed office dynamics. Their standards and values are so different from boomers and Gen Xers that they didn’t just cause small ripples through common work processes—large adjustments have become necessary to remain competitive.
Millennials, a group roughly defined as those born between the early 1980s and the late 1990s, see the world differently and are set on finding positions that mirror their personal values. They have no problem leaping from company to company to find organizations that reflect their own missions and provide a culture that makes them happy.
For millennials, although competitive salary is important, it isn’t the most critical element in their search. They are looking for a deep connection to their work. They seek employment where they feel valued, are provided with adequate feedback and mentoring, have professional development opportunities, feel part of a team, can make a difference, and are supported by benefits that protect them and their families.
One benefit that millennials seek is a 529 or college saving program for their children (yes, this generation is starting their own families), according to a recent study conducted by the Capitol Group. A third of this generation is worried that they won’t be able to financially provide for their children through college.
Along the same lines of thinking, investment options, such as retirement programs, are also important to this generation. According to the Capitol Group survey, 82% of millennials value employer-promoted wellness and health through socially responsible, employer-matching investment programs.
Student loan assistance is another highly desired benefit. Many millennials have thousands of dollars in college loan debt. The average college graduate between 20 and 30 years of age pays more per month toward student loans than on car payments. Accordingly, some organizations now offer benefits where the company pays a fixed amount or percentage of the student loan directly to the employee’s lender.
Flexibility is a talking point with millennials, too. They greatly value flexibility in their daily routines and the ability to work remotely. The typical 9 to 5 work schedule isn’t appealing to many of these younger workers. They seek ownership of their time and schedule. While your school schedule may not allow much room for flexibility, administrative roles may have more opportunities for remote work or adjusted schedules than classroom teachers.
Millennials also value a strong employee benefit portfolio, including health coverage with the option to buy additional voluntary coverage. Protecting themselves and their families is a top priority.
This generation is extremely health-savvy. They are more proactive about their personal well-being than previous generations—especially their mental health. They actively seek physical and mental care, and value benefits that help them do so.
It may feel overwhelming to provide all of these benefits to accommodate this new generation of workers, but doing so will help you attract and retain qualified, mission-appropriate employees. Make small changes to improve your employees’ experiences and support them for years to come.
Do you know if your school is offering a health care plan that meets the needs of your administrators, faculty, and staff? ISM works exclusively with private-independent schools to determine the best approach to health insurance for each institution. We’d be happy to review your current packages and provide suggestions to meet your needs. Send an email to ISM Insurance Inc. President Martin Kelly, or call 302-656-4944 (ext. 119) to learn more.
Additional ISM Resources:
The Source for Business and Operations Vol. 6 No. 3 Attracting and Retaining Millennials: Rethinking Your School Values
The Source for Private School News Vol. 16 No. 5 What Benefits Employees REALLY Want