Millennials and Gen Z now make up the majority of the workforce. Gone are the days when employees expected the bare minimum from the companies they worked for. In the past, people were happy with a paycheck and health insurance.
These new generations have learned to expect more from their places of work, and they essentially demand these things in order to pick where they’re going to work. One of the top three reasons Millennials leave their position or don’t accept a position in the first place is because they want better benefits.
So what job perks can you offer to attract this new generation of employees? Keep reading for a few of the most sought after perks you can offer.
Commercial Energy Efficiency
Green commercial energy efficiency could be one of the deciding factors on whether Millennials or Gen Z employees work at your company. In fact, about 40 percent of Millennials would take a pay cut to work for an environmentally conscious company.
The best part of going green is that it will benefit you in so many ways. Besides attracting and retaining employees, energy efficiency projects can save you money and reduce the waste you product all in one fell swoop.
How can you go green? You can start simply with:
Conducting an energy audit
Implementing the recommendations
Updating to sustainable paper/products
Donating to environmental charities
If you’re ready to invest, you can also try updating to environmentally friendly appliances, install solar panels, adjust energy systems throughout your building, and more.
Flexible Hours and Variable Scheduling
Essentially, the younger generation likes to create schedules, and lives, that work for them as individuals. That means that 9-5 M-F doesn’t always work. It’s because of this that over 57 percent of organizations are now offering some form of flexible scheduling or hours.
Flexible or variable scheduling can mean a few things. It can mean allowing people to work remotely when they need to, it can mean offering fully remote positions, it can mean adjusting a work week… the list goes on.
The key to making this successful for both the company and the employee is the systems that need to be in place. The technology, communication tools, and clear understanding of schedules must be known in order for this to be viable and productive.
If you can get it down, though, you’re going to have one of the best job perks a company can offer.
This one might seem a little bit random, but it makes sense when you learn that 92 percent of Millennials are as concerned with their pet’s health as they are with their own. So it makes sense that many of these younger employees are looking to get health coverage for their furry friends along with health insurance for themselves.
Many companies are realizing that this job perk is perfect for attracting younger demographics with one in every three Fortune 500 companies offering VPI (veterinary pet insurance).
Help with Student Loans and Debt
Student loans used to be something most people could manage, but they’ve now morphed into what’s known as the “Student Loan Debt Crisis.” The average student owes about 40,000 dollars in student loans with many interest rates keeping them in debt for the foreseeable future.
Companies that offer to help match or pay for some student loan debt will be very attractive to this demographic with crippling debt right out of college. Loan assistance and 401k matching are two of the most sought after job perks, according to a recent poll by the recruiting firm LaSalle Network.
Commuting Reimbursement and/or Allowance
Rising gas and metro prices make commuting an expensive part of any job. That’s why many employees look for a commuting allowance or reimbursement program to help cut costs. This could be a monthly gas card, paying for a monthly bus or train pass, or reimbursing for work travel costs.
This also allows you to recruit farther away and find more employees than you might’ve before since they might be more willing to commute farther to get to you if they know that you’re reimbursing even part of their commuting costs.