According to Entrepreneur.com, “By 2025, 75 percent of the workforce will be made up of millennials. Companies are going to have to make a few adjustments to ensure employee retention. Along with offering more freedom and autonomy in the workplace, companies will need to be creative to hold millennial interest. In fact, a Deloitte study reveals 78 percent of millennials are influenced by how innovative a company is when deciding where to work.”
Alternative Benefit Options
This ought to be a wake-up call for employers. While the older generation wants healthcare and retirement plans, the younger generation values gym memberships, staff lunches, the option to work remotely, and planned activities. More and more businesses are learning to adapt to the interests of the upcoming generation. And while you may not understand the appeal of these perks, your employees will appreciate your efforts. Not only will you notice a happier work environment, but a stronger work ethic and bond between team members in the workplace.
This doesn’t mean you have to do away with healthcare, retirement, and dental plans. But consider adding some additional alternative benefits. Do something special for birthdays. Buy a company Polaroid camera and create a wall of office “memories.” Promote good health and better moods by having some meetings outdoors. In doing so, you will make your employees feel recognized for their loyalty and hard work.