9 Must-Have Employee Benefits for Millennials

Key takeaways

Flexibility is highly valued: Millennials prioritise flexibility in their working structure, which can enhance their productivity, job satisfaction and work-life balance.
Career development is crucial: Millennials value professional growth and development opportunities. Investing in these helps to attract and retain millennial talent while fostering loyalty and commitment.
Holistic wellbeing matters: Health and wellness programmes, financial wellness initiatives and mental health support are significant benefits that contribute to job satisfaction and loyalty.

As a generation known for its unique principles, preferences and aspirations, millennials seek more than just a paycheck from their employers. They desire benefits that align with their evolving needs, promote work-life balance, support their personal and professional growth, and make a wider impact on society.

However, knowing how to choose benefits for employees isn’t always straightforward. In this article, we discuss employee benefits that millennials value most, taking into consideration the needs and expectations of this dynamic workforce segment.

Which benefits do millennials value most?

When it comes to the perks that employees want, millennials possess distinct values and priorities when it comes to their employment. As the largest generational cohort in the workforce, businesses must understand which benefits resonate most with this generation if they want to attract, engage and retain millennial talent.

Flexible work arrangements

According to a survey by Deloitte, 88% of millennials value flexibility in their working hours and location, while a study by HSBC found that 89% of millennials believe that flexible working increases their productivity.

Flexible working allows employees to have more autonomy over their schedule, giving them more control when it comes to juggling their work and personal responsibilities. Flexible working takes many formats but includes remote working, flexitime and compressed hours.

Professional development opportunities

According to a Gallup poll, 87% of millennials consider professional growth and development opportunities important in their job. Similarly, LinkedIn’s Workplace Learning Report found that three of the top five factors employees look at when considering a new job relate to learning and growth.

Employers can support millennials’ professional development by taking an interest in the career goals of individual employees and providing benefits including training programmes, mentorship, and budgets for upskilling and gaining new qualifications.

Physical health and wellness programmes

Employers should consider the importance of health benefits to employees when focusing on the millennial members of their workforce. Employees that strongly agree that their employer cares about their overall wellbeing are almost 70% less likely to actively search for a new job and 71% less likely to report burnout.

Physical health is a key factor in determining someone’s happiness and overall quality of life, yet almost half of the UK population has a long-standing health condition. Employee health issues including diabetes, infertility, musculoskeletal conditions, and cancer impact millennials and so employee benefits should contribute to helping navigate such conditions. Examples of these benefits include family-forming assistance, physiotherapy, health screenings and specialist cancer care.

Dependent care

With many millennials becoming parents and/or having caregiving responsibilities for ageing family members, childcare and elder care are important employee benefits. Millennials are more likely to have dual-income households, meaning that balancing work and family responsibilities becomes crucial, especially given the inflated cost of childcare in the UK.

For those employees that care for both children and ageing, ill or disabled family members, practical, mental and financial health support are incredibly important. Around 27% of sandwich carers exhibit symptoms of poor mental health; 41% say they’re unable to work at all or as much as they’d like to, and 1 in 3 say they are ‘just about getting by’ financially.

Financial wellness support

Supporting employee wellbeing effectively requires consideration of more than just physical and mental health. The cost of living is a top concern for 42% of millennials and 70% worry about their financial future.

Employers can help millennial employees gain a better sense of control over their finances and reduce money-related stress by providing access to debt counselling, digital budgeting tools and apps, and education on personal finance.

Mental health employee assistance programs

Millennials and Gen Z employees say that they are experiencing more stress and anxiety, yet they are cautious about being open about this. Nearly half of employees who have taken time off for their mental health gave a different reason, indicating that there is still a stigma surrounding mental health conditions.

To support millennial mental health, and foster a culture that is transparent and inclusive, employers can implement mental health benefits. These can include access to counselling and cognitive behavioural therapies, mental health apps and stress management workshops.

Parental leave

Paid parental leave is one of the top priorities for 69% of job seekers, with millennials more likely to say it is important than Gen Y, Gen Z or Baby Boomers. And while this benefit is family-friendly, it also contributes to inclusion in the workplace for LGBTQ+ employees, as it enables parents to take time off, regardless of their sexual orientation or the makeup of their family.

Diversity, equality and inclusion initiatives

A survey by Deloitte found that more than 50% of millennials would leave their current employer for a more inclusive organisation, indicating that it is a high priority for this segment of the workforce. Focusing on diversity, equality and inclusion (DEI) is also good for business. For example, McKinsey’s Delivering Through Diversity report revealed that companies with the most ethnically diverse teams are 33% more likely to outperform competitors.

DEI initiatives include recognising and celebrating diverse holidays and occasions, implementing mentorship programs for underrepresented groups, bias training and educational seminars.

Personal development allowance

Millennials are keen on continuous learning and personal growth. A study by Udemy indicated that 42% of millennials are more likely to be engaged at work if they have access to learning and development opportunities.

Providing each employee with a personal development budget that they can use for activities such as attending workshops, conferences or even pursuing hobbies, can be an unusual but highly valued benefit. This benefit empowers millennials to invest in their own development, enhancing their skills and wellbeing both inside and outside the workplace.

In conclusion, employee benefits for millennials that will truly make a difference should mirror their values and priorities. Wellness is of high importance for millennials and Perci Health can help ensure employers weave this into their employee benefits with our virtual cancer care clinic. Once each individual employee signs up to Perci Health, they can connect with specialists who support them as they navigate diagnoses, treatment and life beyond. Find out more about our employer programme and how it can make a difference to your organisation.

References

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‘People and productivity: Flexible working’, business.hsbc.co.uk, June 2023, https://www.business.hsbc.uk/-/media/library/business-uk/pdfs/productivity-report-2017.pdf

‘Millennials at work: Reshaping the workplace’, pwc.com, June 2023, https://www.pwc.com/co/es/publicaciones/assets/millennials-at-work.pdf

‘Millennials Want Jobs to Be Development Opportunities’, gallup.com, June 2023, https://www.gallup.com/workplace/236438/millennials-jobs-development-opportunities.aspx#

‘2023 Workplace Learning Report: Building the agile future’, learning.linkedin.com, June 2023, https://learning.linkedin.com/content/dam/me/learning/en-us/pdfs/workplace-learning-report/LinkedIn-Learning_Workplace-Learning-Report-2023-EN.pdf

‘Global Wellbeing Survey Report 2022-2023’, aon.com, June 2023 https://www.aon.com/getmedia/7ac45db3-d09a-4a5f-aca5-0c862426e6eb/aon-global-wellbeing-report-2022-2023.pdf

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