Millennials currently make up over one third of the U.S. workforce, which means their opinions about employer benefits matter—a lot. Millennials are a diverse group, though, so it's important to offer a range of both lifestyle, wellness, and workplace benefits that cater to various needs and preferences.
Everyone wants the freedom to choose, especially Millennials. A one-size-fits-all benefits program simply won’t impress this generation. Instead, provide customization and choice so all of your employees can more effectively balance their work, wellness, and personal lives.
Wellness benefits for Millennials
Wellness benefits are programs to support and promote the overall well-being of employees. Millennials, specifically, want a workplace to care about their well-being. As a result, corporate wellness programs that appeal to Millennials will address as many dimensions of wellness as possible.
Consider the following wellness benefits for Millennials:
- Robust health insurance
- Mental health resources
- Fitness subscriptions or memberships
Robust health insurance
Offering comprehensive health insurance coverage that includes medical, dental, and vision care for employees and their families is critical and, depending on the size of your organization, required by law. When it comes to health insurance, the more robust the coverage, the better. Employees will experience more peace of mind and a sense of security.
Mental health resources
Nearly 40% of Millennials say they feel stressed or anxious at work all or most of the time. Enter mental health education, counseling services, and employee assistance programs (EAPs). When employees are mentally healthy, they’re better equipped to handle stress, cope with challenges, and maintain a positive outlook—at home and on the clock.
Fitness subscriptions or memberships
Regular exercise reduces stress, increases energy levels, and enhances mental clarity and focus. For a quarter of Millennials, their relationship to fitness is also part of their identity. Supporting all your employees—especially Millennials—with access to top-notch fitness offerings is good for their overall health as well as their work performance.
Lifestyle benefits for Millennials
Lifestyle benefits are additional perks offered by employers to improve the overall satisfaction of their team. These benefits can vary based on the organization's culture, size, and industry.
Consider the following lifestyle benefits for Millennials:
- Commuter benefits
- Childcare support
- Flexible time off
Commuter benefits help employees cover the costs of their daily commute to work using pre-tax dollars and can include vanpooling subsidies, transit passes, and flexible spending accounts (FSAs) for transportation. Not only are these benefits good for employees, but they can be great for the environment, too.
Childcare is expensive. Plus, finding reliable and trustworthy caregivers is a challenge. Organizations that provide on-site childcare facilities, subsidies, or referrals to reliable daycare centers help ease this burden for working parents.
Flexible time off
Employees who have the flexibility to recharge when needed are less likely to experience burnout and excessive stress. Flexible paid time off policies also accommodate the diverse needs of employees, including those who celebrate different cultural holidays or have unique references for time off.
Workplace benefits for Millennials
Workplace benefits are designed to attract and retain talent, improve employee satisfaction, and promote well-being in the workplace.
Consider the following workplace benefits for Millennials:
- Flexible work arrangements
- In-office perks
- Ongoing development
- Employee recognition programs
Flexible work arrangements
Flexible work has a variety of benefits—less commuting (and the stress that comes along with it!), less impact on the environment, more work-life balance, and more.
Of course, some organizations choose to prioritize the in-office experience. In those situations, simple perks can make the office a place where Millennials want to be. These benefits can vary widely based on the company's size and culture, but some examples include free meals or snacks, on-site wellness services, nap rooms or relaxation areas, and game rooms (because who doesn’t love a ping pong table?).
Opportunities to learn and grow at work are highly important to millennials. While not traditionally a part of wellness programs, companies who emphasize the importance of ongoing development in topics like leadership, communication, and emotional intelligence will better attract, engage, and retain Millennials. Beyond this generation, creating a workplace culture that values and supports the growth and development of all employees will lead to a more positive workplace. That’s a win all around.
Employee recognition programs
Rewarding employees for their contributions boosts motivation and employee engagement. Options like employee of the month, peer recognition programs, and performance-based incentives reinforce positive behavior and create a more supportive environment, overall.
Bottom line: It’s in your company’s best interest to cater to the Millennial demographic. Explore what motivates and inspires them, incorporate their feedback and engage them in the creation process, and cater to their interests as it relates to corporate benefits. When it comes to corporate wellness benefits, we're here to help.