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Dear David: Affordable perks to offer millennial employees

June 11/18, 2018: Volume 33, Issue 26

By David Romano

 

Dear David: 

I just spent the past couple weeks interviewing people for two retail sales positions. Most of the people I interviewed were less than 30 years old and a lot of them asked some very weird questions about benefits. I know you owned a recruiting company for the flooring industry and I was wondering if you could help me. Do I really need to give employees free food, memberships to gyms and be so flexible on hours worked? It seems pretty silly to me because I didn’t need any of that when I was that age and neither did my older employees. 

Dear Owner,

What you experienced in those interviewers is what all companies are now facing. The mix of benefits desired by today’s workforce is much different than past generations. The time to get on the bus and change how you think is now. In fact, according to a study conducted by Deloitte Consulting in 2018, 66% of millennials expect to leave their organizations by 2020.

Companies are at risk of losing a large percentage of their next-generation talent if they fail to adjust. That’s why cultivating workplace culture and incentives that keep employees happy and productive is critical.

One solution to consider for overcoming the millennial retention issue is company perks. Perks pack the potential to attract new and retain existing millennial talent. In the same Deloitte study, it was found that 64% of millennials care about company benefits (compared to 54% of Generation X and 51% of baby boomers). Perks and benefits are the No. 2 thing behind culture and values that millennials want to know about a company. According to Perkbox, 69% of 18-to-24-year-old millennial employees say company perks are crucial to job satisfaction, compared to about half of baby boomer employees.

Following are what millennials listed as important perks.

Travel perks. According to a study led by Harris Group, 72% of millennials prefer spending money on travel and social events. Allowing your employees to travel for vacation will make them love working for your company. They will also feel less stressed.

Flexible hours. Millennials value personal time. According to a recent study on The Cost of Millennial Retention, 45% of millennials chose flexibility over higher pay. There is no reason to have your entire sales staff come in at 9 a.m. and leave at 6 p.m. Let some come in later and some work from home.

Offer free food. Many companies are picking up the tab for meals. Other companies also found that free food during meetings and on Fridays encouraged more employee productivity and attendance.

Training and team-building. Millennials are proud to describe themselves as life-long learners. Team-building activities are ways to relieve stress and keep work relationships strong. Sandler Sales classes, bringing top sales associates to education day events at conventions and staff bowling nights should help.

Gym membership, spa or yoga. A healthy employee is a happy employee—and happy employees get the job done. Millennials are one of the most health-conscious generations. If you want to keep them, wellness programs will help.

Off-site charity events. Many millennials believe companies should contribute toward a good cause. If your company hosts off-site charity events from time to time, you’ll likely attract millennials and generate good press at the same time.

David Romano, formerly the founder of Romano Consulting Group as well as Benchmarkinc Recruiting, is currently the director of Dallas-based Romano Group. You can contact David at david@romanogroup.com.