Millennials in the Workplace

Born in years 1981 through 1996, Millennials are currently the largest group in the workforce now that Baby Boomers, with their years of experience, are retired or retiring. Employers looking to attract and retain Millennials should pay close attention to the work culture and benefits they value most.

Work Environment

Despite having a reputation for job hopping, Millennials are looking for job security and stability in a company that’s poised for growth. They value having clear goals, feedback on job performance and a say in setting performance expectations. Flexible scheduling and work-from-home options are important factors in the decision to take a job or look for a new one.

Benefits

Health insurance, a retirement plan and paid time off, as well as a salary that reflects their education and skills, are what Millennials value most. The ability to customize benefits, based on a menu of offerings, may attract Millennial workers to your business. Perks, such as help with student loan repayment, can give your business an edge with Millennials who are still paying off their own student loans at the same time they’re saving for their children’s education.

Training Opportunities

Opportunities for improving skills are another reason for Millennials to consider your company. Apprenticeships, work-study programs and internships that integrate education and work can be powerful incentives. Consider offering tuition assistance for college or continuing education and companysponsored programs that allow employees to earn a degree while working. Training classes in software, robotics and AI can help employees improve the skills they need for success on the job.

Retirement Planning

A 401(k) or similar tax-qualified retirement plan should be an essential piece of your benefits package. Providing retirement planning and investor education can help Millennials make informed choices about their investments. Consider offering investment alternatives, such as target-date funds, that automatically adjust percentages of stocks, bonds and cash based on an employee’s anticipated retirement date. Positioning your business to attract Millennials can give you a leg up in hiring talented workers to move your company forward.

Your financial and tax professionals can help you create an attractive benefits package.