60% of millennial employees plan to leave their company by 2020, according to a survey by Deloitte.
Unlike their older counterparts whose challenges would generally be solved by a salary increase, the problems of millennials are not largely salary-related. In a bid to hold onto their millennial employees, companies are offering more and more perks. The good news is that the perks that may attract millennials are not necessarily the most expensive but they may require the employer to think outside the box. Here are some perks employers in the UK are successfully using to persuade millennials to stay with their companies.
Gifts for Employees
64 percent of millennials are interested in company perks. This is in contrast to 54 percent of Baby Boomers, for example. In the eyes of the millennials, perks should come as a standard (and not a bonus) with any job. A simple gift can show an employee that you appreciate her work in a way a bonus cannot. Enterprising employers can save money on gifts for employees by subscribing for curated boxes of product bundles. These boxes can be chosen to meet the tastes of certain employees and are usually offered at a fraction of what they would normally cost at retail outlets.
Running Errands for the Employees
One of the number one desires of many millennials is to work for a company that has a work-life balance. Many employers shudder at the mere thought of reducing their employees’ work hours. Companies can, however, help their employees to get more time for their families without sacrificing time they would otherwise use to work. Johnson and Johnson has a service which runs errands on behalf of employees. This includes booking concert tickets and things like that. IBM, Accenture, and GE are known to help nursing millennial mothers to transport breast milk home when they have travelled abroad for work.
Providing Unforgettable Experiences
Millenial employees value experiences over things or money. Over three out of four millennials would prefer to spend money on an event or experience as opposed to buying something, according to findings by the events company Eventbrite. That is why companies like Yahoo offer concert tickets, backyard barbecues, and all-expenses-paid trips to foreign countries.
Student Loan Repayment Assistance
80 percent of millennials are interested in working for a company that has an arrangement for student loan repayment assistance. Companies like Pricewaterhouse Coopers have implemented this avenue of giving perks. Helping with student loans can help a company attract millennials.
Perks are an invaluable part of the compensation package for most employees. Because Millenials are very conscious of their employer company’s culture and values, perks are especially important for them. Companies in the UK are experimenting to discover the perfect perks for this demographic. Running errands for the employees, contributing to their student loan assistance repayment package, and sponsoring them to go for unforgettable events have been proven to be an effective perk for millennials.