Anyone in recruiting or hiring should make it a point to know what benefits millennials want, as millennial employees cite workplace benefits among their top three reasons for changing jobs. Given the intense competition to attract talent, having the best benefits is important, especially in a field like construction that is facing a skilled labor crisis.
By making yourself aware of the most important benefits for millennials, you will be on your way to attracting that talent.
Flexibility Is Among the Most Important Benefits Millennials Want
Perhaps the most important of the benefits millennials want is flexibility. To put it into perspective, 77% of millennials feel that they would be more productive with flexible work hours.
While this is harder for some aspects of construction careers, as remote work isn’t always possible, there are still ways to deliver what candidates want. If remote work isn’t possible, consider letting employees choose their schedule as long as they complete a certain number of hours. Or consider doing half days in the summer.
Millennials Look for Financial Wellness Benefits
For millennials, financial wellness is easily one of the most important benefits a job can offer. After all, 64% of millennials feel stressed about finances.
The good news for millennials is that 77% of employers have plans to offer financial wellness programs of some sort in the near future. While this is good news for millennials, it means that companies looking to attract talent need to offer programs as well.
Some examples of financial wellness benefits include:
- 401k education programs
- Educational classes, lunch-and-learns, or workshops
- Financial budgeting tools
- Financial literacy apps
- One-on-one financial advice with investment advisors or financial coaches
Millennials Want Affordable Healthcare
One survey found that a third of millennials prioritize health benefits when looking for a new job. This is especially important for this generation, as 20% can’t afford their routine health expenses.
While affordable healthcare is the bare minimum, companies that want to stand out can take it even further. Millennials love benefits like on-site clinics, gym access, and nutrition services.
They Prioritize Work-life Balance
Stress has become a pivotal factor in the employment decisions of millennials. Choosing a job that lets them have a work-life balance is crucial for millennials to reduce stress.
Employers can offer this to some extent with the flexibility already mentioned. The important thing to remember as an employer is to never penalize employees if they take advantage of these benefits after you offer them.
Millennials Prefer Purpose Over Profit
There is a strong preference among millennials to work for a company that has a purpose, and this is even more important than making a lot of money. Forty-three percent of millennials believe that their employers only care about profits. This is a problem, as employees have a 27% higher chance of staying with their company if they think it has a higher purpose.
Remember that having a purpose only attracts talent if candidates know about it. So, companies should highlight how they give back to the community or serve an important purpose.
Take at least one or two tips from this list to make your company stand out to millennial construction candidates.
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