How to Attract Millennials with the Right Company Perks (Part 1)
In this video you’ll learn – 2 of 6 Tips for Using Company Perks to Attract (and Keep) Millennials
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Ryan Jenkins is an internationally recognized Millennial and Generation Z speaker, generations expert, and Inc.com columnist who helps organizations better lead, engage, and sell to the emerging generations— Millennials and Generation Z. Ryan’s clients include Coca-Cola, John Deere, Delta Air Lines, Wells Fargo, and more. Find more of Ryan’s top-ranked generational and future of work insights at…
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VIDEO TRANSCRIPT
Nap pods, free lunch, and unlimited vacation aren't enough to capture the attention and loyalty of Millennials. Transform your company perks and attract Millennials with these six tips.
Sixty-six percent 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 how they retain Millennials. 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. Company perks pack the potential to attract new and retain existing Millennial talent.
In fact, 64 percent of Millennials care about company perks and benefits (compared to 54 percent of Generation X and 51 percent of Baby Boomers). And "perks and benefits" are the No. 2 thingbehind "culture and values" that Millennials want to know about a company.
According to employee gift box company, Perkbox, 69% of 18-24-year-old Millennial employees in the U.K. say company perks are crucial to their job satisfaction, compared to about half of Baby Boomer employees.
"Millennials see [company perks] as something employers should do as standard, whereas older employees see it as a bonus," said Saurav (SAW-RAV) Chopra, co-founder of Perkbox.
Take company perk cues from Inc.'s 2016 50 Best Workplaces...
· Forty-six percent have onsite fitness facilities.
· Seventy-four percent offer onsite meals.
· Eighty-six percent match employee 401(k) contributions. (Three or 4 percent of income is typical.)
· Twenty-eight percent have onsite health care clinics.
· Sixty-four percent offer paternity leave.
· Seventy-four percent give time off for volunteering.
· Eighty-four percent let employees telecommute.
· Twenty-four percent offer unlimited vacation.
· We are in the golden age of company perks, but offering nap pods, free lunch, or unlimited vacation isn't enough to capture the attention and loyalty of Millennials.
Here are 2 of 6 Tips for Using Company Perks to Attract (and Keep) Millennials
Tip #1. Blend work and life with perks.
Ninety-nine percent of Millennials agree that "more and more, I'm trying to find balance in my life."
Basecamp, a web application company based in Chicago, pays for employee's hobbies and for their staff to have fresh fruits and veggies at home. Johnson & Johnson provides a concierge service to run errands and even stand in line for concert tickets.
More than ever before work and life are blending. Thanks to mobile communications, we bring more work home with us and bring more of our personal lives to work.
Many of today's company perks reflect Millennials' desire to experience more of life at work. It's not as much about having access to ping pong tables as it is having elements that reflect their life outside of work.
To attract and retain Millennials, blend work and life by integrating the "life" aspects of your employees or community into the workplace.
Tip #2. Make perks an experience.
Over 70 percent of directors and managerssay that their employees value experiences over things, or at least a combination of the two.
New Belgium Brewing Company employees receive a one-week trip to Belgium after five years with the company. Yahoo provides employees with corporate outings like concerts and backyard barbecues. Freeborn & Peters, a full-service law firm headquartered in Chicago, has an annual "luggage party" where four employees are randomly chosen for an all-expense paid trip to Las Vegas.
Seventy-seven percent of Millennials say some of their best memories are from an event or live experience they attended or participate in. Companies have a unique opportunity to win Millennial affinity by delivering an unforgettable experience.
Creating company perks that Millennials can't help but tell everyone about will work wonders for your attracting and retaining efforts.
