Millennials are often referred to as the job-hopping generation. One of the reasons that Millennials change jobs is because they want to make more money. However, the salary is not the only thing that Millennials look for when they are looking for a job. They also take the benefits into consideration. In fact, 57 percent of employees have stated that they will take a lower-paying job if it offers good benefits. Additionally, 80 percent of employees have stated that benefit packages influence employee engagement.
Benefits That Millennials Want
The cost of healthcare in America is going up. A trip to the hospital can cost thousands of dollars. The good news is that health insurance can significantly reduce the amount that one has to pay for health care. It can be difficult for people to obtain health insurance on their own, which is why people are looking for jobs that offer insurance.
One survey showed that 47 percent of employees have stated that their company’s healthcare coverage is one of the reasons that they decided to stick with their company. Healthcare benefits not only benefit the employees, but they also benefit the company. Studies have shown that employees are 38 percent more engaged when the work for a company that offers healthcare benefits.
Employers are also extending the benefits that they offer. Many companies now offer contraceptive coverage, Lasik surgery coverage and bariatric surgery.
Preventative Health And Wellness Benefits
More employers are choosing to offer health and wellness programs. These programs can help companies save a lot of money. Health and wellness programs allow people to save money by getting annual health risk assessments and not using tobacco products. They can also get discounts for participating in wellness programs.
When employees are healthy, the whole company benefits. Preventative health and wellness benefits not only help companies save money, but they also give people an incentive to take better care of their health.
Retirement And Savings Planning
Millennials will likely spend the next 30 to 40 years working. However, it is never too early to start thinking about retirement. Forty-five percent of employees have stated that their employer’s retirement program is the reason that they stuck with their company. There are variety of retirement plans available, such as Roth 401K, IRA, simple IRA and Solo 401K. Roth 401K are one of the most popular programs. It is estimated that 41 percent of organizations offer 401K programs.
Elie Hirschfeld is a real estate developer in NYC.