The Three Perks No One Anticipated Millennials Would Love

Free food, good health care and plentiful time off.

They sound like expensive indulgences but may be far less expensive than replacing disgruntled employees who leave for what they perceive to be happier, more supportive workplaces. JL

Glassdoor reports in Medium:

Money matters, but not as much to Millennials. Eighty-one percent reported benefits such as health insurance and retirement plans are important in choosing a job. (And) who knew bagel Wednesdays mattered so much? Two weeks paid vacation each year is a thing of the past. Companies are finding success implementing an unlimited paid-time-off plan. Millennials are more aware of  time off because of unlimited PTO. Salary is no longer enough to retain top talent — you must do more to stay competitive.

Are your benefit packages attracting Millennials? How can you be sure? These are questions many employers ask these days, including Glassdoor. To find out what benefits Millennials really care about, we asked our own employees. The answers may surprise you, but one thing is for certain: benefits can make or break whether a candidate wants to work for you.

1. Food, food, food

Who knew that bagel Wednesdays mattered so much? The video doesn’t lie! Free snacks and catered lunches are the top perks offered at Glassdoor — by a landslide. Catering lunches gives employees freedom from worrying about what they are going to eat every day and having to pack a lunch. Providing free, healthy options also encourages employee wellness.

For organizations skeptical about financing lunches, consider offering fresh fruit in the mornings or snack items throughout the day. Or, request local food trucks appearances outside your office. There are many ways to give your employees access to great food without costing your organization an arm and a leg.

2. Unlimited PTO

Offering two weeks of paid vacation each year is a thing of the past. More and more companies are finding success implementing an unlimited paid-time-off plan. Though many organizations are still hesitant to adapt this approach, the results may pleasantly surprise you.

Today, only 1% of companies offer unlimited PTO to their employees. [1] That metric aside, allowing employees more vacation time is a very good thing for your organization. Employees work more efficiently knowing they can tackle personal challenges that appear throughout the year and do not need to worry about requesting subsequent time off.

Millennials are much more aware of the time they do take off because of unlimited PTO policy. They also are more cognizant of meeting deadlines before leaving for a long weekend. In departments that are particularly team-focused, no individual wants to damage his or her reputation by being out of the office too frequently.

3. Healthcare

Money matters, but not as much to Millennials. Eighty-one percent reported benefits such as health insurance and retirement plans are important in choosing a job. [2] Though our Millennials did not show preference to 401K plans, health benefits still remain top-of-mind for the children of Baby Boomers.

Health benefits correlate directly to work/life balance. Millennials don’t want their careers to control their lives. Health and wellness benefits demonstrate an opportunity to have personal happiness both in and outside the office. Companies that are not health conscious will have difficulty retaining talent from this generation.

Make sure your organization is bragging about the great health benefits you offer, especially when interviewing Millennials. Salary is no longer enough to retain top talent — you must do more to stay competitive.

[1] Survey data is based on data collected by the Society of Human Resource Management (SHRM) in 2011.

[2] Survey data is based on data collected by Capstrat/FGI with 402 young adults aged 22–30 in 2011.