Contrary to pop-culture belief, millennials don’t need to be wooed to work with “fun” perks like ping pong tables and an in-office beer keg. When it comes to work and career development, millennials are much more practically-minded and even more so than prior generations of workers. According to an Annie E Casey Foundation study, “Many Gen Z-ers grew up watching their parents take huge financial hits during the Great Recession. Having witnessed their parents’ struggles, this generation is driven by pragmatism and security.” Millennials, as a generational group, tend to have long-standing traditional values: stability, career advancement opportunities, health care benefits, and a livable wage. 

The most important benefit you can demonstrate to your millennial recruits and new hires is a willingness to get to know them individually, with their own unique skill sets and needs.

At the recent 2021 Bank Compensation & Talent Conference, one of the topics of interest among attendees was “enhanced benefits,” which were implemented in the past year that attracted and retained millennial workers in the banking industry. Some of the top benefits discussed that worked were: 

• Remote work
• Shorten vesting period for 401K contributions
• Escalation of vacation/PTO time
• Student loan reimbursement of $100 a month
• Remote office reimbursement up to $350
• Phone call invitation by the CEO to attend a leadership training program
• Parental leave of one week per year for a partner
• Pet insurance

Some of the benefits listed transcend millennial workers, such as escalated vacation time and shortening a vesting period for retirement funds. These are benefits that any generation of workers would advocate for, regardless of their age. Other benefits like remote work are an artifact of the global pandemic and the shift away from in-office work for some applicable positions. One benefit which might seem odd to some is pet insurance, but for some companies it is considered to be part of a benefit to employees’ mental health. According to HR Drive, an online Human Resources magazine, pet insurance may be the norm in the future. “We see a future where employers subsidize pet insurance the same way they subsidize human healthcare plans. Companies just need to make the ‘mental switch’ to recognize pets as family members worthy of coverage.” This is not for everyone, and indeed, some candidates may not be interested in or want pet insurance with their benefits package, but it goes to show that “the times they are a changin’!” 

The most important benefit you can demonstrate to your millennial recruits and new hires is a willingness to get to know them individually, with their own unique skill sets and needs. Show that you care about them as employees and you will continue to hire and retain them as they grow and progress in their career with your company.

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