With the tightest labor market in decades, the war for talent is on, and Millennials are at the center. Benefits are even more important to Millennials than they are to the rest of the workforce: while 79% of all U.S. employees would choose better benefits over a pay raise, for Millennials, that figure jumps to 89%. When choosing between two jobs with comparable pay and responsibilities, a full 96% of Millennials say that health benefits are the most important factor.
As a result, benefits have become a key battleground for attracting and retaining talent. But what are Millennials’ top priorities when it comes to benefits, and why are they different from earlier generations? In our latest report, we detail five key trends for employers to consider as they try to attract the top talent under age 35 and how millennials differ from earlier generations. Here are the trends below:
Millennials start their families later.
Because they are coming to parenthood later, Millennials are turning to methods like IVF, egg freezing, and surrogacy more than any previous generation.
Millennials want gender equality as they pursue careers and parenthood.
Millennials are more likely than earlier generations to enter married life with the expectation that both partners will share responsibilities at home equally, while giving equal priority to both partners’ careers.
Millennials seek out products that save them time.
Healthcare is following suit: 71% of all healthcare providers now see patients through some form of telemedicine tools, a change which suits Millennial tastes, since 74% of Millennials would prefer telehealth to in-person visits.
Millennials solve problems with their smartphones first.
As a result, not only do Millennials prefer products with digital interfaces over their brick-and-mortar alternatives, but they also strongly prefer mobile apps over products which require a computer.
Millennials are very cautious about which companies they trust.
Better benefits may be the main incentive for Millennials to switch jobs, but better corporate citizenship is also a significant factor.
Conclusion: Better benefits bring better talent – and lower costs.
In the end, better benefits bring better talent, and at lower costs. Leading companies are winning the talent war by switching to Millennial-focused benefits strategies, and they aren’t necessarily breaking the bank in the process.
This post just scratches the surface of this topic. You can access Maven's full report In a Millenial Workforce, Family Friendly Benefits Are the Best Way to Attract Talent here.