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How can you retain millennials?
Younger employees switch jobs more than any other generation, and retaining millennials is becoming a big problem. In fact, according to a recent Fidelity
report: 49% of millennials are open to a new job opportunity right nowThe average millennial would accept a $7,600 pay cut to improve the "quality of work life," and58% of millennials believe this, "work life balance" is more important than financial benefits.
All that said, what are companies doing to keep their younger employees? Companies reevaluated previous job perks and revamped them for both millennials and folks in generation z, but why are companies are working so hard to retain millennials? The millennials that currently flood the workplace receive benefits that the baby boomers never thought of, let alone dared to ask. Can they actually help your employee retention?
Among some of the bizarre millennial job benefits include pet insurance, paid volunteering opportunities, and student loan repayment. And that’s only the tip of the iceberg. If you’re wondering why companies offer some of these crazy perks, here’s why: they improve employee retention and create happier, more loyal, productive, and motivated employees. Many employers offer raises or bonuses in hopes it’ll get their employees to stick around, but there are a copious amount of ways to reward workers besides compensation.
Some companies have no official work hours (crazy, right!?). No one keeps track of vacation days or work hours at Netflix’s California headquarters. The company measures output and completion. If employees finish projects and get their work done, it doesn’t matter when or how long they’re in the office. Before you go on a slippery slope of opposition to this policy, there’s no indication that Netflix employees abuse it.
Other big-name companies such as Glassdoor and Virgin Group offer another unique job perk: unlimited time off. Interestingly, this type of policy has shown to discourage their use because there's no incentive. Those un-used hours will always be there. A Boston-based company, Metris Communications, puts a cap on paid time off (PTO), but the amount is impressive. Employees get a standard three weeks of vacation, they get their birthday off, and after five years of employment, they even get summer Fridays off.
Everyone seems to want to work for Google, and for a good reason: it's king for irresistible employee benefits. There are entire lists dedicated to all of Google's perks, but it's the company's commitment to its workers' health that sets it apart. In addition to medical doctors, you’ll find physical therapists, chiropractors, and massage therapists on the Google campus. Capital One Financial is another company that genuinely cares about their workers' well-being. There are on-site health and fitness centers with personal trainers. Capital One wants to ensure their employees are in good financial, physical, and emotional health.
Who could forget the west coast companies? It makes sense for a company that sells athletic equipment and clothing to give their employees the chance to stay fit. The California-based Patagonia provides bikes, a volleyball court, and yoga for all their employees. Employees are also encouraged to go for a midday surf for a little breather. The company even sends the employees surfing reports on good surfing days.
Companies can no longer expect their employees to be loyal enough to stay for ten or twenty years, but they can certainly try. If you adopt even one of the employee perks outlined today, you could be a step closer to improving how well you retain millennials.