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Recruiting Millennials with Voluntary Benefits

Florida Human Resources, Recruiting and Retaining

In most industries in 2019, transparent and flexible benefits options are critical to retaining top talent. Flexibility and lifestyle balance are especially important to millennials, who are now surpassing baby boomers as the largest generation in the workforce.

Attracting millennials in this competitive climate is a challenge for nearly any organization. Yet many companies continue to focus on traditional benefit offerings such as generic medical, dental, and vision plans. Though these benefits are important, they are offered by essentially everyone, and won’t do much to differentiate your company in your millennial recruiting efforts.

Millennials are looking for a collaborative environment with greater flexibility. They value health and fitness and prefer their information to be provided through web-based content and social sharing. They value learning, career development, flexible hours and more time off. In other words, they want benefits that fit their specific lifestyles and budgets, which is where many traditional benefit programs fail.

One of the best ways for companies to emphasize flexibility is to offer a comprehensive voluntary benefits program, empowering employees to select those specific benefits they truly value. The goal is to provide each employee with the right blend of benefits to fit both their health and wellness needs while also aligning with their budget.

Many millennials carry significant student loan debt and will for decades to come. Estimates of the total student loan debt in the U.S. now exceed $1.3 trillion, making tuition payment and refinancing benefits especially attractive as a recruiting tool.

Here are a few innovative benefits aimed specifically at helping millennials manage their financial burdens.  Keep these in mind when devising your own voluntary benefits offerings.

  • Student loan repayment assistance, refinancing, and counseling
  • Tuition reimbursement
  • Flexible 401K plans with matching contributions
  • Purchase finance programs which allow employees to make large purchases through their employer (washer and dryer, dish washer, oven, etc.) then repay the employer on favorable terms.

Financial benefits are important, but they comprise only one aspect of a successful and highly valued voluntary benefits program. To ensure your company is a millennial recruiting magnet, offer a robust voluntary benefits plan that includes flexible time off, education, career development, social gatherings, community and charitable opportunities, and above all choice and flexibility.

Your people are your most valuable asset. Are you doing what it takes to keep them around? Learn more at Lanier Upshaw.