2016-12-20 00:00:00Insurance and BenefitsEnglishIf you plan to hire millennials, then get up to speed on which benefits Generation Y values most. Millennials are shaking things up at the...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Millenials-Smiling-Because-Workplace-Benefits.jpghttps://quickbooks.intuit.com/ca/resources/insurance-benefits/millennial-employees-love-these-workplace-benefits/Millennial Employees Love These Workplace Benefits

Millennial Employees Love These Workplace Benefits

2 min read

Born between the early 1980s and 2000, millennials are the largest generation since the Baby Boomers, and they are expected to make up 75% of the workforce by the year 2025. This influential group is changing the way things are done in the office, especially regarding employee benefits. Traditional schedules, vacation time, and even career paths are being redefined. If you plan to hire millennials, flexibility is the key to success.

Work at Home

Technology and web-based applications such as Skype have greatly provided for the ability to work at home, which is growing in popularity among workers across most industries. Canadians place quite a bit of importance on maintaining a work-life balance. Therefore, the Canadian government is giving federally regulated workers the right to flexible work, which includes working at home options. For the most part, millennials prefer to not be tied to the office and would rather take advantage of the technological capabilities available to them and have the choice of working at home. This way they have more control over their time and there is no long commute or stuffy professional clothing.

Control Over Schedule

Along with having say over where they work, millennials prefer to have some control over when they work. Work-life balance, along with equality in the workplace, is of the upmost importance to this generation, which is raising small children while also caring for aging parents. Flexibility is the name of the game and millennials prefer to ditch the traditional 9-to-5 working hours for hours that allow them to work when they are most efficient. They don’t mind working late at night or on Saturday morning in exchange for being able to spend the afternoon with their kids. Having a career is important to them but so is being there for their families.

Professional Development

This is not a complacent generation; the ability to learn and grow in their careers is a priority for millennials. Therefore, one of the keys to keeping a millennial employee engaged is to offer professional development opportunities. Mentoring programs, trainings, and regular performance assessments are must-haves for this generation. Millennials like to be informed on how they’re doing in their job and the ways they can improve so they are on track to move up to the next level.

Mix and Match

The generation that grew up with the internet is used to having customisable choices rather than cookie-cutter solutions. Millennials also like to apply this philosophy to their compensation package, and pick and choose those benefits they find to be the most important. For example, a single employee in his or her 20s may prefer more vacation time over having life insurance. On the other hand, a new parent may want to trade in a couple days of vacation for a supplementary life insurance policy.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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