There’s no doubt about it; the workforce has been changing. With this, the benefits that employees and prospective employees look for change as well. What do younger generations value that you can offer to recruit and retain top talent? Here are some of the most popular employee benefits that job seekers are looking for when hunting for a new job.
Student Loan Repayment Assistance
A study by Student Loan Hero shows that 54% of people between the ages of 18 and 24 would rather have student loan repayment assistance than a 401k plan. Debt can be a huge stressor to employees, especially when it comes to finances. This can affect their productivity, engagement, and even attitude towards their job. Offering a student loan repayment program can help retain and attract employees as well as ease their financial worries.
Employee Assistance Programs (EAPs)
EAPs are great ways for employers to help their employees while still allowing the employee to keep their problems confidential. EAPs give employees access to programs such as services for grievance, drug and alcohol abuse, financial support, counseling, and more. These programs can increase productivity and decrease absenteeism, as employees will be less distracted by problems outside work.
Pet Insurance
This might sound bizarre, but millennials are the largest generation in the workforce and they also own more pets than any generation before them. Many millennials just don’t have the time or money to raise a family, so their pets become their family. Vet bills can be extremely expensive, which is why offering pet insurance to your employees can give you a huge advantage against the recruitment efforts of your competitors.
Pre-Paid Legal Insurance
Employees can feel distracted and stressed if a legal issue should come up in their personal lives. Pre-paid legal insurance provides basic legal counsel so that employees don’t have to find their own. Legal matters can include things like name changes, traffic tickets, or small claims assistance, just to name a few. Employees will feel protected when they have access to pre-paid legal insurance, and they’ll be less likely to feel distracted at work should they need access to legal assistance.
Employee benefits are a great way to attract and retain top talent. Reach out to your employees for feedback on what they’d like to see to supplement their existing benefits. The feedback you receive will be able to help you make future decisions on what will help your current employees and prospective candidates.