The workforce has changed dramatically in the past few decades. You now have a large number of millennials applying for jobs. Additionally, Gen Z is starting to enter the workplace, too. They often want different benefits than that of Generation X, which means that you need to take a close look at what you’re offering and how you’re operating your business.
Baby Boomers admittedly were not the best at saving for retirement. However, the new wave of employees has learned from their parents’ and grandparents’ mistakes. They want to start saving for retirement as soon as possible because they have big dreams of being able to retire at 55 or 60 (or even earlier).
One idea is to provide a PEO-sponsored 401(k) to your employees. With the help of a PEO, you can offer your employees the ability to plan for the future without having to deal with the actual headache and audits involved with a 401(k).
Millennials and Gen-Zs want flexibility in the workplace. They value the work-home balance tremendously. They know how to use technology and they use it efficiently to be able to boost productivity and multi-task. They don’t want to have to sit in the office all day long if they don’t have to.
Instead, they want you to offer technology that allows them to work remotely. This includes everything from hosted telephony to hosted cloud services. If they can work from a coffee shop or home, they will be happier and likely more productive, too.
This generation of employees wants to make sure that they are able to learn in the workplace. Many employees don’t have the same idea of past generations when it comes to longevity with a company. Many employees will only stay at a company for five years (and sometimes less) because they believe that they have more opportunities when they move around. As such, you want to offer career development so that they don’t feel as though they are growing stagnant. When you are able to promote from within, you will be able to reduce the turnover rate tremendously.
Additionally, when it comes to offering career development and education, you will also want to consider an Employee Assistance Program. Services can include financial advisors, lawyers, and even licensed psychologists. This will help employees resolve various issues that could impact their work-home balance or how they feel at the workplace.
Employees of every generation want to have great medical insurance. They know how expensive it is if they have to get it on their own. Millennials and Gen-Zs are no different. They want to know that they have the health care they need when they have a medical problem. Dental and vision benefits are a bonus as well.
Be sure to offer medical benefits from a company with a functional, mobile-friendly platform. This is ideal for the generation who would rather do everything using a mobile device. It ensures that they are able to continue multitasking and likely providing you with more productivity, even when they are sick.
Exploring the best options for small business benefits is one of the best ways to attract millennials and Gen-Zs. With the help of Harbor America, you have a PEO that helps you with benefits as well as compliance and other details.