Tags: spoiling | millennials | job | perks

Spoiling Millennials With Job Perks Is On the Rise

Spoiling Millennials With Job Perks Is On the Rise

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Thursday, 09 June 2016 02:11 PM Current | Bio | Archive


Practichem CEO Nick DeMarco has promised to lease a brand new car for all company employees as a way to attract and retain talent once Tesla releases its latest model. The lab equipment supplier only employs 16 people but is planning to hire nine more workers.

"There's an uptick in the number of employee perks and benefits being offered as well as new ideas and offerings due to the influx of millennials in the workforce," said Jason Walker, president of Americas with Deputy, a Software as a Service (SaaS) company.

Like Zappos, Ben & Jerry’s offers employees a nap room for sleep but the Vermont-based ice cream company takes it one step further with offers of yoga classes, personal trainers and a pet friendly work policy.

"Remaining competitive and retaining talented employees requires that companies offer more than just a paycheck and a matching 401k plan," Walker told Newsmax Finance.

But not all employees want the same perks. Instead, employees want to feel connected to where they work, appreciated for what they contribute and hear feedback on how they can improve.

Some even expect to see benefits that combine social good with work.

For example, Barney & Barney started a volunteer challenge last year for staff to volunteer in the community. Employees can earn some $15,500 in grants to award to a non-profit of their choice by logging their volunteer hours.

Fitness trackers are also playing a bigger role in corporate wellness programs with employers nationwide expected by 2018 to incorporate 13 million wearable fitness tracking devices into work-based wellness initiatives connected to financial incentives, according to ABI Research.

UnitedHealthcare employees can earn up to $1,095 per year by meeting certain goals for their number of daily steps monitored with wearable devices.

While healthcare and 401(k) programs are the most important benefits an employer can offer, increasingly workers want more.

Some 89% of job seekers with debt believe companies should offer student loan repayment and 10% ranked student loan repayment higher than paid vacation as the most important benefit, according to a national survey from Beyond, a career resource.

“Student loan reimbursement could help retain Millennials who have been famously less loyal and more likely to switch jobs than previous generations," said Joe Weinlick, senior vice president of marketing with Beyond.
 
PricewaterhouseCoopers and Fidelity recently announced student loan repayment benefit plans.

"The hiring landscape is not as bleak as it was and in a highly-competitive market companies offering innovative benefits such as student loan reimbursement may have a leg up on the competition,” Weinlick said.

Juliette Fairley is an author, lecturer and TV host based in New York. To read more of her work, Click Here Now.



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Practichem CEO Nick DeMarco has promised to lease a brand new car for all company employees as a way to attract and retain talent once Tesla releases its latest model. The lab equipment supplier only employs 16 people but is planning to hire nine more workers.
spoiling, millennials, job, perks
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2016-11-09
Thursday, 09 June 2016 02:11 PM
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