Millennials are taking over.
Sure, there are countless of articles about how millennials are “entitled”. A quick Google Search will yield a handful of results. But it’s not a secret that millennials are rapidly taking over the workforce.
By 2030, millennials will be making over 75% of the entire workforce. I’m not good at math, but I know that’s A LOT.
So if you’re a hiring manager, or a business owner, it’s important to take note of exactly what millennials value in terms of work benefits.
You will find more statistics at Statista
This shows that majority of millennials actually care more about two things over monetary bonuses.
Most managers assume that in order to keep millennials happy or attract them to join the company, money should be dangled like a big slab of steak. While cash bonuses are very much appreciated, training and development and flexible working hours are valued higher by millennials.
When you think about it, the top two work benefits that millennials value the most actually will cost you LESS than cash bonuses.
Flexible Working Hours
Flexible working hours are becoming more and more popular these days. 77% of millennials actually prefer flexible working hours. They feel that they are more productive and have more freedom in the workplace. This, as studies and millennials claim, boost their productivity.
Photo from http://www.bentley.edu/
Millennials hate the regular 9 to 5 cycle, so it’s understandable why they value a “flexi schedule” over cash bonuses.
But what’s more surprising is the top benefit millennials value the most…
Training and Development
And they said millennials were lazy?
This stat is the most alarming, yet also the most encouraging.
This means that millennials value being trained and learning more to become better at their craft. The best part about this is that training and development can actually cost less than giving a performance bonus (not saying you shouldn’t give your employees one though!).
The more you actually invest in training your employees, the more they’re likely to stay and produce better results.
Conclusion
You don’t need a gargantuan budget to give your millennial employees killer benefits. Invest on their training and development, or even consider implementing a flexible working schedule.
Millennial or not, all employees will surely enjoy these benefits. So if you consider some of these, you might just have hacked into boosting work productivity in your company.
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