Sharon Koehler

Artistic Stone Design

Much has been written about Millennials and their attitudes in the last couple of years. Granted, a lot of it is true, but some of it is not. But no matter what, we have reached the point where the Millennials are the largest group in the present day work force. Let me repeat that for you: “The MILLENIALS are the LARGEST group in the present day work force.”

That may not seem like a big deal, but in a way, it is. Why? Millennials, as a group, are steadily changing the face of company benefits. The old standard policy of offering some vacation days with some sick days thrown in, plus paid holidays and some insurance benefits is slowly going by the wayside. Millennials have different ideas about the benefits they want and employers are starting to listen. 

Vacation time and sick time are being pushed aside for FTO or PTO (free time off or paid time off). Basically, what this means is that everyone gets unlimited paid time off to do whatever. What happens is that vacation time and sick time are no longer separate things. Now, I know what you are thinking: “OMG, that is a disaster waiting to happen! Someone will be taking off every time we turn around. This program will be taken advantage of!” 

Well, not really. 

Recent surveys show that young professionals are NOT abusing this plan and that employers are actually seeing increased productivity with this plan. There are several examples, but here is the one that seems to show it in the best light. Mary has five sick days a year (that is the most common amount in the United States). In February, Mary gets food poisoning and she takes two days off.  In April, Mary has an accident in the yard and she goes to the hospital and takes two more days off to get straight with doctors, meds and other accident related issues. Then in December, Mary gets the flu. Mary only has one sick day left. She takes that sick day but shows up to work after that one day, still sick with the flu. She cannot afford to take any unpaid time off, so Mary spreads the flu to three or four other people who then have to take time off because they now have the flu. The other three or four sick people come back to work still sick because they cannot afford any unpaid time off, and the flu just keeps recirculating through the office. Productivity in the office plummets. All that was needed to prevent this was a couple more sick days for Mary.  This is FTO at its best application. 

For whatever reason, millennials are waiting longer to have children, but 66 percent of them own pets. An ever-increasing number of employers are adding pet-related options to their benefits packages. It has been reported that over 33 percent of Fortune 500 companies now offer pet insurance in their benefits packages. Some employers are even going a step further and offering pet cloud technology as part of their packages so employees can check on their pets throughout the workday. This adds a new dimension to the term fur babies!

However, when Millennials do have children they want a parental leave program to help them adjust to life with a new, wiggling, human that must be catered to and loved constantly. General leave time is being offered to the tune of 16 weeks for the primary caregiver and six weeks for the secondary caregiver. Millennials definitely look at child birth and adoptions as a family affair to be shared by both parents. 

Millennials as a group are very concerned about their futures. A staggering number of Millennials are already saving for their retirement. In a recent survey, it was found that approximately 70% of Millennials are saving for their old age and retirement – 70 percent! And most of those 70 percent started their retirement savings in their early 20s, with 22 being the prime age. They want a company with a retirement savings plan and percentage match to help them save.    

Planning for their old age is not the only thing they are concerned about. They have concerns about their health as well. They do like health insurance, but they have some other novel ideas on the health topic such as free exercise classes on site after work, as well as yoga, and other stress management options. Or, in lieu of that, discount memberships at nearby gyms to help burn off the desk-job spare tire. 

96 percent of Millennials surveyed indicated that they wanted an eco-responsible work environment. They like to see the companies they work for encourage programs like carpooling and telecommuting. They like to see and participate in recycling programs. So, show your millennial workers how eco-friendly you are by using energy efficient lighting and equipment. Staring a recycle program is easy, but takes everyone’s cooperation, plus someone to manage the bins.

Most importantly, millennials apparently really want to do a good job for their employers. 84 percent of Millennials want career advice and mentoring. By conducting “Stay Interviews” you can show your younger staff that you are interested in their opinions and input. Job coaching is another tool that can help you connect with your younger staff and put them on the path to career advancement. Another thing is feedback. Millennials like real time feedback with recognition or rewards being based on performance instead of tenure or seniority.

Flexible hours that help them balance their family lives with their work lives is also important. 43 percent of Millennials say they would leave a job for another with more flexible hours and 75 percent believe that more flexible hours make them more productive. I just watched my daughter-in-law do this very thing. As her family (my family) grew and became more active, she left a company where she had been working for five years to take a position that had hours better suiting her family life. 

So, the times they are a-changin’, and to keep your turnover rate as low as possible, you might want to be a-listenin’, because the Millennials aren’t on the employment horizon, anymore ; they are here. Are you ready?

Please send your thoughts on this article to Sharon Koehler at Sharon@asdrva.rocks.