One of the biggest challenges businesses face is employee retention. It's even more challenging in the tech industry. All companies, regardless of size, have to address this issue.
If you are an Amazon, Google, Facebook, Microsoft, then you have phenomenal pay, benefits, office, equipment, and even a ping pong table. However, an employee might feel a lack of impactfulness. Being in a big company, an employee might feel the politics, bureaucracy, and sheer size might be an issue.
Startup companies offer employees a unique growth opportunity, the ability to learn multiple facets of a company, control over their role, and a challenging environment. They face their challenges as well, like the lack of work-life balance, competitive salaries, and instability that comes with a newer company.
All businesses must start with the basics before moving on to the "fun" and added benefits. However, the world's biggest companies are offering their own set of unique benefits to keep employees happy. Here are the top benefits young talent is looking for:
The Basics - Healthcare, Dental, Vision, Workers Comp
Companies that want to attract and keep employees must work on these basics first. Young professionals don't necessarily need the top of the line insurance plans, but they understand these are essential for any organization. Remember, it's to the company's benefit that their employee stays healthy. Healthier employees mean cheaper insurance bills, and covering preventive care is vital. Providing paid maternity/paternity leave is a great perk.
Learning and career development
Young talent is in the earlier stages of the career. They want to learn and grow as much as possible, which is why training and career development is a top desire when seeking a new job. The tech industry is evolving rapidly.
Employees want to ensure their skills are up to date to keep up. Pushing a culture of learning will benefit both the company and the employee. Showing interest in building up their employees can help retain talent.
Extensive Benefits for New Parents
Have you heard about Facebook's new parents' benefits?
Four months paid leave
Adoption fee reimbursement
$4,000 cash to help pay for new arrivals
Yes, young talent wants parental benefits. Unfortunately, there are still companies that do not offer more than the government requirement. Did you know Facebook has the highest retention rate in the tech-world?
Flexible working hours
In the recent events due to Covid-19. You probably noticed more organizations shifted to a "working from home" environment. The rigid constraints of 9-5 don't resonate well with the younger generation. High schools, colleges, trade schools do not operate on a 9-5 work schedule.
The education system requires students to be mobile and flexible. They work on laptops, tablets, even mobile phones. They usually do not require students to sit in one place for an extended period.
Allowing flexible working times gives employees ownership of their own time and schedule. Companies need people to be productive. Allowing flexible working hours imparts a sense of trust and confidence from the employer to an employee that brings value.
Healthy employees are happy employees, regardless of age. However, millennials, in particular, are a more health-conscious generation, as they place an increasing interest in preventative health measures.
Free or subsidized gym membership is the most common health perk, but some companies go further to offer health insurance, paid fitness classes, or even hand out healthcare wearables like Fitbits. Do you have a gym in the office? That can save a commute and also help with the flexible work hours benefit.
Student loan repayment assistance
Did you hear that people are in student debt? Total student loan debt as of 2019 was reported as 1.56 TRILLION. With soaring student fees and thousands of young people saddled with student debt, it's no surprise that student loan repayment assistance is a hot benefit.
Some companies are offering to reduce student debt quicker, and unsurprisingly people are lured to the call. According to the American Student Assistance survey, 76% revealed that student debt assistance would be a deciding factor for accepting a job. This benefit can set a company apart from its competition.
The Game Room/Ping Pong table
Ok, you don't need a ping-pong table per se. Still, the ping-pong table epitomizes how entertaining spaces have taken over rigid, conventional business environments, which is vital to young people – It's about work-life integration. People want to enjoy going to work, windows, free coffee, ping pong, arcades, energizer rooms, etc.
A space that encourages movement, flexibility, and builds on the community will attract talent who are looking for more than just your ordinary boxed office. Open workplaces, free snacks, community games areas, and napping stations, are amongst the many office benefits that blur the lines between work and play.
Remember, you want to be unique, not a copy of Google, Facebook, Amazon, Apple, Microsoft, etc.