Millennials make up about 34% of the workforce and are estimated to make up nearly half of the workforce by 2020.
Baby Boomers, Gen-Xers and Millennials are all working alongside each other with representatives from the Silent Generation and Generation Z positioned on either side of the age spectrum. Employers across industries have had to tailor their approach to attract these 5 unique age groups, seeking creative and exciting employee benefits to attract and retain a range of interests. It’s time to freshen up your benefits beyond the typical medical, dental, vision and life insurance options. In a recent study on the 2018 Global Workplace Trends, the Workforce Institute Board’s first prediction states that top organizations will “treat employee engagement as a financial strategy with a creative focus on the employee experience.”
Happy employees are motivated, committed, loyal and productive.
At OneDigital, we thrive on being thought leaders and innovators. I want to share a fresh approach to employee time off that might ultimately help your organization attract top talent, promote a culture where your employees thrive and retain valuable human capital.
Employers are being challenged more than ever to offer employees more benefits and rewards at work with minimal financial impact. Giving your employees benefits such as paid time off (PTO) and flex time could prove to be two of the most valuable additions to your benefits package. Some examples might be unlimited paid time off, time to volunteer, and flexible work hours.
REI, the recreational equipment company, created “Yay Day” an employee benefit granting employees two paid days off a year to enjoy a favorite outside activity. Nearly 75% of employees took advantage of the first Yay Day, which serves the business by allowing staff to spend time outdoors and gain the experience and knowledge that will benefit customers, and inadvertently helping to secure their ranking for the 18th year on Fortune’s list of “100 Best Companies to Work For.”
Paid Time Off
- 30-day sabbatical for every three years of service
- Paid parental leave
- Unlimited PTO
- Paid volunteer time
- Eliminate use-it-or-lose-it vacation rules
The Society for Human Resource Management (SHRM) provides valuable information about how unlimited vacation affects both morale and the bottom line.
- Company volunteer workday
- Let employees contribute to a charity through payroll deductions
- Hold a charity drive or fundraiser
Employers and employees alike typically understand the importance of giving back and appreciate the impact a workplace can have on the surrounding community. Whether it’s a local nonprofit, community garden or charity, there are many opportunities to share time, talent and resources. The nonprofit, everydayhero, hosts a podcast called Champions for Social Good where they share ten steps to create a successful corporate volunteer program.
Happier employees = productive long-term employees. Everybody wins.
For more tips on how to structure your organization’s benefits to attract and retain talent, connect with your OneDigital representative.