Anthem, Inc., one of the largest health benefits companies in the U.S., conducted a survey where they discovered that 35% of millennials, ages 18 to 34, have turned down job offers because they were dissatisfied with the benefits. The turn-down rate for all other groups was 27%.
The survey results also shows that employers might also offer highly desirable benefits such as fitness classes, in-office massages, or extra time off to help employees manage stress, but money seems to be the number one reason why employers are hesitant. As a result, Anthem aid that this is why millennials were more persuaded to be involved in long-term financial planning than older workers ages 35 to 54 during the past year.
It’s a good idea that employers should offer workers benefits that help protect their income, such as disability insurance, if they become disabled and also financial planning in a health care plan.
The study also shows that millennials are more careful about financial planning and saving for retirement than previous generations. Millennials make up the largest section of today’s workforce, therefore employers that can provide a 401(k) plan, financial planning advice, health care, and other benefits that protect employees against income losses are far more competitive in attracting and retaining top talent.
Employers who are offering benefits might want to review their benefits offerings to find out how well they’re fitting employees’ needs, especially with millennials turning down more jobs because they don’t like the benefits.
Bolden-Barrett, Valerie. “Anthem: 35% of millennials turned down job offers due to inadequate benefits.” HR Dive. N.p., 22 May 2017. Web. 22 May 2017. <http://www.hrdive.com/news/anthem-35-of-millennials-turned-down-job-offers-due-to-inadequate-benefit/443208/>.
So often employees rate their performance on whether or not they are given a pay raise or a promotion. While an employer handing out pay raises and promotions does in fact indicate that the employee is doing a good job, employers must not forget that employees need to be recognized more often than a raise or promotion can be given. To be recognized and rewarded is to value your employees, to realize that they are human beings, and to provide them with appreciation by listening to what they really need. Putting aside the wanting of a raise or a higher title, here are five things your employees need:
- A pleasant work environment.
- A hostile work environment is just not healthy. If co-workers aren’t being respected, no one is going to feel of value. HR Strategies provides the HR consulting that is often needed to balance complex professional working relationships.
- How about an employee of the month award? Or a company-wide email about the latest accomplishment of your employee?
- Do you have discounts that your employees can utilize? All worksite employees of HR Strategies have access to perks program discounts for a variety of establishments including the GA Aquarium, Six Flags, the Braves, Stone Mountain Park, and many more.
- Help/Personal Assistance
- Is your company culture that of genuine sincerity for a co-worker/employees personal problems? An employee’s life outside of the office can greatly affect their productivity on the job. All HR Strategies worksite employees have access to our EAP program, which provides a variety of services to help ensure their overall wellbeing.
- Do managers listen to their employee’s professional goals, and give them the coaching they need to move toward those goals? Thus showing the employee value? Do you provide your employees the training they need to accomplish their work tasks?
Employees are not just a time clock badge ID number. They are human and have emotional needs to be met. Taking the time to provide for these needs you may find that they become more productive and better representatives of your business.
The month of November is often thought of as the month to Give Thanks. As an employer, are you remembering to thank your employees and recognizing their achievements? Showing your employees appreciation for all they do can help boost productivity and morale, and that is always good for business! Here are just a few ways to Give Thanks to your employees this Thanksgiving season…
Treat your employee(s) to lunch
Hand written thank you notes for a personal touch
Awards: maybe a traveling trophy, a nice clock, any type of award that the employee can display in their office space.
Notice In Employee’s File: If an employer wishes to recognize an employee in this way, he should add the note, but also tell the employee he is doing so, so the employee knows he is appreciated.
Kudos Column: If your workplace has a newsletter, add a column where employees are recognized for outstanding efforts and achievements
Simple spoken words of Thanks can go a long way.
Implement an employee of the week program
Vacation – yes even a few hours of extra paid vacation time is a big reward for most employees
Ice Cream Sundae Party at the office
Night out at the ballpark for a team of employees
Give the employee a membership or subscription to a journal that relates to their work
Independence has been a goal of Americans since the founding of our country, and those with their own companies tend to be particularly independent. Some people start their own business believing that it is the only route to “life, liberty, and the pursuit of happiness”; only to later realize the headaches that can come along with owning and managing a business. While they began their business to gain independence, they lose the freedom that they dream of. They become saddled with letting their business’ rule their lives, depriving them of time with family and friends, and even at times their health.
It is time as business owners to create your own Declaration of Independence!
- Independence from rising administrative costs. Outsourcing your HR administration relieves business owners from the complex HR matters of benefits, workers’ compensation claims, payroll, tax administration, regulatory compliance, etc., and by doing so reduces your overhead.
- Independence from focusing on the mundane. Outsourcing your HR enables small business owners to focus on their core competencies, rather than focusing on running payroll, providing employee benefits, or the many other facets of human resource administration. Outsourcing allows business owners to concentrate on their passion, without being distracted by countless human resources responsibilities.
- Independence from the worry of regulatory compliance. Outsourcing your HR administration can keep business owners compliant by working as their off-site HR department, with the back-up of legal counsel partners, firms specializing in workplace law. Outsourcing can help you reduce your risk and vulnerabilities to Federal, State, Local and Professional Regulatory changes.
- Independence from the nightmare of Workers Compensation Insurance and Risk Management. Outsourcing can help improve the work environment and make it safer by focusing on workplace risk management, safety programs, and good human resource practices. Additionally, when you outsource with a PEO, such as HR Strategies, they can arrange workers’ compensation coverage with major insurance carriers, provide their clients with training on safety and government compliance in regards to workers compensation and risk management, and manage the complexity of claims.
- Independence from the burden of human resource administration and paperwork. When you outsource your HR needs to a PEO you receive assistance with all of the complications and paperwork that go along with the employee lifecycle: writing help wanted ads and job descriptions; drug screening and verifications; new hire candidate assessment tools; new hire paperwork, including I-9 compliance; customized employee handbooks; employee policies and procedures; Federal and State required postings; human resource, supervisor, and compliance training; EEOC claims; Employment Practices Liability Insurance; Employee Assistance Program; compliance with IRS, INS, ADA, EEOC, FMLA, FLSA, DOT, COBRA, Title VII, etc.; discipline and termination counseling; investigation of employee/employer and employment complaints.
Declare Your Independence today by calling HR Strategies at 770-339-0000!
Every good act is charity. A man’s true wealth hereafter is the good that he does in this world to his fellows.
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