With necessities costing Millennials 143.22 hours of work a month, it is no surprise that Millennials are willing to change jobs for $0.50 more per hour.
In line with that, they also expect a lot from their employers in terms of compensation and benefits.
A new survey by Aflac found that 65% of Millennials expect an annual raise, followed by 60% who said they expect to be offered major medical insurance coverage.
Beyond an annual raise and major medical insurance, additional top benefits choices for Millennials include:
- Flexible work schedule: 44%
- Regular access to professional training: 36%
- Ability to work from home: 27%
- An annual promotion: 31%
- Free food/snacks at work: 23%
- Student loan payment assistance: 19%
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The survey also pointed out that while Millennials are clear about the benefits they expect, many are clearly having difficulty managing details for their major medical insurance benefits.
In fact, more than half of Millennials admit that they do not understand how a high-deductible health plan really works, although 60% of Millennials are enrolled in these plans.
It also highlighted that more than any other age group, 72% of Millennials are likely to take a job with lower pay but better benefits at a time when 66% of Millennials say they are likely to look for a new job in the next 12 months.
Additionally, Millennials who are extremely or very satisfied with their benefits are also more likely to be satisfied with their jobs, compared to those who are not very or not at all satisfied with their benefits (89% v. 27%).
“We know employee turnover is costly to employers – particularly smaller to mid-sized businesses – in terms of recruiting and training new employees, loss of institutional knowledge and stress on the remaining employees who must pick up the slack,” said Matthew Owenby, senior vice president, chief human resources officer at Aflac.
“And while not every employer can afford to offer pay raises and free food, one thing they can do is provide access to the top-rate benefits and benefits education that Millennials crave.”
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