Personal Finance

More millennials are demanding these workplace perks

Key Points
  • Three out of four millennials are open to finding a new gig, according to a study from LaSalle Network.
  • The top three reasons why millennials leave their jobs: to seek a new role,  better benefits and dissatisfaction with their career path at their current employer.
  • Companies are offering student loan assistance and pet insurance to retain younger hires.
M_a_y_a | Getty Images

When it comes to job hunting, millennials have one question for prospective bosses: "How are you helping my balance sheet?"

The search for better workplace benefits is among the three top reasons why younger employees change jobs, according to new data from LaSalle Network, a recruiting firm.

The company polled 5,000 millennials in October and November 2018.

In particular, millennials want help with their finances, including company matching contributions to any 401(k) savings programs and student loan assistance, according to LaSalle.

Here's what millennials are investing in
Here's what millennials are investing in

These workers also prize paid time off and flexible working arrangements, including working from home, the recruiting firm found.

With the unemployment rate holding steady at 4 percent as of January and candidates feeling confident enough to ditch job interviews, the onus is now on employers to attract and retain their workers.

"Companies are raising wages; they know they have to be competitive to compete with other companies," said Jessica Schaeffer, senior director at LaSalle.

"Employers understand what employees want; they know that different things are important [to millennials]," she said.

A willingness to move

Three in four millennial employees are open to new opportunities, LaSalle found.

The top three reasons were seeking new roles, looking for better benefits and feeling dissatisfied with their current career path.

Courtesy of LaSalle Network

The days of staying at one company for decades and retiring with a gold watch and a pension are over.

Indeed, 75 percent of adults ages 18 to 34 believe that job hopping can be beneficial, garnering higher pay and new skills, according to a 2018 survey from recruiter Robert Half.

In particular, millennials are finding it easier to change jobs in the event they find another opportunity that is more aligned to their needs, said Bill Gimbel, president of LaSalle Benefits, a sister company of LaSalle Network.

Retaining younger workers

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Employers are answering the call for more attractive workplace benefits.

In a poll of 4,000 human resources and finance executives, LaSalle found that a quarter of the participants said their companies would adjust their benefits package in 2019. The recruiting firm also conducted this poll in October and November 2018.

The top three benefits employers expect to add are flexible working arrangements, medical coverage, and a 401(k) match.

Companies are also addressing workers' student loan woes, chipping in payments toward employees' debt. Employers offering these benefits include Abbott and Aetna.

Here's another sought-after benefit, according to Gimbel: Pet insurance.

Indeed, more than a third of U.S. pet owners are millennials, making them the primary pet-owning demographic, according to the American Pet Products Association 2017-2018 National Pet Owners Survey.

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