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If you have millennials on your payroll, then you need to read this Here are 4 bene ts that will not only resonate with millennials, but will also help promote employee satisfaction productivity and retention. By Jeanniey Walden | December 23, 2020 at 01:30 PM
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A new Harris Poll, commissioned by DailyPay, Funding Our Future, and the Center for Financial Security, illustrates how COVID-19 has impacted the nances and savings for millennials. And unfortunately, the news (https://www.prnewswire.com/news-releases/more-than-half-of-millennials-
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beginning of the COVID-19 pandemic and only about a third (35%) of millennials feel like they are on the right track to meet their retirement goals. Nearly half (44%) say they have either no savings (17%) or not enough savings to cover a $400 emergency expense (27%). Living on the edge nancially without an actionable plan to reach long-term retirement goals can add yet another layer of stress for our millennial sta members. So what types of bene ts can we o er, to millennials in particular, that will make a real impact in their lives and on their wallets? Here are four bene ts you should o er immediately, that will not only resonate with millennials, but will also help promote employee satisfaction, productivity and retention. 1. On-demand pay While the increasingly digitized post-COVID world may seem new to some of us, it is simply how millennials and gen z grew up. Natively they don’t just want, but expect every aspect of their life to be simple, secure and on-demand. This includes pay. If you are not o ering on-demand pay, then you are missing out on the hottest bene t of 2020 and the forecasted hottest bene t of 2021. From a nancial wellness perspective, the bene t of having access to your earned income as you earn it has been a game-changer for millions of American millennials (and every other generation as well). With on-demand pay, millennials have choice and control over their payday, no longer having to wait for a scheduled payday to take care of a bill. A whopping 78% of users for one on-demand pay provider indicated that the bene t helps them pay their bills on time and avoid late or overdraft fees, according to a 2020 DailyPay user survey. Some providers also o er employees free savings or budgeting tools to help build healthy nancial habits, further boosting employees’ nancial wellness.
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2. Student loan assistance According to the aforementioned Harris Poll, 57% of millennials either currently owe or have previously paid o student loans. The average student loan debt for recent college graduates is more than $30,000 (https://www.usnews.com/education/best-colleges/paying-forcollege/articles/see-how-student-loan-borrowing-has-risen-in-10-years). In addition to being nancially crippling, student loans can be bad for your businessespecially when it comes to millennial employees. In fact, a 2020 Workforce Institute at Kronos study (https://www.businesswire.com/news/home/20191218005443/en) found that employees aged 18-44 are more likely than those employees aged 45 and up to say nancial stress distracts them from their work. Luckily for employers, there are ways to pitch in and help without breaking the bank. For example, a student loan repayment assistance program enables employers to match the employee contribution. It’s an impactful way to let the younger sta members know you value them and their contributions to the company. 3. Financial literacy programs A recent survey revealed that many employees turn to their employer for nancial advice and counseling. Millennials need help formulating that long-term nancial game plan and most don’t have access to high-priced nancial advisors. However, employers can remedy this by o ering one-on-one counseling sessions with a nancial advisor, educational workshops, 401k educational programs, and nancial literacy apps.
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2019, 60% of employees say they would be interested in their employers providingPROMOCODE=BPRO:LIMITED&REFDOMAIN=STO a wider array of less traditional, non-medical bene ts ( nancial counseling, anyone?), even if they have to cover some of the costs themselves. 58% of employees say that
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It helps them pay their bills on time and avoid late or overdraft fees, as reported by a
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budgeting tools to help build healthy nancial habits, further boosting employees’ nancial wellness.
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4. Flexibility
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With so many people working remotely as a result of the COVID-19 pandemic, it’s no longer about work/life balance, it’s about work/life blend. For millennials, especially young parents, exibility is a critical bene t. With exible work hours, working millennial parents can save on the incredibly expensive child care costs, opening opportunities to allocate that money to savings. A exible schedule that includes remote work also cuts down on commuting costs and another major expense when money is tight.
Jeanniey Walden is Chief Innovation Marketing O cer at DailyPay (https://www.dailypay.com/).
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