Millennials care more about perks and benefits than older professionals, according to a new LinkedIn survey.
More than 13,300 job-seeking millennials participated in LinkedIn’s 2016 Global Talent Trends Report and reported caring most about company culture and values, which can be exemplified in benefits and perks.
“I have grown kids now and when they look for jobs, they are very much comparing the non-monetary benefits that come with the job,” says Diane Lim, vice president of economic research for the Committee of Economic Development of the Conference Board and a mother of four millennials. “That’s what young people look for these days; they want a good relationship with their employer. It’s not how much money you make anymore.”
The LinkedIn survey reflects that change between generations. Compared to 51% of baby boomers and 54% of Gen X, 64% of millennials care more about perks and benefits.
Lim says the benefits can be loosely defined, ranging from social — such as organized activities, brought-in entertainment — to flexible – such as an on-site gym or childcare center and telecommuting — and “doesn’t have to do with dollars and cents.”
“There’s something to be said for these benefits that don’t have dollar signs attached to them but the attitude of the employer, the culture,” says Lim. “Employers, corporations today, really need to project that image – that they care about employees.”
New York City-based digital marketing agency Elite SEM tries to project that image when recruiting its employees. It seems to work; Fortune ranked the company as the best workplace for millennials.
“We compete for talent against the Googles, the Facebooks, the Twitters of the world,” says CEO Ben Kirshner.
Kirshner says his employees visit those offices frequently, so the company needs to offer a comparable work environment with similar perks and benefits. Some of those perks include free lunch and snacks and unlimited vacation time.
Elite SEM prides itself on transparency, says Kirshner, and wants to keep its employees informed and able to offer feedback.
“We constantly are asking people what their desires are in life, what their goals are in life, and make those things happen,” he says.
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