December 9, 2014
Stacy Van Alstyne
Companies Offering Innovative Benefits to Attract Millennial Workforce
Benefits Focus on Flexibility, Wellness and Corporate Culture
Brookfield, WI — With a focus on flexibility, wellness and corporate culture, many employers are offering benefits that are attractive to a millennial workforce, according to a new survey from the International Foundation of Employee Benefit Plans. Offering these innovative perks is a critical aspect of the new work culture in America, as the U.S. Bureau of Labor Statistics has reported that millennials will overtake the American workforce in 2015.
Employee Benefits Survey 2014 asked 251 companies about their benefit packages and what innovative benefits they're offering potential employees in order to stand out from the rest. The results from employers showed:
- Nearly 49% of employers offer a flexible work week
- 44% of employers allow employees to telecommute
- 57% allow a business casual dress code, and 19% have a casual dress code
- 22% of employers provide on-site meals
- On-site gyms and/or subsidized fitness are offered by 31% of employers
- 11% provide on-site massages
- 38% offer discounted tickets to sporting, recreational or cultural events to employees
"We are seeing employers offering innovative benefits in order to attract and retain this younger generation of employees, which will make up the majority of our country's workforce in 2015," said Julie Stich, Research Director with the International Foundation. "We've found that benefits catered to achieving a work/life balance and promoting flexibility are attractive to this age group and companies are adapting their benefit packages to reflect the changing work environment."
These survey results were part of the fourth comprehensive benefits benchmarking survey conducted by the International Foundation.
The "Employee Benefits Survey 2014" questionnaire was sent out to the International Foundation's membership in July 2014. In total, 571 completed responses were received from single employer (including corporations), multiemployer and public employer plans.
Complete results on the survey, Employee Benefits Survey 2014, will be provided to members of the media upon request.
About the International Foundation of Employee Benefit Plans
The International Foundation of Employee Benefit Plans is a member-driven organization with five decades of experience as a leading objective source of employee benefits education and information within the American and Canadian workplace. The Foundation's expertise is industry wide and it offers resources that include training, conferences and research on topics critical to assisting its 35,000 multiemployer, corporate and public sector members respond to trends affecting the well-being of more than 25 million lives in North America. For additional information, visit www.ifebp.org.