Make Your Workplace Benefits Millennial-friendly

Attracting millennials to your company may require more than a competitive salary and a run-of-the-mill benefits package. For millennial employees, a healthy work-life balance can be just as important as a healthy income.

Financial wellness programs, education savings plans and generous family leave policies can attract and retain talented workers. Consider what millennial employees value most as you review the benefits your company plans to offer.

Number One: Health Insurance

Offering a comprehensive health-care plan that reduces out-of-pocket costs will appeal to the millennials in your company and potentially attract new employees.

Paid Time Off

For millennials, time off is an important benefit. A paid leave policy that appeals to millennials typically might include maternity leave, paternity leave, caregiver leave, extended bereavement leave and short-term disability benefits.

Student Loan Forgiveness

According to several studies, two thirds of young adults have student loan debt. Employers who offer a pathway to reducing or eliminating employees' education loans may have an edge when it comes to hiring and retaining millennials.

Flexible Work Schedule

Having the ability to work remotely is important to many millennial employees, and companies that don't offer this option may be at a disadvantage.

Retirement Plan Match

Financial security is a top concern for millennials. Companies that match contributions to a 401(k) or other retirement plan demonstrate their concern for employees' financial well-being. By starting to make contributions to a retirement plan early in their careers, millennials may potentially benefit from many years of compounding growth. Businesses that are looking to attract and hire talented young workers would do well to reevaluate their company's culture, too.