6 Benefits That Millennials Value More Than a Raise
Do you know the number of employees per generation that work in your company? Are you currently offering the benefits that new generations seek to attract and retain them?
This generation presents a great challenge to the human resources areas to build a job offer that attracts these new talents.
It is no longer enough to offer an interesting salary level according to the person’s abilities, this new generation demands new benefits, among which are professional development, personal growth, and that their values are compatible with those of the company.
So we are talking about a new class of benefits, which have been called emotional wages and which many agree is the key to retaining talent.
In this sense, we must be thankful that now the new generations are demanding both these ’emotional’ benefits and flexible ways of working with which not only they benefit but also the rest of the company’s employees.
Innovation as an essential part of the emotional salary
What do Google, Facebook, Grupo Modelo, Bimbo, design agencies, entrepreneurship have in common?
Well, they are some of the places that new generations prefer to work. The preference responds to the fact that these companies offer an ’emotional salary’ through a relaxed environment, flexible hours, the opportunity to change residence, being part of different projects which encourage development and growth.
Inclusively, one of the last components that are a success (this benefit is only for the new generations) is to obtain a free membership of some content or music company such as Netflix or Spotify.
With this benefits combo example, all you have to do is say to an HR director: stop snapping your head to find out what else to offer and start including these new benefits.
Companies must include an innovation team that drives initiatives that, in themselves, are an essential part of the emotional salary.
But what does innovation have to do with emotional pay? Much!
Companies that already embrace innovation as part of our culture, benefit from the automatic development of several of the fronts demanded by Millennials.
At SURA and other corporations, innovation projects contribute greatly to the emotional salary.
Given this, we share some benefits offered and valued by Millennials:
Professional growth
The collaborator is empowered to be the leader of an innovation project that does not necessarily have to do with a formal title; It is a great opportunity for the collaborator to manage a project and coordinate a team of people from different areas to achieve an idea.
Freshness to the ordinary
Collaborators who participate in innovation initiatives, beyond feeling it as an additional workload, perceive it as space, as a mental break to absorb new knowledge and contribute new ideas.
Community
Innovation projects foster multidisciplinary collaboration that brings together people with a common interest to solve a company challenge.
Although it is true, it is not an attribute that the new generations formally mention, implicitly they always seek to be part of something, to be part of common projects, to team up, to make a community.
Globalization
Corporations with a presence in other countries offer the collaborator a change of residence or work in another country on a project for a certain time; This represents a highly valued benefit.
It should be mentioned that this is not an exclusive attribute of innovation initiatives, but it is a pretext to develop or install a project elsewhere.
Relaxed atmosphere
Millennials appreciate working in facilities with a relaxed atmosphere, perhaps similar to Google’s, which become ideal spaces to embrace innovation initiatives; and take people to explore new places and work on certain projects in these environments.
This relaxed atmosphere offers a mental, visual and inspirational respite that is really appreciated.
Personal growth
New tools are offered to the collaborator, which provides inspiration to generate ideas and new ways of doing things.
These processes not only have a professional benefit but also directly impact a change in the collaborator’s lifestyle and way of thinking.
Opportunity to undertake
If innovation initiatives are already sufficiently installed, companies must begin to explore ‘intrapreneurship’, whereby employees can launch an idea or a new business model.
The fact that the collaborator operates and manages a new initiative with the possibility of dedicating himself 100% freely to this new project, for him, it is a benefit that “is priceless”.
The new generations highly value these ‘intrapreneurship’ initiatives.
Companies must include an innovation team that drives initiatives that, in themselves, are an essential part of the emotional salary as a great engine to attract and retain the talent of the new generations.
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