September 14, 2018

The value proposition wellbeing programs need to incorporate to retain millennial talent

What makes a successful wellbeing program? The answer to that question has changed over the years as organizations evolve to respond to the needs of a multi-generational workforce and deliver a personally meaningful experience. Millennials, who now make up 35 percent of the workforce, are demanding something new from their employers. While baby boomers have typically cared most about salary figures, research shows that millennials place significant value on benefits and organizational culture.

Do you have a mission statement and, if so, does your organization live by it or is it just another decorative plaque on your wall? Do you provide professional development opportunities? Does your company offer flexible working arrangements? Is your company an active participant in its community? While employees of all generations appreciate these features, Millennials care deeply.  Millennials are much more aware of the culture an organization embodies, and will seek out a workplace that matches their cultural needs. Promoting a feel-good environment and allowing your employees to contribute to the culture can diversify your organization and inspire loyalty among your millennial workers.

Programs, practices, and a management approach, that help team members improve their wellbeing and thrive are paramount to a positive work environment and experience.  By looking at the full benefits package and culture your organization offers, you’ll be better able to improve employee retention among a generation that puts their health and happiness first. Offering work-life balance, access to healthy foods and social activities, tools to reduce employees’ financial stress, leadership training programs, and other relevant benefits, not only increases retention, but also has been shown to improve employee engagement levels and productivity. The value of your wellness program can be further enhanced by leveraging and empowering managers, of all generations, to foster a culture of caring.

Ultimately, a wellbeing program should be based on a well-defined understanding of employee happiness. With the right balance of benefits and culture, you can recruit and retain millennial talent with ease.

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