Attracting young talent: the financial perks they really want
Rage against the wage
This disengagement is contributing to the growing trend of job-hopping amongst younger workers. And who can blame them?
They’ll want to get their first steps on the housing ladder, buy a nice car and live a comfortable lifestyle like we all do! If it means leaping from one role to the next every year or so, then so be it – but this means organisations large and small now have a real job on their hands when it comes to attracting and retaining the abundance of young talent out there.
So, what can be done to stem the flow of talented, young employees leaving your business and getting them through the door – all without resorting to bigger and more expensive wage packets?
Lay the groundwork
Before we get into the financial wellbeing benefits bit, you need to ask yourself this question: what are younger workers really looking for in a job?
Whilst bottom-line take-home pay will be a priority (obviously), there are a number of additional factors that go beyond the payslip when encouraging young talent to your business:
- Your Reputation
Are you perceived as a business that rewards, recognises and engages with workers, or do you simply offer a job and a wage?
- Nurturing
Do you actively help employees reach their full potential and help them up the career ladder through on-the-job training or courses?
- Flexibility
Are you a rigid 9-5 environment or do you offer your staff the chance to manage their own working hours and where they work?
- Your Culture & Values
Are the people you employ a good match for your organisation’s own vision and values? Or are they there just because they can do the job?
Addressing these points beforehand is a great start to attracting those valuable younger workers; but the key to retaining them is offering the types of benefits that help improve their quality of life – and this is where those financial wellbeing benefits come into play.
Financial Education
Offering budgeting tools that link to your employees’ accounts can help them to see how their spending is going or make it easier for them to keep putting the same amount into their account each month.
You can help turn them into savvy savers for those all-important life purchases like a house, car or even a plush holiday.
Employee Loans & Savings
Giving your staff access to a loan (paid back through their salary) will mean you can offer loans to a greater range of employees than the high street. It could be exactly what your younger employees need to get on the road to being financially secure, consolidating debts they may have and avoiding getting into a cycle of unmanageable debt.
In the same vein, encouraging them to either save alongside a loan, or continue with payments once it’s paid off, meaning they can build up a nice little nest egg for those really big purchases – like a house or car.
Salary Sacrifice Schemes
From a new car leasing programme, to cycle-to-work schemes and employee discounts. This is the stuff that really resonates with younger workers as they can gain access to the lifestyle goods they really want and stretch those all-important wages further for longer.
And that last bit is important
If you’re helping them spend wisely, helping them to fund their big life purchases and support their development, you’ll build crucial engagement; and engaged, happy employees will be more likely to stick with you and your business for longer.
This article is provided by Sodexo.
In partnership with Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
