Making a debut in the real world as a 2011 college graduate wasa far less glamorous affair than I and my fellow baccalaureates hadhoped for. After blowing through college funds and accruing loanswith an equivalent value to the homes we grew up in, it turned outthat the only parties in need of our six-figure degrees were localrestaurants offering part time shifts and the neighborhood familiesthat we used to babysit for during high school.

The parents of a good friend of mine took out a second mortgageon their house to fund his Stanford degree in political science,and to their horror, he moved right back home 4 years later to workin a nearby bagel shop.

Every job posting was answered with thousands of applications,and as any business student can tell you, it’s all about supply anddemand. In the case that someone was lucky enough to land afull-time office job, the trade-off for the privilege of “real”work experience usually meant taking a pay-cut from what could havebeen earned tending bar or waiting tables.

Office jobs were so coveted in fact, that the thought ofdiscussing employee benefits during the interview process wasn’teven on the radar.

Asking about healthcare and 401k matching felt taboo—even as amember of the “entitled generation” I felt that asking for anythingover a full time salary was akin to looking a gift horse in themouth.

Thus as a new hire, I did not even qualify toparticipate in the company’s 401k plan, which had nomatching program, and forked over 20 percent of my monthly incometo pay for health insurance.

Skipping ahead to 2015, a recent article by the Harvard BusinessReview cites various studies, which tell us that 36 percent ofglobal employers reported talent shortages and 73 percent of CEOsare concerned about the availability of key skills.

The talent demand and job supply have indeed flip flopped in thepast four years—and my peers are no longer desperate to spendMonday through Friday working for sub-standard compensation with nobenefits to speak of when there are ample opportunitieselsewhere.

No matter their take on the “selfish generation,” employers thathave gotten used to the recession-era way of employee benefitsare in real trouble. According to a study by Aon Hewitt, not onlywill millennials make up half of the workforce this year, butnearly one half of them plan to change jobs in the next year.

Compensation and benefits packages will be thestrongest driver in determining their next career move andemployers will need to step their game up if they are committed toattracting and retaining quality talent.

From a company perspective, this is much easier said than done,especially with the recent rise in the cost of key benefits. Theincremental funds needed to enhance total compensation are notquick to come by.

Given their circumstances, many organizations are taking acloser look at their existing benefits programs, aiming to identifyinefficiencies and redirect funds to programs that matter most toemployees and prospective employees.

Employee compensation and benefits area meaningful expression of how an organization values their peopleand should be a match to your personal and professional principlesas you continue along your career path.

Whether you count yourself on the employee or employer side ofthe fence, getting clear on what you value in your workplace is animportant part of creating what’s next for your career or yourorganization.