In today’s hiring landscape, employers are moving beyond traditional health and retirement benefits to embrace unique incentives that attract top talent. In particular, employers are hyper-focused on unique benefits that attract the millennial generation, which has surpassed Generation X as the largest age group in the workforce. While most employers and HR professionals have likely read countless articles about empowering millennial employees in the workplace, it cannot be denied that this generation faces a much different work/life landscape than those that came before them.

Since traditional benefits no longer serve most of the workforce as they once did, continued conversation is necessary to identify new employer strategies, including the implementation of unusual benefits that address millennials’ specific needs and challenges. These include the flexibility to allow employees to work where and when they want, personalized wellness programs that incorporate gamification and recognition for goals met, mental health resources for employees and their families, sabbaticals that encourage personal growth and exploration, and more. Such examples not only meet the unique needs of millennial employees, but they also help organizations foster an authentic and empathetic workplace culture.

Rethinking traditional benefits to address employee stress

One of the main goals employers have for their workplace benefits is to reduce employee stress. Personal stressors can lead to decreased workforce productivity, absenteeism, and turnover—which ultimately take a negative toll on overall office culture. Reducing stress is particularly critical for millennial employees, as this generation reports higher stress levels than any other age group. Millennials are also more likely than other generations to say their stress has a very strong impact on their physical and mental health.

Naively, the benefits world has always held firm to the belief that stress derives from the effect of a problem, rather than the cause of a problem. For example, instead of trying to provide health and wellness tools to an unhealthy person, a better strategy is to ask why the person faces health challenges to begin with. Slowly, employers are coming to realize that the only way to solve the effect of stress is by implementing unique benefits that address the underlying cause. Only when employers understand where their employees’ stress is coming from, will they be able to create programs to help their teams avoid those stressors in the first place.

Considering the main cause of millennial stress: their finances

Arguably the biggest cause of stress for young adults is money. A 2017 Workplace Benefits Report states that 67 percent of employees in this age group say financial stress impacts their ability to focus and be productive at work, and 68 percent said that financial stress takes a negative toll on their physical health as well. Many are burdened by student loan debt but hold an entry level job for mediocre pay. Older millennials are balancing their long-term educational debt with the cost of raising a young family, saving for a wedding, or buying their first home.

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