Thinking Beyond the Bottom Line: How Should Businesses Look to Incentivise Millennials?

by Startacus Admin

Being a millennial is a strange and contradictory experience, and one that often blurs the line between fact and fiction.

While often referred to as a forgotten generation, for example, they have also benefited from the incredible pace of technological advancement and a number of unique career advantages that were simply not accessible in previous generations.

Millennials have also benefited from numerous changes in the workplace, which are clear when you consider the constantly evolving outlook of employers. Not only have we seen a dramatic increase in the number of independent and accidental millennial entrepreneurs, for example, but this demographic have also created a wealth of innovative employee incentives that extend beyond our basic, bottom line salaries.

3 Creative Incentives for Millennial Employees

While many of these incentives have a financial basis, they tap into the wider range of factors that motivate millennials to work in the UK. This is crucial, as it creates levels of engagement and job satisfaction that modern workers crave, while also bridging the huge gap that has historically existed between employers and their staff. With this in mind, here are some creative incentives that you should look to integrate into your business in the year ahead: - 

1.              Offer Creatives Investment Solutions for Your Employees

While millennial employees may not be solely motivated by money, they are keen to create financial security and benefit from more targeted fiscal benefits. This is something that you can capitalise on as an employer, by including incentives that are desirable and relevant in the current economic climate. 

As a starting point, why not consider opening a SIPP (self-invested personal pension plan) on behalf of your employees? Available through online suppliers such as Bestinvest, these flexible investment vehicles can have the potential to offer higher annual returns and provide account holders with access to a range of assets. These types of pensions can also offer greater freedom to your employees, particularly in terms of when and how they access their capital in the future.

2.              Develop Incentives That Reduce the Cost of Living

At present, UK households are being hit by a scenario where interest rates are being kept artificially low despite a disproportionate level of inflation. This means that most savings account rates are lower than the inflation figure of 0.9%, making it hard for employees to maximise their earnings and disposable income levels over time.

This means that incentives which reduce the cost of living are extremely popular in the modern workplace, particularly when they also drive an improved work-life balance. One of the best examples is to offer discounts on gym memberships for your employees, either through subsidies or direct partnerships with local outlets.

3.              Empower Your Staff Members with Flexible Working Directives

Flexible working directives are one of the best kept secrets in the workplace, as while they were once exclusive to parents and guardians they can now be applied for by anyone who has completed 26 weeks of service within a company. While firms are under obligation to grant flexible working rights to employees, they must give due consideration to the request and give a legally binding reason if they refuse.

To make this work for your business, why not educate staff members on this topic and offer them information on how to make formal requests? This empowers employees to take greater control of their destiny, while it also places a positive and empowering work-life balance at the centre of your business. Above all else, it improves the levels of morale within your workplace and establishes employees as key components of your commercial success. 

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Published on: 24th November 2016