How do we consumerize the rewards strategy for millennials who have entered our workforce? We have been debating and working on rewards strategy for Gen Y all these years, however, with millennials joining us we need to decide how we consumerize the rewards strategy for them. Across the globe, there has been a massive change happening due to shift in ideology, demographic change (workforce dynamics) and technological factors.
Let’s discuss on how we can re-define our rewards strategy for the millennials:
- Medical Insurance- Gone are the days when medical insurance as a benefit was a differentiating factor for talent in the market. What needs to be re-defined is the insurance for the dependents as well for the new age workforce
- Medical Benefits- As the new recruits are busy in office, it takes a load off from the mind if they know there is someone (Tie-up with medical facilities) who can take of their parents/dependents and they can provide medical care, OPD (Corporate tie-up) and lab diagnostics from the comfort of homes
- Health Checkup- How about telling your employees that you need not worry about minor health problems and check ups as we have doctor in our office to take care of that. We will also have dental, eye and health check done regularly in the office. Healthier workforce means productive workforce
- Accommodation- Millennials relocating for jobs will always take it as a point of consideration on selecting job offer if they know that my office has a tie-up with company who will assist me for accommodation (E.g. Motif) or they already have accommodations available for me to walk in (E.g. CoHo)
- Home Furniture & Appliances Rental- What more could you have asked, if you know that after helping you settling in the new city, your new workplace has another tie-up with a company where you can rent all the stuff you need in the house ranging from bed to refrigerator to a recliner (E.g. Rentickle)
The strategy needs to be constantly revisited and re-worked as millennials do not belong to a null set but rather its always intersection of various subsets!