The cost of employee turnover is high. In fact, the cost might be higher than you think. According to a study by Center For American Progress, turnover could cost your company 20%of a position’s salary. Over time, these costs can add up, leading to major losses for your business. For this reason, once you have attracted the best of the Millennial workforce, your next question should be, “how do I keep these employees happy?” The answer is to offer perks millennial employees want.

There are many misconceptions about what Millennials want — it isn’t video game consoles and pool tables. Instead, there are plenty of simple perks to help retain Millennial talent.

5 Perks Millennial Employees Want

#1: Improve Office Lighting

Believe it or not, when surveyed by Future Workplace the number one perk employees wanted was improved natural lighting. Sitting under fluorescent lights is more than just bad for appearances. According to a study, lack of natural light leads to higher rates of depression, sleep issues, and more. This translates into a host of issues for your business. Unhappy and unhealthy employees will not perform well and will be far less likely to stick around.

By allowing your employees better views of nature and more sunshine, you encourage employees to remain with your company. The benefits aren’t limited to retention. It also leads to healthier and happier employees, which means improved productivity. Natural light doesn’t need to cost you a thing. Get creative and figure out how to better configure your space to allow people more sunny rays.

#2: Invite The Dogs

Another simple perk you can offer to your Millennial workforce is an invitation for their furry pals to join them in the workplace. While you will need to work on an outline of rules, this cost-free perk is coveted by many pet-loving Millennials. In fact, Millennials are less likely to be homeowners and parents than previous generations, but over three-fourths of Americans in their 30s own dogs.

Not only do Millennials own more pets than previous generations did, but they are far more likely to treat these pets as their own children. Allowing them to bring their dog to the workplace can provide lower levels of stress and less worry about how long they are at the office.

#3: Offer Mentorship Programs

According to an article published on Forbes, one of the best things you can offer your Millennial employees is access to mentorship. Millennials are shifting their view of management. They want a focus on mentors in the workplace rather than micromanagement. When your employees do not feel like they are growing or receiving guidance in their job, they will soon turn to new challenges to further their learning. Mentorship is an outstanding way to allow your employees to grow within your company while offering them an extra no-cost benefit.

Take some time to find key leaders in your company that can step up and offer more mentorship for fellow employees. Look for areas where micromanagement might be shoving your talent out the door. Then, retrain management to take a mentorship approach instead. Mentorship doesn’t need to cost your company anything and it is a perk that will keep on giving. The more invested leaders in your company are in the lives of fellow employees, the better chance of everyone feeling like a team. Mentorships will also allow your workforce to constantly improve and grow as knowledge and experience is spread throughout the business.

#4: Consider A Remote Workforce

The Millennial workforce has a major focus on exploring and traveling the world. Being tied down to an office is quickly losing its appeal. Considering Millennials are not buying homes or having children, they have the time to move freely around the globe.

Many forward-thinking businesses are adapting by offering employees fully-remote positions. While this might be a big shift for your company and doesn’t work well for all industries, it is worth exploring as the world becomes more global and mobile. You’ll keep wanderlust driven employees on-staff. Additionally, you’ll be able to pull from a much larger pool of applicants. In the end, if your business can make the shift to remote work, the benefits you will receive are endless.

#5: Offer Student Loan Assistance Benefits

Finally, one of the biggest stressors the Millennial generation faces is the heavy burden of student debt. If you are hoping to attract this sector of the workforce, implement a student loan assistance perk. IonTuition makes it simple for you to implement an outstanding student loan repayment program for employees. This voluntary benefit will help Millennials in your company pay off their loans faster through student loan assistance programs. Not only will you be able to retain employees longer, but you’ll also have a workforce that is less stressed financially. This will lead to better health and improved productivity for your company.

From contributing to their loan payments to assisting with refinancing, we work with you to ensure talented employees have another reason to stick around. Reach out today to learn more about how our student loan assistance program works.