Today’s workforce values experience and work-life balance more than ever before. Millennials, especially, see “compensation” as more than a paycheck. Beyond the Paycheck is a consulting firm focused on helping companies understand what benefits millennials seek from their ideal companies and jobs. We use data analytics and conduct a cost-to-benefit analysis to determine what benefits companies should offer, based on their demographics and what type of employees they are looking to attract.
For Challenge 6, we chose to investigate the assumption that individuals from different backgrounds and demographics value different workplace benefits. With a recent trend in office perks, such as free snacks, ping pong tables, and casual dress codes, we decided to evaluate priorities of different benefits across a range of participants. Our target audience was millennials, and we compared responses across different age groups, genders, educational backgrounds, educational levels, and years of work experience. Going forward, we could extend this survey to more participants and other criteria, such as industry, trade experience, geographic location, ethnicity, etc. The findings validated our assumptions, as indicated by a few results comparisons:
By leveraging these results, Beyond the Paycheck uses data analytics to provide valuable insight into what is most valued by millennials across different genders, ages, races, level of education, school, work experience, and disciplines/fields of interest. We use this data to conduct an in-depth assessment of a company’s target priorities, and we then provide benefit-to-cost implementation strategies for incorporating new, favorable benefits into that organization’s structure. We also provide marketing strategies for how best to advertise an organization’s benefits to prospective employees.
Not only can these benefits changes greatly help companies attract and retain top talent, but the marketing strategies can also provide more transparency during the employee job search process, allowing prospective employees to easily understand what an organization can offer to them, before they’ve invested time applying and interviewing with that organization. After implementing new benefits and marketing strategies, we offer ongoing support and monitoring services to track career-site traffic and employee preference changes to help the company continuously evolve and stay up-to-date on what their employees want.