Millennials — young professionals ages 24-37 — are rapidly becoming the leading workforce in L.A. and the U.S. workforce at large. By 2025, millennials are expected to make up 75% of the national workforce. This trend can mean many changes for businesses that don’t know what millennials want or expect from their employers.
Discover what matters most to L.A.’s millennial workforce.
To help employers better understand the state of the millennial workforce, Justworks conducted a series of surveys in major metropolitan areas. So what matters to L.A.’s millennial workforce? Let’s break down our survey’s findings.
Want to dive into the data for yourself? Download the free report What Matters Most to L.A.’s Millennial Workforce today.
What Millennial Workers Want
We asked 1,000 millennials employed in L.A. a few questions about the benefits and perks they get — and want — from their employers. Of those surveyed, 39% work at companies with more than 300 employees, while 61% work for companies of less than 300 employees.
It’s clear that millennials employed at small businesses make up a large majority here, so let’s take a closer look at this group. Around 60% of respondents said they were satisfied with their benefits, which indicates that millennials have a few benefits and perks standards where employers aren’t meeting expectations.
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Most Desired Employee Benefits
What are the benefits that are top of mind for the millennial workforce? For starters: flexibility when it comes to working remotely. 79% of those surveyed in L.A. said that being able to work remotely is extremely important when considering a job offer.
Additionally, more than half of the employees surveyed who reported not having access to health and wellness options also considered these very important. Offering these perks and benefits provide huge opportunities for employers looking to attract millennial talent and stay competitive.
While there’s definitely some work to do to live up to employees’ expectations, there are plenty of companies getting it right.
For businesses who work with a professional employer organization (PEO), 59% of their employees felt extremely satisfied with their benefits, versus only 18% of employees without PEO support.
Looking into this a little further, we found that 77% of employees on a PEO felt they use their employee benefits to the fullest extent, compared to 42% of employees not on a PEO. This makes sense, as PEOs provide enhanced support and tools to help employees take full advantage of their benefits to maintain and improve their mental, financial, and physical wellbeing.
Beyond these stats, a few other trends emerged that paint a better picture of how companies can better provide for their millennial employees. How do you compare to other L.A. businesses on benefits and perks? Learn where you stand and what the millennial workforce is looking for in their employer — all in our L.A. report.
For additional insights into the benefits millennial employees want, download the full L.A. data report here.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.