What Belongs In Gen Y Benefit Packages?

Employers interested in top talent are introducing competitive benefit packages. As a new wave of talent enters the market, more employers are switching methods of recruitment by including telecommute, educational, and professional development opportunities. The biggest concerns of recent grads lie within the health sectors – health care’s expenses have risen beyond payable conditions in today’s society. Now, students want more health benefits to accompany their professional accommodations. As an employer, what steps are you taking to attract talent with your benefit packages?
Yesterday’s Benefit Packages
The 401K, stock options, and health benefits were strong attractions ten years ago. Today, students want more benefits to keep them at an organization. With the needs of higher education for promotions, Gen Y expects employers to pay for their educational development while employed at their organizations. These new additions resulted in partnerships with educational institutions and professional organizations. Now, the common Gen Y has an option to acquire vital skills necessary for long-term employment at their organizations.
Making It Work For Gen Y
Employers with the most to offer will land the perfect candidate to fill their positions. If employers position themselves as leaders in job satisfaction, they will acquire the most talented candidates in the market. Employer’s retention rates of Gen Y continue to fluctuate, but the smarter employers stay abreast of new recruiting trends in their industries. Make it work for Gen Y; as a recruiter, prove that your organization deserves the attention of top talent. Take the initiative to recruit students willing to work with the entry level salary, benefits, and advancement opportunities offered by your company.
Recruiters attracting Gen Y proves it is not easy to keep their attention with benefit packages. The needs of new grads will continue to change until the economy stabilizes. With the right combination of recruiting efforts and benefit packages, top employers will retain top talent.

Keep Up With The Changing Economy…

A view of the economy can help you make realistic decisions regarding entry level salary negotiations.
Our economic climate has shifted up and down since 2000. We are stuck in a maze when it comes to finding a stable or high paying entry level position. Designated cities such as New York, Houston, Miami, Los Angeles, Chicago, and others keep our minds boggled in traveling distances to succeed. Recent college graduates should pick up a copy of Wall Street Journal just to keep abreast of the latest business news. Every industry can have an idea of what to expect as they move from student to career professional. In my previous post, Student Money Skills: Break Your Spending Habits Before Graduation, I touched on the aspect of residual income for graduates.

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Student Money Skills: Break Your Spending Habits Before Graduation

Build residual streams of income at a young age… tips for scratching the entrepreneurial spirit of Gen Y.
College students must learn budgeting skills to survive student loans, living costs, and adventures. Most find themselves in heaven when they receive an entry level salary. Some splurge once the letters of commitment are signed. Others find ways to save each dollar for future emergencies, travel, cars, and/or pay their current debts.

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What to consider with costs of an entry-level salary

Entry-level jobs will rarely pay the amount of money that graduates need today to pay off student loans, pay for rent, transportation, etc. The entry level salaries continue to decline with the demand for the job, you would make more money working as an entry-level employee at an accounting firm than you will if you start at entry-level at a newspaper. This is simply because there are less jobs out there for writers than there are for accountants, jobs for writers are highly coveted. It is important to not solely fixate on a number when thinking about entry-level salaries, but to think about what that number means to you.
After graduation, a friend of mine faced a dilemma between two jobs offers doing lab work. One job was offering her $30,000 for the year and the other job, $28,000. As a recent college graduate there is definitely an inkling to just go for the job that offers the most money. However there are pros and cons to every offer. The job that offered more money was 30 minutes away (or more if there was traffic) and it was on a major highway that was notoriously heavy with traffic at almost all parts in the day. The other job was 5 minutes from her house. She could have taken the higher salary but spent time and money on traffic and gas respectively. Instead after reflection she realized that since she was living at home and saving all of her earnings, it would be easier and way less stressful to be closer to work. You just have to determine what amount will work for you in your own situation.