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Workplace Trends • Financial Services Monitor Worldwide

Millennial Economy: 2% of All Jobs Posted in Last Year Offer Loan and Tuition Benefits

2-min read

(PRWeb) – If there is one word to describe the US economy right now, it is bullish. The unemployment rate dropped to 3.8% in May, the lowest level since 2000. Also for the first time since 2000, there are more job openings than unemployed workers to fill them. To attract and retain top talent, many employers have started to roll out more modern, impressive benefits packages. Job platform Joblift analyzed all 48,464,371 online US job postings from the last year to see which percentage offer the benefits that have been deemed most desirable by US workers, defined by this study published in the Harvard Business Review. Young Americans are poised to benefit from a steady monthly increase in jobs promising tuition and student loan repayment assistance. However, despite a high demand for this specific benefit, job listings offering paid time off are, on average, steadily declining.

Jobs Offering Option to Work at Home Outrank Those Offering Full Health Coverage 12 to 1

According to the study, the five most important workplace benefits to workers are good health coverage, flexible working hours, vacation time, the option to work from home, and an unlimited vacation policy. Demand, however, is incongruous with what employers are currently offering. Of the workplace perks listed in the study, these are the five most commonly offered in job postings in terms of total listings: the option to work from home (1,499,232), tuition assistance (634,480), student loan repayment assistance (141,212), comprehensive health coverage (125,535) and paid parental leave (37,037).

Employers Are 8 Times More Likely to Offer Company Retreats Than Paid Parental Leave

However, job listings offering the following benefits are currently increasing at the fastest monthly rate: companywide retreats (32%), paid parental leave (4%), the option to work from home (3%), tuition assistance (2%) and student loan repayment assistance (2%). For perspective, the total number of job postings in the US has increased at an average monthly rate of 1% over the period of the last year. The fact that student loan repayment assistance and tuition assistance rank so prominently on both lists may be explained by the fact that millennials a generation burdened with student loan debt now account for more than a third of the American labor force.

Paid Time Off: 80% of Workers Want It, 11% of Postings Offer It

Interestingly, over the last 12 months, there has been an average monthly decline in the number of job postings offering three of the workplace benefits that American workers consider to be most important: paid time off (-2%), flexible working hours (-4%) and unlimited vacation (-4%). Only 5,386,236 job listings from the last year offered paid time off. That is 11% of all listings. However, according to the study published in the Harvard Business Review, 80% of workers considered more paid vacation to be an attractive perk. As companies continue to think of new and clever ways to retain their workforces, the data suggests that more paid vacation should be taken into consideration

 

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