Workplace flexibility and financial security like student debt repayment programs are some of the benefits Generation Z and millennials value the most — but employers who want to impress millennial workers should also consider equity compensation.
Younger employees view stock plan benefits differently than older generations. More than half of employees under age 35 (57%) agreed that stock plan benefits are an important consideration when changing jobs, compared with 46% of baby boomers, an annual survey by E*TRADE, an online broker for stock trading, mutual funds, and retirement planning, finds.
Companies such as T-Mobile, Capital One and Lowe’s are all offering employees the option to participate in stock purchase plans, and they are part of a growing group of employers who provide equity compensation and stock plans.
Benefitfocus, a cloud-based benefits management platform and services provider, began giving employees a chance to own a piece of the company with a stock program benefit.
More than 1,400 full-time employees received a one-time restricted stock unit in April, currently valued at about $2,000, according to the company.
“Associates are more cognizant of how a benefit-focused company operates from a financial perspective,” Jeff Oldham, senior vice president of global and institutional markets at Benefitfocus, said in January. “Folks are now going to take greater responsibility because they are now a shareholder.”