Dive Brief:

• Like many more traditional industries, banks and other financial institutions are struggling to attract today's Millennials, according to an article at Banking Exchange.

• That means many are starting to transform their employee compensation and benefits offerings with a “total rewards” strategy, which was first introduced in 2000 by WorldatWork, an association for HR professionals. The article cites research, the 2015 Crowe Financial Institutions Compensation and Benefits Survey, that offers examples of how banking employers are starting to utilize the total rewards model.

• Total Rewards features a broad range of benefits and incentives beyond salary and bonus programs, involving compensation, benefits, recognition, performance management, work-life balance and talent development.

Dive Insight:

The 2015 Crowe Horwath survey found that a significant number of banks now are offering programs to help workers sharpen their skills and do a better job at creating work-life balance – areas in which younger employee expectations continue to change.

According to the survey, something as simple and low cost as "casual days" ranked among the most popular new offerings. Other popular changes were low-cost options such as company-provided cell phones, tuition reimbursement, wellness programs and employee assistance programs (EAPs), which support workers experiencing personal problems that could affect their job performance, health, or general well-being.

The article notes that based on the survey, banks may finally be getting the message that in order to attract today's younger talent, they need to change with the times.