There is a lot of information out there about the challenges that employers face as they approach hiring, motivating and retaining the generation of “Millennials” (individuals born between 1980 and 2000) in the current employee market. This group of employees will outnumber Baby Boomers at their peak and will shape the workplace for the next 50 years. Millennials will account for 75% of the global workforce in just 10 short years.
Millennials have grown up with technologies that previous generations could not imagine. They expect access to information and transparency that many employers have not been either willing or capable of giving. They also expect the same innovations and perks in the workplace that they are exposed to via the internet and social media.
As the number one expense for most employers, payroll has and will continue to undergo a transition in order to manage this new group of employees moving forward. As the second highest operating cost of employers, the typical employee benefit package will need to incur that same type of overall remodeling.
A study from MetLife shows that Millennials are most likely to join a company based on their benefit offerings. And, they are more inclined to stay based on their employer’s benefit package. If you are competing for these employees, how do you make your company stand out from your competitors?
Millennials demand a comprehensive benefits package that maximizes protection and minimizes uncertainty. They place a premium value on health insurance benefits. A report from the 2014 Consumer Health Mindset shows that Millennials, more than other generations in the workforce, are the most likely to want their employer to play an active role in supporting their overall health and wellbeing. Employers have a unique opportunity to engage and motivate the Millennial generation when it comes to their health care. Millennials are motivated to stay healthy and are willing to participate in health and wellness programs that are convenient and easy. Most Millennials would be willing to participate in a lifestyle management wellness program, one that addresses fitness and overall health. These types of programs provide a company culture that Millennials crave. Employers need to realize that these types of programs do not produce results in the short-term and do not produce the same return on investment as disease management program would.
Employers would be wise to listen to their Millennial workers to determine what specific benefits hold value for them. Many employers will be surprised to find that financial planning tools are appreciated, as well as being able to customize their own benefits package when it comes to voluntary benefit offerings.
Contact a Ventris benefits advisor to see how to maximize your benefits budget to help you hire, motivate and retain the best employees that the Millennial generation has to offer.