12 Jan Adjusting Your Company Benefits for the Needs of the Millennials
Millennials are now the largest workforce employed today. They have surpassed the Baby-boomers, outnumbering them in the workplace. Though this may not be a surprise, it does shed light on a few changes that may need to take place.
Millennials bought forth a culture shift. That culture shift shed light on benefits and insurance in the workplace that Millennials may ask for. The younger generation has needs too, and today’s workforce is making changes to accommodate those needs. Company benefit packages and strategies should strive to accommodate their needs, so that they are in a good position as an employer.
How can modern employers address the needs of the Millennial? First, recognize their need for strategy changes. They also have financial needs that must be considered. Statistically, they have less concern for long-term health care, however, they are triple the risk of obesity. Among other risks are: mental health, alcohol, and tobacco. Benefits that appeal to this workforce should consider the risks that face this generation.
Millennials do see the importance of health care, and rank it high on their list of needed benefits from an employer. They like programs of convenience, such as on-site health clinics and on-site child care. Because of this mindset, benefit advisers have a duty to inform and equip Millennials with options that appeal to them, however, low-cost options sometimes lead to risky decisions, when only the short term is considered.
As an example, a 24 year old may not see the need to get a low deductible health plan, because they do not see the need to go to a doctor but once a year. This age group may not consider health concerns a priority, however, mental health issues may be a concern for them.
As another example, a 31 year old single mom will see the need for better health care options. As single parents are common among this age group, having options to fit this status are also important. A parent with active children would want a health plan with lower deductibles, in case of sickness or injury of her children.
Making changes for a modern benefit strategy
To create a successful company benefit program, strategies should consider their financial and health priorities. An employee’s preferred means of communication will also be taken into account. As the “digital” generation, millennials are responsive to technologically-advanced benefit programs. They consider online sign-ups a convenience, not a chore. This generation wants a personalized experience that aligns with their priorities and expectations. Online options, master lists, and sign-ups are normal to the Millennial.
When it comes to culture shifts, Millennials have unifying attributes and a more inclusive frame of mind, which is extremely important in today’s workplace. They are the future of the workplace, so we must work to make changes and adaptions to their needs and comfort level.
For assistance creating or revising your company benefit plan, visit: https://www.synergybenefits.com/