According to Stephen Bygott for Employee Benefit Advisor., Millennials value benefits more than any other generation. “Employers should recognize that benefits are very important to Millennial employees,” Bygott wrote. “It might be what attracted them to your company in the first place. It could also be the deciding factor as to whether or not they stay.”
Here are three tips for helping your clients offer what their youngest employees want.
Understand Why They Matter So Much
Millennials may think of their benefits differently than other generations, stated Cort Olsen for Employee Benefit News. “Rather than considering dental insurance as a way to protect themselves against tooth decay and high-priced dentist bills, Millennials may be more willing to consider dental insurance as a way to stay healthy,” he wrote. “Rather than considering life insurance as a way to prevent a family from being left with a burial cost, Millennials may want to consider it a way to ensure their children’s college education is covered if a household income-earner dies.”
Millennial workers want benefits that fit their needs, from helping to pay for their commutes to repaying student loans. “One increasingly popular benefits plan is a cafeteria plan where employers allocate a specific amount of money to apply to the benefits the employee wants,” Liz Taurasi wrote for Care @ Work.
Answer Questions the Right Way
Employers will be competing for their workers’ attention when trying to share benefits with Millennials. “Because Millennials spend so much time on their smartphones, their benefits education and enrollment process should be provided on these devices, in a format that’s simple and familiar to them,” wrote Britta Meyer for Employee Benefit News.
Other Important Facts About Millennials and Benefits:
- Millennials are vulnerable to financial stress. “Products such as disability insurance, critical illness insurance, and accident insurance are built to allay those concerns and protect htem and their households,” Olsen wrote.
- They’re into wellness programs, but seek the right options. “They’re looking for holistic wellness initiatives that include stress management, yoga classes, wearables, gamification, dietary consultations, mental health supports, and more a la carte options,” Taurasi wrote.
- They value good coverage. “While Millennials tend to keep a close eye on their spending and budget, more than half are willing to pay more for better insurance coverage,” Bygott wrote, citing research from Nielsen.