- Jeremy Stankov
Group benefits for a changing workforce
According to Canadian Business Magazine, millennials are now the largest segment of the Canadian workforce. As a result, many employers have turned to offering exciting benefits int he workplace like ping-pong tables, free snacks, and pet-friendly offices as a way to appeal to them. These non-traditional perks can be great, but it is important to understand that the more traditional compensation models that you might be used to, like salaries and group benefits are still something this generation desires. The difference is how they want to receive them.
Many millennials are very health-conscious, and having access to group benefits coverage is important to them. But they also value choice. These people aren’t just looking for regular benefits—they want flexible health benefits, instead of the one-size-fits-all group health plans of the past. Things like online benefit selections and health care spending accounts allow employees to select and utilize benefits that meet their unique needs. Businesses that want to compete for the best workers must adjust their benefit offerings to suit the demands of the millennial workforce. This means not only offering employees’ health coverage, but giving them a say in the type of coverage they sign up for.
The struggle to hire and retain good employees is real, especially for small businesses. As the biggest generation of employees in the Canadian workforce, millennials are poised to drive our economy—and to help businesses grow. Offering flexible health benefits is one way you can convince young employees to come on board.