Talking about Millennials often conjures up images of fresh-faced graduates entering the workforce and disrupting business. In reality, this generation is now between the ages of 23 and 39 and firmly entrenched in the working world. Millennials make up about 50% of the workforce and are expected to represent 75% of the workforce by 2030.
So, how does understanding this generation impact the decisions you make about your employee benefits plan?
The Millennial perspective
It’s important to recognize that as they age, Millennials are seeing health benefits in a new light. Many Millennials are undergoing major life changes such as getting married, starting a family and purchasing a house. As they enter these new phases in their lives the importance of health benefits may be increasing just as it did for the Gen X and Boomer generations.
This isn’t to say that the importance Millennials historically place on flexibility, choice and technology has diminished. A 2017 Willis Towers Watson Global Benefits Attitude survey showed that these younger employees want more benefit choices, and Deloitte’s 2017 Millennial Survey highlighted their desire for flexible benefit offerings.
All of which is good news for employers who offer flexible benefits plans. You can accommodate your diverse workforce, the expectation of choice and changes in life stage with a single flexible plan design.
Leveraging technology and promoting flexibility
As the first generation to grow up with the nearly constant presence of the internet, Millennials’ online habits influence the way they think about benefits as well. This generation is accustomed to shopping online, seeing their options and comparing before a purchase. By offering group health benefits in a menu or online shopping style enrolment process you can mimic these behaviours.
A bonus to the online shopping solution is that employees can better see the costs and options available to them. Being actively involved in the selection process and understanding the cost associated with offering a benefits plan can increase employee appreciation of and engagement in their group benefits plan.
Like the Boomers and Gen X cohorts before them, Millennials are making their mark on the working world. As a business owner you have a unique opportunity to recruit and retain these employees by providing a benefits plan that meets their needs. If you can offer flexibility and ease of enrolment you will be well on your way to winning with Millennials.