Millennial-Friendly Benefits Attract New Workers
Successful entrepreneurs remain up to date on the latest market trends. For those with employees, this means staying current on more than just consumer needs. It means offering benefit options to attract a tech-savvy workforce to take you into the future.
With the millennials taking over as baby boomers retire, many aspects of the employee landscape are changing. To move into the future with this new generation of employees, business owners will need to align their benefit plans with millennials’ needs, which are quite different from those of their predecessors.
Millennials’ needs and wants may surprise some employers. They tend to prefer immediate feedback and a healthy work-life balance, and they’re more likely to change jobs than previous generations.
So what are they looking for in their benefits packages? Recognizing their traits, it’s easy to see why certain insurance benefits are trending and others are dropping off. If you’re trying to attract this generation of employees, consider including some of these leading in-demand benefits in your packages.
Mobile-accessible benefits: It’s hard to find a millennial without a mobile device. Reliant on smartphones in nearly every aspect of their lives, these employees appreciate having their insurance services accessible through their phones. If they can make selections, changes, and file claims through an app, your insurance coverage benefits will be more appealing. Consider offering a secure and well-designed mobile-enabled system that allows employees to quickly access their benefits information and documents.
Pet insurance: More than half of millennial pet owners (54%) buy birthday presents for their pets. Many have Instagram accounts for them. And nearly a fifth of millennial pet owners carries pet insurance. Since many millennials are still on their parents’ health insurance plans, they don’t care about health benefit programs for themselves, but they may be attracted by health insurance plans for their pets. Less than 10% of employers in the United States offer pet insurance, so this could set you apart in the competition for millennial employees.
School loan debt reduction: For many millennials, any thoughts of saving for retirement, buying a home, or making long-term investments are overwhelmed by the reality of the huge education debt that follows them into the workforce. These potential employees are attracted to benefits that will reduce this burden. Some companies, for example, are offering employer matching programs toward student loan repayments. This is making an impact: in an American Student Assistance survey, more than three-quarters of respondents said that when choosing a job, they could be swayed by an employer’s student-debt assistance program.
Dropping traditional benefits: Some employers may balk at the thought of offering insurance coverage for Fido or paying off their new hires’ student loans. But the good news is, these benefits don’t need to be added to the traditional ones. As mentioned, this generation isn’t concerned with comprehensive medical coverage or impressive retirement plans; employers can scale back these “old” benefits to make room for the new – a move that will likely attract the millennial employees you’ll need to successfully drive your business into the future.