Millennials view employee benefits in a different manner than do previous generations. What are the most desired employee benefits that are important to this generation?
These professionals are looking for tangible and intangible benefits. They want flexibility, a chance to be creative, and have access to information 24 hours a day. Most important to Millennials is the feeling of making a difference.
Unlike previous generations who were happy with the standard one-size-fits-all health insurance programs, retirement savings options, and dental and vision care, Millennials are looking for benefits that can be customized.
While the traditional benefits are still desired, this generation believes health insurance should be tailored for each individual. They are more likely to visit the emergency room than see their primary caregiver. Health care plans with many options will be very tempting for them.
As they entered the workforce, perks such as flexible scheduling and telecommuting were in their infancy. This is an attractive option for this generation because it allows them to focus on work and family while avoiding the costs and times of long commutes.
For job searches, Millennials are more likely to use web-based resources, social media, and mobile applications.
Creative Work Benefits
Millennials are looking for work-life balance. They enjoy participating in corporate wellness programs and respond well to flexible schedules because they've been taught to be more health-conscious, independent, and self-motivated.
Work needs to be fun to attract this age group. Non-traditional workplaces, such as open floor plans and collaborative environments are much more sought after.
Also important is a road map to a career. Millennials want to work toward milestones and be rewarded when they are reached. Opportunities to grow and make contributions are desirable. They do not want to be tied to one position their entire lives—they take advantage of new opportunities, and change jobs frequently.
Simple Benefit Terms
Surveys of Millenials indicated that they look for plain and simple terms when it comes to corporate policy, including employee benefits information. They do not want to read through complex documents and forms to learn about their benefits.
Instead, they want direct and to the point information delivered on-demand. In a mobile world, this is increasingly important because more employees are accessing their benefits on the go from mobile devices, using benefits technology.
Benefits technology is the use of technology to administer benefits. Since Millennials were the first generation to grow up with technology at the core of their lives, this is an attractive method of interacting with their benefits.
Millennials want to be able to access their benefits information in the same manner that they can access other information on the internet. Companies wishing to educate their employees on benefits, and support the use of health and wellness benefits would do well to include benefits technology to attract this group.
Making a Difference
Millennials are keen on making a real difference, and while they are pro-business, they believe in corporate responsibility. They have been inundated with tales of corporate misbehavior over their lifetimes, and wish to work for companies that respect the environment and human rights.