Millennial Job Search - What Employee Benefits Are Most Important?
Learn what employee benefits Millennials are pursuing during job searches
Let’s face it. Job seekers are often pre-occupied with finding careers that pay well and offer the best perks—like health insurance, retirement savings, and access to work life balance.
Millennials (Generation Y) are in the majority of a multi-generational workforce. They make up
Millennials have emerged in a much different society than previous generations, with a whole new set of goals and values. Based on data from the Pew Research Center, Millennials are not as invested in traditional society as previous generations, although they do stay connected via social networks. They don’t care as much about organized religion and politics, nor are they in a hurry to get married. They are not saddled with as much debt, tend to be mistrusting of others, and yet they are still hopeful about the future.
Much of this influences the way Millennials view employee benefits and is transforming company benefit administration, marketing, and the types of plans offered. What are the most desired employee benefits that are important to Millennials? In this article, we’ll focus on highlighting what job seekers in this age bracket are looking for.
The Deloitte Millennial Survey 2017 highlighted some of the top motivators and benefits that Millennials look for in a career. Here is a general rundown of these and other findings.
Gen Y Is Looking for Flexibility in Employee Benefits
The most outstanding characteristic found in Millennials is their need for flexible benefit offerings. Unlike previous generations who were happy with the standard one-size-fits-all health insurance programs, retirement savings options, and dental and vision care—Gen Y is looking for a customized approach to benefits. They want flexible benefits that give them more spending power and the ability to decide what meets their individual needs as their lives change.
As a result, the health care market is offering higher deductible health care plans that are cheaper, but give younger people access to health care and health savings account so they can be smarter consumers. Low cost, voluntary benefits are growing in popularity, so that young health care consumers can pick and choose what they need.
Younger Workers Demand Creative Work Benefits
As the Millennials entered the workforce in the mid 1990s, this is about the same time that certain work perks like flexible scheduling and telecommuting started to rise. This is because Millennials see productivity in a very different way than other generations of workers. They want to move up the ladder quickly, but they resent hard work and long hours. The 9 to 5 work day doesn’t make sense to younger workers who tend to become disengaged when they become bored with work tasks or have too much time on their hands.
This preference for flexible schedules that allow Millennials to focus on their work, get things accomplished, and then return to their daily lives is something that is becoming the norm in many workplaces.
In a job search, Millennials and even Generation X are looking for work life balance. They enjoy participating in corporate wellness programs and respond well to flexible schedules because they've grown up with these as strong values. To compete for the best employees, companies who provide these benefits are fairing much better than those who have stuck to traditional 40-hour workweeks with stiff schedules and no option to work from home.
Millennials Expect Plain-Speak and Simple Benefit Terms
The Deloitte report indicated that Millennials look for plain and simple terms when it comes to corporate policy, including employee benefit 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 at all times. In a mobile world, this is increasingly important because more employees are accessing their benefits on the go from smart phones and tablets.
Millennials Are the First Generation to Embrace Benefits Technology
One of the spectacular things about Millennials is that they are the first generation to grow up entirely with technology at the core of their lives. From video games to mobile devices, they’ve seen some of the biggest advances in technology happen right in front of them and they embrace everything about it. When it comes to job searching, Millennials are the most skillful at using web-based resources, social media, and mobile applications. Therefore, they demand access to employee benefit information 24/7, much like they turn to the Internet for every other thing they need to learn.
Millennials are happy to use mobile apps that include access to benefits tasks and information. Companies that want to educate and support the use of health and wellness benefits must include benefits technology for recruitment, enrollment and distributing libraries of health content. They need to be developing these aspects of their benefits administration just like any other area of operations if they want full compliance.
Millennials Are Seeking the Opportunity to Make a Real Difference
The Delloitte survey above advised that Millennials are keen on making a real difference, and while they are pro-business. they also believe in corporate responsibility. This can also pertain to the financial aspects of running a business, including health care premium cost reduction to heal an otherwise failing market. 76% of the Millennials polled said businesses can have a positive impact on the world.
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