The number of millennials on the planet is projected to total over 75 million this year, says Pew Research, making them the largest living generation by population. What’s more, over a third of the American working population is comprised of millennials (those between ages 18 and 34).
Given that statistic, it’s employers to understand this generation, their expectations, and how to recruit them. One key place to do this is with the company’s employee benefits package, something almost half of all millennials say is important for their job satisfaction, according to the Society for Human Resource Management.
Millennials often have slightly different criteria for their benefits offerings than other groups. As a result, many aren’t enrolling in benefits at the same rate as their older counterparts.
Even within their generation, the preferences of millennials can of course vary greatly. However, here are 5 general factors this group of employees is looking for in their benefits package.
- Choice and variety – Millennials are generally turned off by a one-size-fits-all approach to benefits. They value a wide range of choices, which often includes a well-rounded mix of employer-paid products plus supplemental and voluntary options. Not too many, though, as they may easily feel overwhelmed.
- Customization and control – Similar to the above, millennials also value packages that can be tailored to meet their individual needs. They want to feel in control of where their money is going. Personalization is key to this generation.
- Simplicity – While this characteristic seems to be in contrast with the ones mentioned above, it’s communication that makes the difference between what’s easy or difficult to understand. Millennials want clear, easy-to-follow steps, which may include multiple channels or systems for enrollment. A qualified broker can help ensure success in this area.
- Interaction and collaboration – Millennials are a social generation. They often rely on peer networks to help them make decisions. Offering blogs or other channels where they can interact and network to get information is a great way to build trust and confidence.
- Technology – There is perhaps no other area where millennials stand out from other generations than with their use of technology. As a result, they want to see more emphasis placed on its importance. Offer tools to make benefit enrollment easier, like online portals and apps. Just no paper.
Just as important to millennials as the actual benefits that are offered is the way those options are presented and communicated to them. Millennials are the present and future of our workforce. Give them what they want.
You can also read more about this generation and how to meet their expectations by clicking here to go to BenefitsPro.