A Series on Benefit Preferences – Preparing for the Rise of Millennials

Who Are the Millennials?

Loosely defined as individuals from age 23 to 38 as of 2019, Millennials are fundamentally different than older generations in terms of big life decisions made in young adulthood. Despite being of age and maturity to own homes and start families, many still choose to live at home with their parents as they prioritize saving money. Since a majority of this generation continues to carry the weight of student loan debt, they delay marriage and having children. However, they have succeeded in becoming better educated than those that came before them. Data collected by Pew Research indicates that 39% of the Millennial generation has earned at least a bachelor’s degree.[1]

They often themselves a hot topic of conversation, as they defy decision-making patterns of prior generations and introduce new trends and preferences. This generation brought with them a new way of thinking and have caused businesses to scratch their heads when it comes to analyzing their consumer behavior.

These fundamental differences have created a conundrum for HR professionals as well, requiring new hiring strategies to be created to target this unique generation. One in three American workers is a Millennial.[2] As the largest generation in the workforce, knowing their preferences, habits, and values inside and out is more important than ever.

The Millennial Values

This generation places high value on their ability to make an impact in and out of the workplace. Opportunity for advancement, mentorship and career development make them feel appreciated in the workplace, while organized volunteer efforts, philanthropic programs and paid time off for volunteering allow them to contribute to their community outside of work.[3]

Millennials’ comprehensive knowledge and use of technology drive them to crave the flexibility and independence it offers. The adventurous nature of this generation makes work-life balance a must – the ability to telecommute being paramount. Flexible work hours, vacation time and reduced summer hours are important to this generation of workers.[4]

This generation is also known to be swayed by what may seem like trivial perks but can actually be deal breakers for an employment decision. The infamous ping-pong table represents the culture that they are searching for – one with a work hard, play hard mentality that stimulates creativity.[5] Other perks include a stocked beer fridge, social events, napping stations, wellness rewards, errand services, tickets to sporting events and department retreats.[6]

How Can Precision Benefits Influence This Generation?

Despite having a reputation for “job-hopping,” Millennials are, in fact, interested in long-term career and financial stability.[7] Having a 401k retirement account and reliable health insurance remain critical.[8] As we’ve said before, cool perks don’t replace valuable benefits.

Consider expense reimbursed insurance as a way to provide flexible benefit offerings to this generation of your employees. They’ll be grateful to have a little less stress when an unexpected health issue arises, and a little more spending cash in their pocket. Check out our plan options, here.

PS: For further analysis of what Millennials look for in benefit offerings, check out this article.

[1] https://www.pewsocialtrends.org/essay/millennial-life-how-young-adulthood-today-compares-with-prior-generations/

[2] https://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/

[3] https://www.careerattraction.com/got-millennials-workplace-perks-attract-next-generation-bright-workers/

[4] https://www.careerattraction.com/got-millennials-workplace-perks-attract-next-generation-bright-workers/

[5] https://theundercoverrecruiter.com/benefits-attract-millennial-talent/

[6] https://www.careerattraction.com/got-millennials-workplace-perks-attract-next-generation-bright-workers/

[7] https://www.businessnewsdaily.com/10190-benefits-millennials-want.html

[8] https://www.businessnewsdaily.com/10190-benefits-millennials-want.html