Millennials and Benefit Offerings
Today, millennials are the largest generation in the United States workplace – and while this lively group share many unifying attributes, what makes this generation complex is that the needs of the older and younger millennials can vary so greatly.
Continue reading to see what this means for employers and advisers alike, and why you should care.
Millennials: One large group, two distinct perspectives
As millennials continue to move into the workforce at an increasingly fast pace, employers must be in tune with understanding the varying perspectives of millennials and understand the different types of lifestyles millennials lead. Not all millennials are the same so they shouldn't all be treated the same.
For example, a single 22-year-old millennial will likely seek out a high-deductible health plan since they are unlikely to anticipate major immediate health needs and want to keep monthly expenses down as a priority.
On the other end of the age spectrum, a 38-year-old single mother — a status more common among millennials — might lean towards a lower deductible plan that will offer better coverage options for her children. Her children could be engaging in risky hobbies, such as sports, and therefore be more susceptible to broken bones and other costly injuries.
Crafting a better benefits experience for millennial employees
To implement a successful and engaging benefit program, strategies must not only consider financial and health priorities, but also an employee’s preferred means of communication.
As a highly digitally-savvy generation, millennials are much more responsive to technologically-advanced enrollment and benefit management programs. Accustomed to online sign-ups, this generation now demands an intuitive, personalized experience that aligns with their retail consumer expectations.
To learn more, download our free white paper for insight on how to design a benefits enrollment strategy that provides an intuitive, personalized experience and targets the lifestyle needs of millennials.