What benefits do millennials want?
- They were born between 1981 and 1996.
- In 2019, the oldest members of this generation will turn 38.
- The 2008 recession molded their life and earnings choices.
- Rapid technological shifts in communication and interaction helped shape the entire generation.
- As of 2017, Millennials outnumbered other generations in the workforce.
Career priorities matter too
A recent Manpower Group research project “Millennial Careers: 2020 Vision” interviewed 19,000 Millennials worldwide. They found these top career priorities:
- Holidays/time off,
- Great people
- Flexible working
Surprisingly, most of these workplace aspirations are similar to those of previous generations. Employers can address these needs with a savvy mix of traditional offerings, millennial insurance benefits, and a few creative programs previous generations never considered.
Health & life Insurance: Millennials want health insurance to take care of unexpected medical bills and life insurance to care for their family if a tragedy occurs.
Retirement benefits: 12% of this generation expects to work until they die but 33% wants to retire between ages 65 and 69. They’ll need a retirement plan to help fund their golden years.
Millennial insurance benefits
Some are married, others are single, and some share their lives without formal attachments. Some couples give birth to children while others go through an adoption process. Millennials acknowledge their diversity. They expect employers to respect their choices and provide insurance and other benefits that meet their needs.
They don’t want benefits they will never use. Instead, they prefer cafeteria-style health insurance plans. They want adoption benefits, dental, wellness, optical, and other coverage options that fit their families and their lifestyles.
Remote work, flex-time hours, and other flexible working arrangements haven’t always been an option for previous generations. Millennials don’t consider them optional. They consider them a reasonable job expectation.
Paid time off
Most jobs provide paid time-off categories such as sick days, family sick days, bereavement days, and vacation days. Millennials would be happier if the hours were all lumped together. They prefer a block of paid time they could take whenever and however they pleased. It’s an important tool to enhance job flexibility and work/life balance.
Student loan help
Before Millennials entered the workforce, they spent years getting the right education for the right job. They’re in debt now and need assistance. A loan repayment benefit could help them pay down their student loans and keep more of their take-home pay.
The media has often painted Millennials as ambitionless workplace wanderers. Research shows that job-hopping is just another stereotype. In fact, they want education and training for long-term career opportunities and advancement.
Give them what they need
As the youngest Millennials are just now turning 23, they’ll be in the workforce for another four decades. Employers who hope to attract and keep this generation on their payrolls should know what benefits they want and establish a plan that gives them what they need.