According to the U.S. Census Bureau data, more than one in three labor force participants are Millennials. That makes them the largest generation in the workforce as of 2016:
Therefore, it’s essential to business success that your millennial workers are happy and engaged. Here are some tips for keeping your millennial workers satisfied, engaged, and participating in employee benefits:
Have ongoing conversations about purpose and direction. Millennials are a purpose-driven generation who perform best when they see the purpose of their work and the direction of their personal growth and the growth of the company. Be sure to have an ongoing dialogue to give feedback, discuss progress, and determine future plans. Consider doing away with the traditional, delayed end-of-year review in favor of smaller, more frequent discussions.
Prioritize work-life balance. According to a Harvard Business School survey, 94% of professionals are working more than 50 hours per week, with almost half reporting a 65-hour work week. The compounding effects of this type of work-related stress can be damaging to physical and mental health, especially when mobile devices make it nearly impossible to detach from work. Millennials are placing increasing emphasis on putting mental health first, which means finding work-life balance. Employers can encourage work-life balance by offering flexible schedules or time off, and encouraging employees to not work over a certain amount of hours in a day or week.
Embrace non-traditional work arrangements. Technology has made it easier than ever for employers to work outside traditional office settings or 9-5 hours. Have a flexible schedule and work environment gives employees an increased sense of autonomy and control, while reducing burnout and other stressors like traffic. This also gives employers an advantage to attract and retain top talent, and reduce their absenteeism and tardiness numbers.
Offer the benefits that address their concerns. Majority of millennials place employee benefits above salary in terms of what drives them to accept and keep jobs. Some benefits that are extremely attractive to millennials right now:
- Health insurance. Although this may seem like an obvious benefit to offer, a good healthcare plan can go a long way. 27% of millennials don’t go the doctor because they want to avoid the costs, and 50% have received an unexpected medical bill that did not fit their budget. Providing a comprehensive health insurance plan can solve a lot of that concern.
- Student loan repayment. Millennials carry a lot of the $1.4 trillion student loan debt burden. A majority, almost 90%, of millennials consider student loan repayment to be an important benefit they are looking for.
- Paid time off to volunteer. Volunteering is popular among working-age Americans. It helps create a sense of bigger purpose, which is something that is very important to millennials. Consider offering this less popular benefit to give you a distinct advantage with this generation.
Make benefits faster, simpler, and smarter
With technology at the heart of the millennial generation, it makes sense to integrate that into all business processes, including employee benefits. The easiest way to make accessing benefits faster, simpler, and smarter is to utilize technology. Clarity Benefit Solutions offers benefits administration software that helps you and your employees more easily access, select, and manage benefits in one location. to learn more today.