VP Business Development | zizzl
Millennials are the largest generation in the workplace. How do companies attract and retain this talent pool in an environment of historically low employment rates? Incorporating the three employee benefit strategies below will make a difference.
Offer Multiple Health Care Options: Millennials need to be offered more than one Health Care Insurance option. A 2017 Anthem Insurance Survey found that 35 percent of Millennials (ages 18 – 34) have turned down a job offer either fully or partially because they were dissatisfied with insurance offerings, compared to 27 percent of U.S. respondents overall. Of course, numerous reasons come into play for these decisions but most certainly it is supported with concern for financials. Many millennials are seeing that an HSA is an investment in their future especially if the employer is willing to contribute.
Provide Online Educational Tools: Employers must provide effective communication about benefit offerings that can help with bridging the information gap. Millennials look for convenience and are highly connected to technology. Ease of understanding options and enrollment is critical. In looking at the 2016 LIMRA Study, “Paper or Digital Employee Benefit Enrollment Disconnect Could Hurt Employers”, 68% of all employees want online enrollment and only 16% wanted paper enrollment.
Appeal to the Millennial Sense of Security: According to a Gallup poll, Millennials have the most trust in institutions to safeguard their personal data. One example from the poll is that 67 percent of millennials have “a lot of trust” that their primary bank is guarding their personal information, compared to 56 percent of other generations. The amount of personal data that is used for choosing benefits is better suited to a very secure online benefit administration tool.
A Study by bswift showed that as of Jan. 2015 that only 33% of large employers provide employees with decision support tools at the point of enrollment that help them select health and/or other benefits. Offering technology that educates and handles enrollment will make you stand out and boost your employer brand. In this competitive environment for talent, how can businesses and schools with all the money invested in benefits not have technology in place to attract millennials?