Millennials are an altogether different breed than the genXers or boomers that preceded them.
According to a Benefits Canada article, A third of Millennials would pay more for better health benefits. Millennials are also more likely to seek employment with companies that offer group and individually specific benefits.
To entice and retain this generation of employees, employers will have to up the ante for workplace health benefits to make their businesses attractive enough to appease this audience.
What Millennials Want In the Workplace
Unlike previous generations, Millennials are very focused on health benefits. In a Willis Towers Watson survey, Millennials signaled that if given an allowance to outlay for benefits, they would apportion more than 50% to health care.
According to a LifeCourse Associates article by Neil Howe, 63% of Millennials indicate that employee benefits are a significant reason they stay with an employer. This is a higher number and a sharp departure from any previous generation. In the same article, it suggests that 70% of Millennials rate health insurance as vital and worth the investment.
Wooing the Millennial Worker
Because Millennials think about health care differently than previous generations, their employers will need to consider workplace health benefits more targeted for this age group. Millennials expect that employers will be supportive and offer comprehensive health benefits that address their needs.
Even if the millennial has to contribute more financially to these health plans, they will more than likely be willing participants. What employers need to do is make the decision to offer a workplace health benefits plan that will attract and retain this sector of the workforce.
Millennials are prepared to work for you. Are you prepared to work with them?
For more information on Millennials and their willingness to pay more for workplace health benefits, contact Benefit Strategies by phone at 780-437-5070 or send us an email.