Analysts expect millennials to make up 75% of our workforce by 2025. Because of this, much attention has been given to them in analytics and speculation.
These young employees bring with them new attitudes, expectations, and needs for which employers need to be prepared.
What makes millennials unique is they are the first generation raised with technology–at least the way we know modern technology. Most of them can’t remember a time without the internet, and as a result, 93% of them expect their employees to be up-to-date with technology, making this one of the most important aspects of the workplace.
Most millennials aren’t going to be satisfied with mere “up-to-date” technology but will expect “newer and faster” on a frequent basis. They want flexible work environments that will meet the needs of both their professional and personal lives. Many employers are trying to meet these needs by providing pet insurance, extended leave, counseling service, and financial education.
But is just offering these benefits enough? Not if the employees don’t pay attention to them. Millennials have gone on record stating that they may not know as much about their benefit plan as former generations and tend to be less engaged with this element of their job. This young, healthy generation is much more likely to list time off as the most important benefit than they are health insurance.
When you add all this up, it’s easy to see that millennials tend to not understand the value of their benefits, much less the details of their plan. And because of this they may not utilize their benefits as much as some of their older colleagues. For instance, a millennial might be more likely to use an ER visit for a routine medical issue rather than using a low-cost primary care physician.
To make sure the millennial workforce understands and values their benefits, business owners need to focus on engaging them with education and communication. And since millennials are already the most tech-savvy of your employees, you can take advantage of this by educating and communicating with them through these mediums.
Aside from reaching them through the company intranet and text messages, inviting them to take part in surveys and to join committees to help form HR processes and offerings appeals to their sentiment about health and wellness. Engaging them like this will lead to a deeper understanding of benefits and hopefully an empathy for the employer’s financial contributions toward their well-being.
Business owners need to understand their employee workforce, determine the best communication channels to reach them, and utilize those mediums to educate them. If this is done properly, they’ll see higher use of benefits, keep their employees engaged, and maybe even keep them on board longer.
Empowerment of the individual broadens the control of insurance cost on an enterprise level, which is always high on the CFO’s priority list.
Modernizing your approach to gain the trust of millennials’ can help increase use and engagement, control costs, and ensure success into the future.