As millennials begin to make up more than 75% of the U.S. workforce by the year 2025, they are demanding a change in benefits that is changing the workforce as a whole in dramatic ways.
Employers are changing their benefits packages to attract the right people to their available positions.
Typically, potential employees look at salary and benefit options as the foundation of deciding which employer they should select. With millennials making up a larger and larger portion of the workforce employers are faced with this important question: What are millennials looking for when it comes to their benefits package options? When asked, millennials named flexible employee benefit options, holistic approaches to wellness, and lifestyle options as their top three priorities.
1) Flexible Employee Benefits Options
Here is the important message: gone are the days of two options of benefits packages. Millennials do not fit into the cookie-cutter benefits packages. They want / need benefits that will give them options to customize what they actually will use. Many companies are looking at Flexible Benefit Plans as they give employees options to chose from various programs. These flexible benefits options include health insurance, retirement benefits, and reimbursement accounts.
2) Holistic Options
Healthy living is no longer a fantasy: people want it and millennials make it a priority more than previous generations. They are continually surrounded by the philosophy that healthy living and anything natural is better than pharmaceuticals. Previously, many health insurance packages did not cover these healthy living options. Now, millennials are drawn to this appeal as a normal lifestyle choice. Millennials want an employer that is also a proactive partner for their health and long term well-being. Employers are looking to fulfill this desire by having work-sponsored club sports, health screenings at the campus clinic, lunch-and-learn healthy eating options etc.
3) Lifestyle Options
Work places are needing to understand the needs of people outside of their work environment. Why is that person coming to work? For employees with children, they ,may be looking for child care services and ways to have a discount with daycare costs. Or flexible scheduling options to work around the daycare schedule options and sick days that their child may have. For some people, they go home every day to walk their dogs on their lunch break. Innovative employers are going the extra step to have daycare solutions at the workplace for pets and children.
As employers look to offer a full range of package options to potential employees, millennials are saying yes to the available options resulting in a more positive workforce environment.