3 Ways to Draw Millennials to Your Workforce

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.

millennials, BeneChoice Companies, hiring, employers, Stacia Robinson

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.

 

Warmest regards,

Stacia

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Student Loans: A Plan of Attack for Each Generation

As a nation, student loan debt is over $1 trillion. Millennials are not the only generation fighting the snowball of student loan debt. 26 percent of Generation X workers and 13 percent of Baby Boomers have student loan debt.

 

For Millennials, student loan debt can be a suffocating overwhelming battle. Figuring out where to start with paying off student loan debt is a foggy forecast. The graduating class of 2016 has an average amount of $40,000 in student loan debt. Finding a balance of paying off that debt while also looking at short-term goals like finding a place to live, buying a car, or even long-term goals like retirement is like balancing multiple plates on poles.  Often times, millennials chose to not save for retirement as a way to pay off the current debt they face. This is not the best move as many employers offer matching 401(k) options, which is an easy way to save more money for retirement with a small amount dedicated to retirement every paycheck.

 

Most experts recommend setting aside three to six months of living expenses. Although this amount can initially be daunting, start small with a goal of $400-$500 in savings. Build upon the goal once it is achieved. By building on savings goals, your confidence in saving will grow as well.

 

Many Gen Xers, have growing families and are in the best time of their lives for earning and saving for retirement. However, they are facing the daunting task of saving for their child’s education, paying off a mortgage, or other financial obligations they may have. As a tip if this is your situation, check with your company about financial help tools they may offer. Speak with a financial advisor to assess your finances and optimize your efforts to save and pay off debt. This will help you identify the how and where to focus future efforts for your finances.
For Baby Boomers, they have $66 billion of the debt as of 2015. When it comes to student loans taken through the Department of Education, the government may even be able to garnish Social Security payments for those that may default on payments. Talk about daunting! A tip would be to look at re-amortizing the student loan; this will lower the current monthly payment but will lengthen the total loan repayment period. Additionally, just like the Gen Xers, speak to a financial advisor, as they can help assess your specific situation in detail.

Warmest regards,

Stacia

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