So you think you understand your Millennial employees? Depending on their age and life stage, attitudes and behaviors can vary drastically. It’s important for businesses to keep this in mind as they look to build benefit strategies that will attract and retain talent.
Much of what has been written about Millennials in the workplace claims they’re constantly on the look-out for the next best career opportunity — not committing to one employer or long-term financial security. By taking a closer look at a generation that spans several years (ages 21-34), MetLife’s 14th Annual U.S. Employee Benefit Trends Study reveals a new picture of the Millennial employee — one that defies cultural stereotypes and stigmas.
Some of the surprising findings are:
- The majority of all Millennials are quite committed to their jobs — 64% of younger millennials and 75% of older Millennials intend to work for the same organization in 12 months’ time.
- Life events such as marriage, divorce, children, change of employment, death or caring for an ailing parent have a considerable impact on their workplace benefit selections.
- Older millennials are taking the security of their financial futures very seriously. They are reviewing their retirement savings plans, re-balancing investment portfolios and paying more attention to their employers’ benefits offerings. They also acknowledge that certain benefits, such as short and long-term disability, can play a role in reducing their financial stress.
- Millennials are looking for benefit solutions as unique as they are — customization is key in providing access to non-medical benefits, including 401K, dental, life, prescription drug and vision care insurances, in addition to regular medical benefits.
- Millennials prefer an advisory approach when it comes to their benefit selections. One-on-one consultations, in-person meetings and financial education workshops are excellent ways for employers and brokers to provide the type of individualized support they seek.
Millennials make up more than one-third of today’s American employees, so understanding how this generation thinks and behaves in the workplace is crucial to continued business success. MetLife’s 14th Annual U.S. Employee Benefits Trends Study uncovers what really matters when Millennials pick their benefits. Find out more in “The Millennial Benefits Perspective – Turning Stereotypes Around”.