Millennials tend to be lumped together as one specific age group, often plagued by cultural stereotypes and stigmas. They’re actually a generation that spans 18 years (those born from 1982-2000), and now the largest demographic in the U.S. workforce, surpassing Baby Boomers in 2015.
Since Millennials range in age from 18 to 36 years old, their life stages, attitudes and behaviors can vary drastically.
For example, many people think Millennials are constantly on the look-out for the next best career opportunity — not committing to one employer or long-term financial security. But we took a closer look at what this generation cares about in the workplace, and what we discovered was surprising:
- Most Millennials are quite committed to their jobs — 64% of younger Millennials and 75% of older Millennials plan to work for the same organization in 12 months’ time.
- Life events like getting married, divorced, having children, changing jobs, or caring for an aging parent greatly impact what benefit selections they make in the workplace.
- 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 realize that certain benefits, such as short and long-term disability insurance, 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 401(k) plans, dental, life, prescription drug and vision care insurances, as well as 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 individualized support they’re looking for.
It’s important for businesses to keep this in mind as they look to build benefit strategies that will attract and retain talent.