Millennials, tell us what you want, what you really, really want out of your group benefits!
Group benefits and insurance is one of those industries that doesn’t seem to experience much change from one year to the next (apart from some pretty scary renewal rate increases and if that’s the case, you should definitely be talking to us)! While the benefits themselves might not change drastically over the course of five years, the employees’ attitudes towards them definitely could.
A revealing survey was recently published by Willis Towers Watson that indicates a growing shift in millennial attitudes towards their group benefits. While a lot of millennials are still concerned about paying off their debts, more than half of Canadian millennials surveyed would be willing “to pay a higher amount for a guaranteed retirement benefit”. Furthermore, 36% “are also willing to pay more for more generous health care plans (up from 27% in 2013)” (Willis Towers Watson).
This survey also showed (what most of us already know), that millennials are a lot more open to non-traditional benefits when compared to their boomer counterparts. “Nearly one-third of millennials (32%) ranked more paid time off, greater opportunities for flexible work arrangements and career advancement, and options to purchase a wider variety of benefits as a top priority” (Willis Towers Watson).
These results show a unique opportunity for employers to think differently about the core benefits they provide to their most valuable resource; their people! With a growing interest amongst millennials in protecting their financial future, mental health, and work/life balance, many employers are turning to Employee Family Assistance Programs (EFAP) that can serve as a great value add to an already comprehensive “traditional” benefits package.
Time to Think Outside-the-Box about Group Benefits
Programs like Ceridian’s LifeWorks can help employees who are struggling with personal or professional issues by providing solution-focused, confidential counselling services. Employees can gain access to information and resources on a variety of topics like child care, midlife and retirement, caring for older adults, legal and financial matters, and everyday emotion and stress management just to name a few. These services are available 27/4 over the phone, online, and in person, and have proven to enhance productivity at work, decrease absenteeism, reduce workplace stress, and help employers retain their most valuable team members.
With millennials accounting for the largest generation currently in the workforce, it’s hard to ignore these emerging trends. Maybe it’s time to look into what employees actually want and get on board the “outside-the-box” benefits train!
Sources: Willis Towers Watson, Ceridian
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