More than one-third of today’s workforce is made up of Millennials, people who were born between 1982 and 1994 and who began to reach adulthood around the year 2000. Millennials are a unique group because they enter the workforce under a very different set of circumstances than previous generations: they are burdened with debt and worried about their future, but they are also completely immersed in social media and technology.
- When it comes to work, Millennial employees want to feel that what they do truly makes a difference, and that they can share the company’s vision of the future.
- Millennials value a healthy work–life balance. They don’t feel a need to prove their worth by staying late at work or putting in long hours. They also prefer to work close to where they live.
- Millennials say that not having enough money for retirement is their highest source of financial stress – more so than living expenses, credit card debt, and even student loans.
In fact, Millennials are more in tune with financial factors than any other generation. They are not only saddled with student loans, but are also skeptical that Social Security will be around long enough to provide them with a safety net. This stress can negatively affect their workplace performance, causing them to perform poorly or even miss work. To ensure your company’s benefits program appeals to Millennials, it should provide them with a clear path to financial health. Consider including financial wellness programs, easy online and mobile access to financial data, and robust retirement savings and health savings options.
Millennials are also steeped in technology and social media. This means they’re more likely to adopt benefits programs that incorporate technology, automation, online access, and mobile apps. These could include mobile apps for online doctor visits, wellness portals that gather all of their health and benefit information in one place, and wellness challenges that have social media and gamification elements.