As a new generation of employees enters the workforce, employers are needing to take a renewed look at how they engage the Millennial Generation.
Born between the years 1980-2004, Millennials think differently, communicate differently, and work differently than their predecessors. With all of these generational differences at play employers often run into challenges as they work to engage the “Facebook Generation.”
We recently sat down with Employee Benefit Adviser magazine to chat about how to engage the Millennial generation with voluntary benefits. While these confident and idealistic workers are a huge asset to companies, they are often very confused and in need of guidance when it comes to making choices about corporate benefits.
What I've found is that transparency is the cardinal virtue of Millennials, and you won't gain their trust without it.
Of any age group, Millennials are the least likely to adopt voluntary benefits, but 50% of employees cite benefits as an important reason they remain with their current employer. And 86% of Millennials say they especially value having benefits personalized to meet their individual circumstances and age.
What I’ve found is that transparency is the cardinal virtue of Millennials, and you won’t gain their trust without it. In Abenity’s industry of employee perks, employee discount programs have become notorious for shady tactics that Millennials see right through. These tactics include complex points-based schemes and the addition of extra taxes and fees on tickets to popular theme parks and movie theaters, driving employee savings down and provider profits up.
As you can imagine, this practice severely damages loyalty from Millennials and it’s why we’ve invested so much in technology that allows our clients and broker partners to deliver a truly transparent perks experience.
HR leaders have a unique opportunity to guide their younger employees toward making wise choices when it comes to perks and benefits. Shepherding these Millennial employees has a direct impact on engagement, and the strategies you can implement may not be as foreign as you might expect.
Check out the entire article on the Employee Benefit Adviser website, and let me know what you think in the comments!