With millennials representing over 36 percent of the workforce, this group has surpassed the baby boomers and Gen Xers to become the most populous working generation. By 2028, the percentage of millennials in the workforce is expected to increase to 75 percent. It’s important now, more than ever before, to make sure your business is up to millennial standards.
With Is your business equipped to satisfy the needs of the growing number of millennial employees? You’ll need to ensure the happiness of millennial employees if you want to retain your staff.
In fact, millennials, more so than any other generation, are the group that favours happiness in the workplace above all else. Compared to baby boomers who saw their paycheques as the most important part of employment, millennials are shaping the workforce by accepting lower wages in favour of more enjoyable circumstances. While pay is still an important factor in millennials’ job searches, because they need to pay off astronomical student debts and afford the high cost of living, they are more likely to relinquish some of their pay for better quality of life.
This, in turn, translates to health benefits. Millennials are willing to sacrifice part of their earnings to obtain better and more reliable benefits. Healthcare, among flexible schedules and personal development, acts as one of the most important determinates for a millennial employee’s happiness in the workplace.
Why It’s Important to Keep Your Millennial Staff Happy
Contrary to popular belief, millennials are not entitled nor lazy. They’re innovative, hard-working employees. There are numerous advantages of having millennials on your team.
What you want to be primarily concerned with is productivity. Millennials are extremely hard workers who work, on average, 42 hours each week. This is a longer average work week than Gen Xers, who worked under 40 hours during their peak. Changing the day-to-day operations of your business to keep millennials satisfied won’t only impact your employee retention rate but also the quality of work your employees produce.
According to a study conducted by Warwick University, happy employees are 12 percent more productive. Keeping your millennial employees satisfied is a win-win situation for everyone involved. Your business will be more productive, and your employees will enjoy their work more.
What Millennials Want to See from Their Health Benefits
For a generation that has grown up with technology, it is easier than ever for millennials to hop onto a computer and compare health benefits pricing and offerings. Millennials want to be able to shop around and compare plans to truly benefits from their coverage.
Instead of a one-size-fits-all benefits plan, millennials are becoming more interested in a broader range of health benefits. So much so that they would allocate as much as 52 percent of their benefits towards non-traditional and lifestyle-type benefits.
How Can Your Business Adjust?
If you’re an employer and you’re realizing that your current health benefits plan does not align with your employee’s needs, it may be time to switch health benefits providers.
To truly understand what your employees are looking for from their benefits, ask them. Instead of trying to guess what will best serve your millennial staff, take a moment to ask everyone what they wish to see in their benefits. Your employees will be more willing to honestly discuss their reservations about your current plan when they are asked for their opinions directly. This will help give you more direction when you choose a health benefits plan for your business and help improve morale and productivity around your office.