Most Millennials are now seasoned professionals, and the competition to recruit them is fierce. So, if you want your company to be an employer of choice among this workforce-dominating generation, you must tailor your benefits package and administrative approach to their needs. According to a recent AFLAC survey, 34% of Millennials have rejected a job offer due to dissatisfaction with the benefits provided.
But, don’t worry. We’ll share what perks your firm’s benefits package should include and how to best support this segment of your job candidates and employees. That way, you can recruit (and retain) the talent your organization requires to thrive.
According to the same AFLAC survey, more than half of the Millennials polled started working from home due to the pandemic — and that trend is unlikely to change. That means your company must offer remote-friendly perks to stay competitive. Consider offering benefits such as:
- Stipends to purchase home office supplies and equipment
- Stipends to cover cell phone and internet bills
- Paid memberships for grocery and restaurant delivery services
- Coffees and lunches delivered to the home
- Pet care assistance
- Enhanced telemedicine offerings
Remote employees have also come to enjoy (and expect) a flexible schedule, so your firm should focus on productivity over hours worked whenever possible when evaluating performance.
Most employees want to see more insurance coverage in their benefits package, and Millennials are no exception. For example, 58% of the age group wants their employer to offer pandemic insurance to protect their income should another similar health event occur. Plus, 93% of all workers surveyed indicated that supplemental benefits such as life and disability insurance help them feel more financially secure.
Pro Tip: Ask your workforce what benefits they need and want. Then, try to implement their suggestions whenever possible.
A Focus on Wellness
Employees and job candidates expect you to offer standard health insurance covering doctor’s visits, hospital stays, and prescriptions. If your firm wants to stand out (and keep pace), it needs to go beyond that and offer benefits that support overall wellness. Consider offering:
- Smoking cessation, weight loss, or stress reduction programs
- Gym membership or virtual fitness program reimbursements
- Stipends for self-care services, like massages
- Enhanced mental health coverage
- Financial incentives for healthy behaviors like exercising, drinking water, and getting annual preventative screenings
Pro Tip: Make it easy for your workers to take care of themselves and their families by offering paid time off specifically to care for an ill loved one.
More and more, professionals want their benefits package to address all aspects of their health, including their financial wellbeing. That’s because their money woes are causing major life disruptions. For example, 43% of employees surveyed said that living expenses and debt have made them delay getting medical care. Plus, one-third of workers polled said that medical bills have made them wait on getting married, starting a family, or buying a home.
With some planning and legwork, your organization’s benefits package can make your employees’ financial picture a lot rosier. Consider offering:
- Discounts on everything possible, such as cell phone bills, car insurance, or theme park admission
- Student loan repayment assistance
- Company-paid access to financial planning or money management services
You should also work to reduce health insurance costs when possible. One way you can do this is to educate employees about the benefits of enrolling in high-deductible health plans (HDHPs) with health savings accounts (HSAs) attached. Many employees would save a significant amount of money by enrolling in one of these plans while still getting the coverage that they need. Plus, your company will save money on employer premium expenses, too. It’s a win-win!
Virtual Benefits Enrollment
Since much of your workforce operates from home, you’ll need to have an efficient virtual benefits enrollment system and process in place. It should be fast and easy for your employees to review, compare, and select the benefits they need wherever and whenever it’s convenient for them. Currently, nearly two-thirds of the employers polled by AFLAC offer an online self-enrollment option. If your company is in the remaining one-third of firms or wants to improve its existing setup, check out our Virtual Open Enrollment Guide for guidance on implementing a successful virtual enrollment program.
Benefits Decision Support as a Solution
Before the pandemic, more than 90% of employees surveyed chose the same benefits year over year out of convenience. Now, many of them (49%) are taking the enrollment process more seriously. That means your employees are spending time researching and comparing their benefits options.
But, since insurance can be complicated, they need a little help. 45% of polled workers would like their employer to offer a cost estimation tool or benefits decision support solution. A benefits decision support tool uses data and analytics to show employees which plan best meets their needs and saves them money.
Picwell does this by asking each employee a few basic questions about their personal situation and past health care usage. Then, the system estimates how much care they’ll need in the coming year, considers the employee’s risk tolerance and other preferences, and recommends the ideal health plan —for both their physical and financial wellbeing. But that's not all! Picwell provides education and guidance on HSAs as well as all voluntary benefits your organization offers.
Commit to benefits decision support this year and let Picwell help you run a seamless open enrollment: Request a demo today!