Also referred to as Generation Y, those who were born in the Millennial Generation are now between the ages of 18 - 34 and make up more than a third of American workers in 2015. It makes good business sense to know what millennials value in health care, so you can recruit them more effectively and engage with them more actively during open enrollment.
Each generation - from the Silent Generation to baby boomers and beyond - has its own unique workplace expectations and way of looking at life. Here is what we found out about workers in their 20s and early 30s when it comes to employee benefits. Generally speaking, millennial workers:
Focus on overall wellbeing. This generation is concerned not only with their medical health but financial health, mental health, and preventive care as well. Wellness programs and corporate health centers can be attractive to this generation especially when these programs offer less traditional types of assistance such as nutrition and financial coaching services.
Want access to instant information. Millennials grew up in a world where information was and continues to be available 24/7 especially on the internet. As a result, to attract this audience, you may want to rethink the way in which you make resources available. Millennials want more than just an insurance card; they want to be connected and have access to information about benefits whenever and wherever they go. Mobile apps are great tool for them to store all of their information in one place.
Prefer customization. Generally this group dislikes the cookie cutter approach and according to an article in benefitspro.com. younger workers want their benefits package to have flexibility so they can have more control over how they spend their benefit dollars to meet their individual or family needs. While they like having plenty of options to choose from, the article also noted that too many options could possibly paralyze them and distract them from being able to make a decision. Self-funded plans are a great way to offer the flexibility millennials are looking for while giving you a better way to control company expenses. Younger employees tend to visit the doctor less and thus have lower medical costs than some older employees, which on a self-funded plan can save you money.
Want things simple. The younger generation is battling information overload much like the rest of us and therefore appreciate communication materials that are simple and easy-to-follow, especially during the open enrollment period. Partnering with a TPA that has this same philosophy works to your advantage.
Like to be social and connected online. Social media is part of this age group's everyday life so they respond well to real-time, instant messaging and social media and text message campaigns. Millennials also respond well to interactive campaigns, such as one you can set up through your company intranet, where they can participate in online conversations about their benefits.
Many of these changes can be positive, not just for millennials but also for employees of all ages. Not only can these improvements increase job satisfaction but can also boost your employee engagement during open enrollment. This can ultimately reduce overall health care costs by making it easier for your employees to make better choices related to their health and benefit plan selections.