Did you know that millennials have become the nation’s largest living population? Millennials, also known as “Gen Y,” are projected to surpass 75 million this year. In fact, more than 1 in 3 American workers is a millennial. That means millennials – those workers age 18-34 – have the largest share of the country’s workforce, and this number will only increase as more finish college and enter the workforce.
That’s a big deal for employers, and here’s why.
Every generation has their own unique set of characteristics and expectations. Millennials are no different, which is why it’s important for employers to know more about this group and, more importantly, how to recruit them.
So, let’s take a look at what matters most to millennials when choosing their benefits:
Millennials challenge employers to provide a benefits program that appeals to the unique needs of their generation. When this challenge is met through a combination of core benefits (such as medical, dental, and retirement) and voluntary benefits (such as accident, critical illness, and supplemental life insurance), employers find that they end up with a benefits program that appeals to the needs of the individual, regardless of the generation. How? By allowing employees to choose from a variety of benefits that can be customized to their specific needs.
Embracing some of these concepts in your organization’s recruitment, retention, and communication efforts, will help you become more appealing as an employer to all generations and will help you build a stronger connection with the powerful millennial generation.
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An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.