Millennials will make up 75% of the workforce within the next decade. Their expectations for benefits differ drastically from the current workforce. They want more flexibility and a high-tech work environment to help them achieve their career aspirations.
To address these altering benefit wants and needs, employers are opting to include voluntary benefits. Some examples include:
- Extended leave insurance
- Financial education services
- Pet insurance
However, where many of these employers fall short is in communicating the advantages of these benefits. Many millennials are disconnected with their benefits plan and do not fully understand the value.
Human Resources will have to work outside of the box to emphasize the worth of voluntary benefits and standard benefits as well. Sending out lengthy emails or print outs will only hurt engagement. Many employers are turning to alternate mobile communication methods to disseminate benefits information. One example is using text messages alongside emails. A text is short and easy to digest. It can also serve as a hook to engage the employee and influence them to read the corresponding email.
Getting employees to participate in and understand their benefits can be a frustrating task. HR specialists can take steps to improve benefits communication by marketing their company’s benefits in innovative ways. To learn more about improving employee engagement through effective benefits communication, contact Chelten Consulting.
Standard benefits will always withstand the test of time. This is because they meet universal needs such as health care and retirement planning. However, as more millennials join the workforce employers will need to adapt to maintain their competitive edge.
Millennials recognize the advantage of standard benefits, but they face unique challenges previous generations did not. Namely, they have a substantial amount of student loan debt. Not only that, but paying off their loans will take them more than a decade. Companies can improve their millennial recruitment and retention rates by offering student loan benefits.
It is becoming more and more common for employees to change jobs at frequent intervals. This puts employers in a difficult situation. It is frustrating to recruit and train employees just to lose them to another company down the line. Student loan benefits can help reduce this job-hopping trend and allow you to retain talent for longer.
How it Works
Imagine an employer offers $150 per month toward student loans. This is not a significant sum for an organization, but over the course of several years that employee could save thousands in loans and accrued interest. This benefit has the added bonus of high employee interaction. While it can be difficult to get employees to engage in benefits communication, millennials will bite at the chance for help paying down their student loan debt.
Companies should use their benefits to stay competitive. Adding student loan benefits to your model can help recruit and retain talent for multiple years. This saves your company money as you will not have to deal with labor gaps, time spent searching for new talent, and training new employees. Contact Chelten Consulting to learn more about fresh approaches to benefits solutions and refining your hiring practices.