December 19th, 2018
According to reports, by 2030, Millennial employees will make up 75% of the workforce.
Millennials want to be compensated fairly, but also want to do work that has a positive impact on the community and makes a difference in the world. Organizations that stress financial gain as the only goal will face challenges when it comes to recruiting and engaging mission-driven millennials. Companies that focus on a total rewards package are more likely to attract and retain top talent.
When it comes to looking at the big picture of employment, there are a number of easily implemented offerings to entice candidates.
According to the Society of Human Resources Management, millennials actually tend to understand their employee benefits less completely than other generations, which may explain why some millennials are less engaged by benefits.
A study by the Employee Benefits Research Institute (EBRI) found that “millennials are less likely than baby boomers and Gen Xers to report that the benefits a potential employer offers are extremely important in their decision to accept or reject a job. Less than one-third (31%) of millennials reported that benefits are extremely important compared with 39% among Gen Xers and 41% among baby boomers.”
How millennials and baby boomers view specific benefits is drastically different:
Companies looking to recruit and engage the millennial workforce should offer customized packages that this generation wants but also understand how to communicate effectively and deliver those benefits in preferred ways. Baby boomers and millennials do not view benefits the same, so understanding what engages millennials is key in attracting and retaining millennials for a long tenure.
Contact our Employee Benefits team at Brown & Brown for more information. Our consultants can assist you in developing a competitive Employee Benefits package that fits your business needs.
For additional ways to engage the millennial workforce, read our article on Millennials and “Out of the Box” Benefits.
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Account Executive - Employee Benefits
Ryan is responsible for the consulting and strategic benefit planning of client benefit portfolios and developing new business on both a local and national level.
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