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Millennials and “Out of the Box” Benefits

July 31st, 2018

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Have you considered your millennial workforce and benefits that may be of interest to them? Millennials make up about 92 million Americans and yet, according to a Gallup report, only 29% of millennials are engaged at work. This is not necessarily an indicator of how they do their job, but rather an opportunity to understand how to best engage and interact with this large group of potential employees.

Born between 1980 and 2000, many millennials have high debt and lower incomes making their priorities different from those of the older generation. Millennials are often less interested in quality and more concerned with cost. Homeownership and material possessions carry a lower priority and they opt for tech accessories like phones and laptops, and gym memberships.

According to Forbes, millennials will make up 46% of the workforce by 2020. Good news for employers; tech savvy with a penchant for social media suggests millennial employees are natural web marketers, which may assist in increasing your company’s digital reach.

So how does this translate into workplace motivation? By offering a slew of “out of the box” benefits that appeal to a millennial employee, Employers can set themselves apart and attract top talent.

Identity Theft

Identity theft is on the rise, and it is important to keep your information secure. Companies can now offer products such as Life Lock as a solution for their employees. LifeLock helps employees get a discounted rate on Identity Theft security and is an easy benefit to offer. This option is a stand out add-on to health insurance.

Student Loans

The average person graduating from college leaves with a degree…and over $37,000 in debt. Starting a career and having to repay a large loan is daunting. Student loan repayment programs allow an employer to make a regular contribution to the employee’s loan balance, while the employee continues to make their regular payments, offering a way to assist employees with paying off their student debt sooner. Employees save money on both the balance and the interest they would have paid on a longer loan term, but unlike tuition reimbursement benefits, Employer’s loan contributions are considered taxable income.

Charity Contributions

Employers who recognize employee interests outside the workplace can offer matching gift programs, to assist employees with their charitable contributions. Programs vary, many matching contributions dollar for dollar, or matching funds to support employee volunteer hours.

Legal Assistance

Sometimes life takes a turn and legal representation is necessary. Employers can offer their employees a voluntary add-on legal insurance package to provide affordable access to legal representation. This program lets the employee focus on work and gives them peace of mind of knowing they have assistance in the event of a legal concern.

Offering these innovative “out of the box” benefits helps showcase your company, giving you a more competitive edge when it comes to attracting and retaining the best talent. For more information on creative benefit strategies, contact our Brown & Brown Employee Benefits Team.

Brown & Brown is the 6th largest insurance intermediary in the country. More than 75 years of success has enabled us to identify new opportunities, adapt our solutions and services to meet changing market demands, and satisfy the various needs of our customers. Backed by national strength and local presence, with over 300 locations and 8,500 teammates strong, we have solutions to fit all your insurance needs.

Brett Struiksma

Employee Benefits Consultant

Brett takes a strategic approach when assisting his clients navigate compliance and health insurance reform, providing comprehensive analysis and creative plan design for optimal benefit plan communication and compliance.

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