Millennials now represent the largest segment of the U.S. labor force, according to Pew Research Center. This reality is driven home clearly in the article Function Will Drive Form In The 2017 Benefits Industry, an interesting look by InsuranceNewsNet at how the millennial generation will be best attracted - and retained - by progressive employers in 2017.
Millennials want personalized benefits that bring function, flexibility, customization and choice. In fact, for many millennials, benefits matter more than pay when it comes to job decisions.
What are millennials looking for in flexible, voluntary benefits?
- This rising generation of tax payers and future world leaders want an insightful work/life balance, tailored for the way they prioritize life's most important decisions - at least, for today.
- They are more willing to take a job - and stay in that job for more than a few months - if the position affords cost-effective healthcare costs that allow for additional coverage supplements, voluntary insurance packages that include life, disability, critical illness, accident and more...presented on their terms, with their needs in mind.
- Millennials want insurance companies to talk to them - directly to them - on their terms, and on their mobile platforms, with transparency and education topping the list of communications mandates. Millennials are big on online marketplaces and rich videos, with interactive tools customized for the way they think, shop, search and buy, not to mention social media engagement too.
- When it comes to millennials, more is more, especially when it comes to non-traditional voluntary benefits. Think tuition assistance. Think financial counseling. Think IVF egg harvesting. Think fitness incentives. Think pet insurance.
Millennials expect a modern holistic philosophy when it comes to voluntary benefits options, with an emphasis on behavioral health benefits designed to recognize everything from depression to anxiety.
Trending: Will Millennials Buy Insurance in 2017?
While it remains the mission of employers to address the voluntary benefits needs of a robust, diverse and multi-generational workforce, there is no denying a gradually escalating voluntary benefits drive targeting the millennial workforce, which cares more about student loan repayment programs than dental insurance and disability insurance.
Quite simply, millennials expect more flexibility and customized care in their voluntary benefits, with tax-advantaged health savings in mind.
What are your thoughts on millennials and their insurance decisions? Let us know in our Leave a Comment section below!