This article was first published in San Francisco Business Times.
Millennials are reshaping the workforce, so is it any surprise their priorities are also redefining employee benefit programs?
Unlike employees in years past, highly-motivated, highly-educated millennials are looking for more than just a 401(k) contribution, medical and dental insurance, and paid-time off.
They’re actually looking for employee benefits that help them with challenges previous generations never encountered, like the crushing burden of student debt. And, they want their employers to offer a broader range of health and wellness benefits to support their active lifestyles.
Why millennials matter so much
For employers, satisfying the changing priorities of millennials is critical. In 2016, millennials – those between those ages 21 to 36 last year – became the largest generation in the workforce, according to Pew Research. Today, one in three workers is a millennial. By 2025, 75 percent of the workforce will be millennials.
In today’s increasingly tight labor market, particularly in urban centers like the San Francisco Bay Area where technology firms have set a very high bar, benefit programs that address millennial concerns can make all the difference in successful recruiting.
In our work with large and small firms across every industry segment, we have partnered with employee benefits program managers to suggest innovative benefits that align with millennial lifestyles.