Study: Understanding millennial views on benefits can help HR retain workers
- A new study by Colonial Life says HR can raise its hiring and retention rating by looking at benefits through a millennial's perspective, reports the Employee Benefits Advisor. The study, Millennials Come of Age, based its findings on industry research to come up with communication tools and strategies HR can use to attract and retain millennial talent.
- For example, Colonial Life says rather than see dental insurance as protection against tooth decay, millennials see it as a means of staying healthy in general. The study found that to a millennial, being healthy is not only about feeling well but about a lifetime of eating right, exercising and avoiding unhealthy habits.
- The study also found that millennials are weak on financial matters. Their biggest money concern is not being able to pay their monthly bills. A third of them report having no savings set aside if they become unable to work.
Thinking like a millennial is one way to consider the structure of benefit plans in a modern workplace. The new fiduciary rule, which places more responsibility for educating investors in employer-sponsored retirement plans on brokers and financial service providers, may actually benefit millennials and will likely impact employer planning. Sound financial advice can help younger workers accomplish the tasks outlined in the study, such as building an emergency fund, paying off a student loan, saving for large expenses such as cars or appliances, sticking to a monthly budget and maintaining a decent credit score.
With millennials being the largest generation in the workforce, recruiting, hiring and keeping them onboard will be a priority for companies. Although studies differ about their job-hopping tendencies, companies continue to compete for their talents.
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