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Benefits Plans For The Young And Cool

Originally posted by United Benefit Advisors (UBA)

The 80 million “Millennials” or “Generation Y,” those people who were born between the early 1980s to the early 2000s, now make up a major portion of the work force and actually care deeply about their health insurance. In an article in Forbes, it turns out that young professionals are determining where they work based on the benefits provided by that company. Even more amazing is that some of them who left their full-time jobs to freelance are genuinely interested in the variety of benefit options available to them.

The significance of this shift toward the importance of benefits can be seen in Metlife’s annual U.S. Employee Benefit Trends Study. In 2012, only 28% of respondents said that benefits were an important reason they came to work for their current company. In 2013 the number was up to 43%. While studying this trend, the American Psychological Association came to the conclusion that employees who are satisfied with their work benefits are also happier and more productive.

After being offered a job, Millennials are asking about benefits immediately after salary negotiations. It used to be that companies had only one plan — if any — and it was a “take it or leave it” proposition. However, forward-thinking companies that learned to adapt to these Millennials are getting the best and brightest talent by offering benefits packages with plenty of choices, real-time information that can be accessed 24/7 and from any location in the world, and face-to-face mentoring. These companies were quick to realize that Millennials are savvy consumers who demand flexibility, information, and the freedom to decide what’s best for them, and it is these same companies that are getting the cream of this new crop.