One of the stereotypes of the Millennial generation is that they are entitled, but according to a survey of Millennials by Deloitte it appears that many of them are unaware of the workplace benefits to which they are entitled to. This could be driving low retention rates.
It may be more correct to say that they are aware of them but they don’t value them as highly as previous generations of workers. For instance Boomers report that health insurance is the most important benefit that they receive at work, but Millennials consider paid time off to be more important. Millennials are also less likely than other generations to consider the benefits package as important in weighing job offers. In fact, they’d rather take the money employers spend on benefits and decide whether or not to purchase them on their own.
Part of the problem could be the ways that HR departments communicate their benefits packages to Millennials. Younger workers prefer to communicate using ways native to the internet, sans email, rather than traditional ways like meetings or memos. Millennials must be made aware of how important health insurance is, both to protect their own health and also for situations like getting prenatal care. They must also be made aware of what a deductible is, how much their plan is, and how much they should responsibly set aside for an unexpectedly high health expense.
Are you struggling to communicate with today’s young workers? NetPEO can help you offload your employment tasks through a joint-employership program. To find out how we can help your employee culture thrive, contact our offices.