Millennials are already driving consumer trends, you have likely seen ads targeting this demographic in all types of media. In addition, Millennials are also changing the way business’s offer benefits and the types of benefits offered. While the baby boomers are still a major demographic, savvy business owners are seeing how important the millennial generation is to their industry. In this article we will be discussing how to attract Millennials with a wellness spending account in BC.
In 2016, Starbucks Canada increased the coverage of psychotherapy to $5000 in their benefits plan. This is one of the largest coverage amounts for this service in the country and is a direct result of surveys completed by their young employees. It was identified that struggles with anxiety, depression and work-life balance were the major concerns among their staff. This is an excellent example of employees in their 20’s and early 30’s contributing to the pro-active conversation about workplace health in general.
Millennials tend to be more oriented towards preventative medicine, positive mental health and overall physical wellness. This shift of focus in the workplace is positive for all age groups as many businesses are now taking an active role in their employee’s health and wellness. Many young professionals see services such as therapy, physical therapy and naturopathic medicines as logical alternative to going to a doctor and popping pills.
To learn how to attract Millennials with a wellness spending account in BC, you must first understand what a wellness spending account is. Often referred to as a taxable spending account (TSA) or lifestyle spending account (LSA), this type of plan provides flexible dollars for employees to use on:
- Gym memberships
- Sports equipment
- Dietary supplements
- Naturopathic services
- Physical and mental therapy
A wellness spending account reimburses (on a taxable basis to the employee) expenses related to healthy living and lifestyle choices. The employer sponsors the account and funds are allocated to employees for approved services set by the employer.
The big technology players like Facebook and Google have already crunched the numbers and realized that wellness programs pay for themselves in productivity, employee satisfaction and reduced absenteeism. Millennials are a force of change, and coming behind them is another generation that will be even more tech-savvy and concerned about workplace health programs.
If you want to get ahead of the trend and attract Millennials with a wellness spending account in BC, we encourage you to contact the group benefit experts at DENT Benefits for a free consultation on the needs of your business.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.