Millennials are defined as anyone born between 1980 and the year 2000, or anyone drinking a kale smoothie while driving an electric car. What you may not realize is that millennials will make up 50% of the global workforce by the year 2020. This generation will quickly become the trend-setters and most influential portion of the workforce. With change on the horizon, it is time to ask yourself, does your business appeal to millennials?
A growing number of employers are responding to this labour shift by implementing corporate wellness programs. These programs include:
- Smoking cessation
- Preventative health care
- Meal plans
- Biometric screening
These are some of many examples, the general idea is having healthy employees will benefit the individual and the company. Healthy workers are more productive, take fewer sick days and are less likely to request expensive prescriptions in the future.
In addition to physical health, mental health is a growing concern being driven by millennials in the workforce. Counseling and support group requests are increasingly on the rise, compared to the requests from generation X. Much like physical health, poor mental health has been linked to absenteeism and lost productivity. It also affects your work environment, team effort and overall corporate culture. With previous generations, it was seen as a sign of weakness to speak to a counselor or admit to any mental health issues. Millennials are seeking to remove this stigma and confront mental health problems with solutions, rather than covering them up.
All of the employee benefit products mentioned in this article are designed to target millennials. However, you would be surprised at how many of these changes to corporate health plans are welcomed and encouraged by members of older generations. These can be used to benefit the entire workforce while attracting the younger generations to your company.
If you want to learn how to make your business appeal to millennials, we encourage you to contact the group benefit experts at DENT for a comprehensive review of your compensation package.
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.