Research1 shows that 76% of Millennials and 67% of Boomers agree: benefits customization is important for employer loyalty. We’re not surprised, everybody wants benefits customization including Xers, and Gen Z. After all, who doesn’t want work-life balance and receiving a total benefits and compensation plan that meets them where they are in life.
What is surprising is that Millennials and Boomers share the desire to positively contribute to their company in a meaningful way. Millennials want to have purpose2 and be part of a company culture that values giving, and opportunities for growth. Boomer want to keep their job. Half of Boomers plan to work until 703 and are sensitive about staying relevant to the needs of their employer and having the right digital skills. It’s a legitimate concern when 10% of Boomers retire early from lack of transferable skills4. Both Millennials and Boomers are looking to professional development as an employee benefit to help satisfy their needs to grow, learn, ideate, or collaborate.
For 84% of Millennials5, a Professional Development Reimbursement benefit account is an important consideration as part of a job offer and 1 out 3 stay with their employer6 because of it.
The Top 4 Benefits Millennials Value Most include:
- Tuition and student loan reimbursement and investing.
- Giving to charitable causes.
- Professional development.
- Work-from-home and flexible scheduling.
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- MetLife's 15th Annual U.S. Employee Benefits Trends Study - April 2017
- Gallup, 2016 https://www.gallup.com/workplace/231587/millennials-job-hopping-generation.aspx
- Report: http://www.gallup.com/reports/189830/millennials-work-live.aspx
- AARP, 2017 http://tiny.cc/iumj8y
- LIMRA, 2017 http://tiny.cc/limra2017
- Millennial Impact Report-2015; http://tiny.cc/mir84
- Gallup-2016; http://tiny.cc/gallop