Today’s workforce is dominated by Baby Boomers and Generation X, but that is all about to change. Over the next five years, the Millennial Generation (those with birthdates ranging from the early 1980s to the early 2000s), will hold the majority stake in our workforce. Millennials are inclusive of Generation Y and also known as ECHO Boomers, the children of the Baby Boomer generation.

Now, you may be asking, how will this affect our benefits program? Let’s have a look.

Personalized Benefits
The Millennial Generation is known to provide input on company initiatives, push back on company decisions and expect a personalized touch when it comes to matters that affect their position of employment. Benefit plans that offer flexibility or an element of choice will be well-received by these employees. A traditional benefits plan will meet the needs of the ‘average employee’, but the Millennial employee wants something more. Perhaps a flex plan or a health spending account will provide a solution that will enable the employee to design a plan that fits his/her needs specifically.

Communication and Technology
The Millennial Generation grew up with the internet. They want their information in real-time, on demand, and online. Many benefit providers are ahead of the curve in an attempt to prepare for this generation. They are improving their online capabilities, streamlining their claims processes and developing mobile apps to ensure the utmost satisfaction of the next generation of employees.

As a member of the Millennial Generation, I can relate to the needs of this next generation of employees and recognize how employee benefits must evolve to meet these essentials. If you’re interested in staying ahead of the curve, let’s have the conversation about new ways to attract and retain valuable Millennial employees.