April 2, 2018 | By Ryan Golden – HR Dive.com
HR conferences host a wide range of discussions on how to hire, support and retain younger workers — often reflexively referred to as millennials — and one critical component of these efforts is benefits. Employers can’t afford to overlook the unique requirements and inclinations of key segments of the multigenerational workforce when it comes to the benefits offered and how they are administered.
The so-called millennial generation (defined as those born between 1981 and 1996) is now the largest segment of the U.S. workforce, according to the Pew Research Center. The needs of millennial employees are also generally shared by their colleagues born after 1996, known by the “Generation Z” moniker. But these two generations are more than curiosities — they are a growing force to be reckoned with. Experts are advising employers to re-evaluate their employee benefits strategies accordingly.
A world of difference
No two generations experience the same life events in the same order. That applies when speaking of the differences between the lifespans of, say, the generation called either traditionalists or the silent generation (born before 1946) and Gen Xers (defined as those born between 1965 and about 1980). HR should apply this same thinking to their younger peers, said John MacPhee, CEO and executive director of The Jed Foundation, a nonprofit focusing on the mental health of young adults.
“It’s important that we understand that things are changing fast, and the world that emerging adults are growing up in today is quite different than even 10 years ago, arguably more than five years ago,” MacPhee said during a webinar presented by the Disability Management Employer Coalition. “There’s heightened risks around sustainable employment [and] the gig economy — it feels less settled.”
This changing landscape has revealed key differences in how millennials select and consume employee benefits, Emily Bailey, principal at OneDigital, told HR Dive in an interview.