No doubt you have heard the term Millennial countless times. On television, in newspapers, on the radio, the word Millennial has become a cultural zeitgeist, and probably one raised so often that the mere mention of the word turns you off immediately.
However, as an employee benefits company, it’s important to remember that Millennial is not just a buzzword but instead a market which will shape your business for years to come. This may seem like an exaggeration, but consider that by 2020, Millennials will make up 50% of the UK workforce.
Within a few years, this generation will become the leaders of society, therefore it is these individuals that your perks at work must appeal to in order to win and retain clients. Below we’ve discussed three main areas to give you the information you need to better serve the up-and-coming Millennials!
Those born between 1980-1997 (depending on which source you use) get a rough deal. Otherwise known as the “Snowflake” generation, Millennials seem to get the blame for most things, from the destruction of the credit industry to the downfall in popularity of golfing. Interestingly, Millennials are also often blamed for a decline in the movie industry despite the fact that this is patently untrue. In fact, studies have shown that Millennials account for 29% of box office sales.
In terms of the workplace, it’s no different for this much berated generation, with some of the biggest charges being that they are -
Disloyal to employers
It is important to debunk these myths, as many are simply untrue. For example, studies have shown that this generation is far less likely to change employers than their previous generation at the same age.
In disregarding these stereotypes, it becomes clear that Millennials are not out of reach of rewards and benefits packages. By tailoring your clients’ packages to account for this generation, you can stay relevant to your customers and ensure healthy retention.
As witnesses to the birth and growth of internet-based technologies, Millennials rely heavily upon technology for all aspects of their lives, and this should be heavily taken into account when choosing the right rewards packages for them.
This extends not only to the platform that the rewards are delivered through (an App platform is an absolute must for distributing perks at work!), but also the rewards themselves. Combine this with the fact that Millennials also value “experience” based rewards rather than financial incentives, and you have a tailored offering which appeals directly to generation Y. Consider taking advantage of the cutting edge 4DX screen technology at Cineworld cinemas as a means of combining technology and experience!
A healthy work-life balance is a value held strongly by Millennials, and so you should consider providing clients with rewards that actively promote the use of free time in enjoyable and memorable activities.
Remember Maslow’s hierarchy of needs? The famous study shows that financial incentives are not the most effective way of motivating staff, and this applies just as much to Generation Y’ers as anyone else.
Offer your clients rewards that are memorable and impactful, perks that allow their staff to make the most of their free time, and feel appreciated by the organisation.
Further to this, Millennials like to be acknowledged little and often rather than waiting for the annual Christmas party. Smaller and more cost effective solutions may be preferable for your clients so that they give many rewards consistently to keep their staff motivated.
Take your company to the future and beyond.
Appealing to Millenials is just one step to crafting the perfect offering for your client. We’ve put together a handy eBook that covers many aspects of ensuring that your employee benefits company is best placed to increase revenue, develop retention rates and keep your competitors at bay.
Download our free eBook “Take your employment benefits company to the future and beyond” here.