Why Millenials are Key for your Employee Benefits company

No doubt you’ve 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. Now, before you start thinking ‘Oh no, not another article about Millennials’, just stick with us for a second or two. As an employee benefits company, it’s important to remember that Millennials are not just a buzzword but instead, a highly profitable and growing market that 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 – that’s less than four months away!

Within a few short years, this generation will become the leaders of society; therefore, it’s these individuals that your benefits and incentives at work must appeal to in order to win and retain clients – simple, right?

To gear you up for the march of the Millennial generation, we’re going to look at three crucial factors that can help you to serve all the needs and expectations of this growing and enigmatic generation!

Millennial myths

Those born between 1980-1997 (depending on which source you use) get a pretty rough deal.

Perhaps unfairly referred to by some corners of society as the “Snowflake” generation, Millennials seem to get the blame for just about anything and everything; from the destruction of the credit industry, to the downfall in golf’s popularity… even napkins! 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 –

– Entitled
– Disengaged
– Unmotivated
– Disloyal to employers

Now, it’s important to debunk these myths because apart from them being just plain nasty, 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 – yet they’re seen as constantly job hopping or disloyal to employers. 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.

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Millennial Values

Millennials are truly of the social-network-age; with sites such as Instagram and Twitter providing a worldwide platform to them to share every aspect of their life – and the more photogenic, the better!

As witnesses to the birth and growth of internet-based technologies, and their reliance on social networking, Millennials rely heavily upon technology for all aspects of their lives, and this should be heavily considered when choosing the right rewards packages for them. This extends not only to the platform that the rewards are delivered through, 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 also a value held strongly by Millennials, so you should consider providing clients with rewards that actively promote the use of free time in enjoyable, shareable and memorable activities.

Millennial Rewards

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. With this in mind, offer your clients rewards that are memorable and impactful, job perks that allow their staff to make the most of their free time, and feel appreciated by the organisation. Also, remember that Millennials like to be acknowledged for their efforts 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 Millennials 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.

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