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How to Attract and Retain Millennials
The Unique Workplace Needs of Each Generation of Employees
Coming from different generations and at different stages in their career journeys, the people you employ have varying desires and goals. This is why picking an employee benefits solution cannot be a one-size-fits-all philosophy. Take a careful look at who you employ; after all, identifying basic patterns in their generational needs can be a fantastic tool for deciding which employee benefits solutions will work best, and provide employees with the support they need to thrive. At TrueConnect we know that different people have vastly different needs; depending on what these are, you’ll need a smart employee benefits solution in place to make sure that they’re being met.
With a foot in the door and at the start of their professional careers, we have the Millennials. These relatively fresh-faced employees are aged 24 to 36 and have two things on their mind: getting the skills they need to succeed and making preparations for their future. Millennial needs are driven by personal development and interpersonal relationship building. They want portable benefits that suit their lifestyle and empower them to continue their climb up the corporate ladder: this includes things like education, training, and financial advisement. They also want benefits that bolster their active social lives and lifestyle, such as concierge services and forced savings with an employee contribution. However, the beginning of a career can be a tough place, with high costs of living, low starting salaries and exorbitant rentals. For this group, benefits like pay cards, employee discounts — such as those offered by TrueConnect — go a long way to create a more stable financial situation.
Next, we have those who fall under the umbrella of Generation X. Gen X are typically aged 37 to 51 and are in the middle of their professional lives. Gen X-ers are looking to the future: they want to continue proving their excellence in the company and prepare for retirement. For these future-minded individuals, autonomy, independence, and promotion are key; as such, employee benefits solutions that help secure their future are the way to go. These benefits include salary contributions, income protection, management, and education relating to retirement planning and family support services. Employees in this generation are usually established: they want things like home and auto insurance, or benefits that help to lower the costs of providing for a family. Company loans are a great way to help them cover the extra costs that come from the responsibilities of a family but come with attached risks. TrueConnect loans acknowledge this, which is why our loans are ethically sourced and highly regulated.
Finally, at the apogee of their careers, we have the Baby Boomers, aged 52 to 70. These folks have worked hard and want to reap the rewards of their labour. They are looking to retire, or are about to retire. Employee benefits like medical care, personal care, and more mobile or flexible work schedules that extend their working life are what they’re looking for. They also care deeply about their pensions and retirement funds: solutions that include this crucial factor in their lives are incredibly beneficial. Clearly, any employee loan system that dips into their 401k is especially undesirable for this generation. Whatever solutions you choose, this generation is the least likely to want to deal with complicated interfaces and confusing platforms. At TrueConnect we know that cutting the hassle and stress out of applications and management is a priority, which is why our services are automated and simple to administer.
Of course, it’s not so easy to keep such neat categories: the world is anything but neat, and these groups intersect and overlap as new pressures and responsibilities appear in their personal and professional lives. That’s why it’s so important to create tailored and custom-driven packages and solutions for whatever financial needs they may have. Rather than providing universal benefits, working with employees to determine their needs and responsibilities can go a long way to deciding the best employee benefits solutions for each person as well as cut unnecessary costs. For more information about making the right decision on which employee benefits solutions are right for your employees, book a consultation with TrueConnect to discuss.