Millennials make up a sizable portion of the workforce. In fact, the Pew Research Center reports “more than one-in-three American workers were millennials in 2015, surpassing Generation X to become the largest share of the American workforce.” One way to attract and retain millennial employees is to offer an enticing healthcare plan that meets their specific needs. Use these tips to create an attractive workplace for top millennial talent..
Simplify Their Options
It’s easy to become overwhelmed when there is a smorgasbord of healthcare options to choose from. This can almost have a paralyzing effect, which makes the selection process needlessly difficult. Array Health even reports, “85 percent of people would be better off if their employer only offered one plan.”
Although offering only a single plan may be a little extreme, it’s a good idea to keep your healthcare simple. Try to focus on just a few options that will accommodate the needs of your younger workers.
Aim for a Low Deductible (Even If It Means a High Monthly Premium)
Many millennials would rather pay more for their monthly premium and have a lower deductible. While this may seem a little counterintuitive because younger people are more likely to be in good health, it makes sense when you consider the fact that most millennials have fairly minimal savings. A major health crisis could easily deplete them financially.
One study even found that “46 percent of young people between the ages of 18 and 29 prefer a plan with a high monthly premium, and a low deductible, compared with just 33 percent of those 50 or older.” So the bottom line here is that you should offer at least one plan with a very low deductible, even it comes with a high monthly premium. Doing so should accommodate the needs of nearly half the millennial generation.
Incorporate Technology into the Process
It should probably come as no surprise that millennials are an incredibly tech savvy generation. They were raised on technology and utilize it in a number of ways throughout their daily lives. You can create a millennial friendly healthcare workplace by weaving technology into the process. Here are some examples:
- Allow them to compare healthcare plans online.
- Provide employees with educational videos and other forms of media to learn about healthcare.
- Let them manage their healthcare via software or apps.
With millennials accounting for such a large portion of the workforce, it’s important to offer healthcare plans that meet their unique needs. Doing so can be effective for both recruiting and retaining these younger workers.
Need help with recruiting? Contact the professionals at PrideStaff today.