Millennials Reject Job Offers Due to Benefits
A new Anthem, Inc. survey found that 35% of millennials, ages 18 to 34, have turned down job offers because they were dissatisfied with the benefits, according to Business Wire. The turn-down rate for all other generational groups was 27%.
Survey results also show that employers might offer highly desirable benefits such as fitness classes, in-office massages, pet insurance, infertility coverage or extra time off to help employees manage stress, but money remains their number one stressor. Anthem said that appears to be why millennials (29%) were more inclined to be involved in long-term financial planning than older workers (19%) ages 35 to 54 during the past year.
Anthem said that employers should offer workers benefits that help protect their income, such as disability insurance, if they become disabled, and financial planning in a "comprehensive, integrated health care plan.”
Generational Guru Insight
The survey confirms what other studies have shown previously - Millennials appear to be more conscientious about financial planning and saving for retirement than previous generations. As a parent of three millennials, my husband and I see this with our girls. They are very similar to other millennials who research the item they want to purchase online, read reviews, and then commit to saving for it themselves. They are willing to make the necessary short term sacrifice to achieve their financial goal.
Currently, millennials make up the largest segment of the workforce. Employers that can provide retirement plans, financial planning advice, disability coverage, and other benefits that protect employees against income losses, may be more competitive in attracting and retaining talent.
Wellness programs can address employees' stress, including their emotional well-being and any financial struggles they experience. College-debt repayment programs are growing in popularity, since many millennials left college saddled with student debt.
With millennials more likely than other generations of workers to turn down job offers because they don't like the benefits, employers might want to review their benefits offerings to find out how well they're fitting employees' needs across the generations. Be wary of offering benefits that cost a lot with little ROI.
Sherri Elliott-Yeary, the Generational Guru and best selling author of Ties to Tattoos, Turning Generational Differences into a Competitive Advantage, is a speaker, coach and trainer in the area of Human Resources and Talent Management. Sherri specializes in helping employers maximize their human capital by collaborating across the generational gap. Her expertise in human capital management and organization includes: workforce planning, company culture, training, assessments, HRIS implementation, regulatory compliance, strategic alignment, payroll, compensation and benefit programs. Learn more at generationalguru.com.