When I started my career search during my junior year of college, I quickly became aware about the generational differences in the workplace. Now with three different generations in the work place (Baby Boomers, Generation X, and Millenials), the gap between these three may seem larger to employers and employees than before.
The US Bureau of Labor Statistics predicts that Millennials will make up approximately 75% of the workforce by 2030. Understanding these different generations is essential to creating successful employee benefit plans and ensuring an overall thriving organization. Millennials view a job much differently compared to Baby Boomers. About a quarter of Millennials surveyed that workers should only be expected to stay in a job a year or less before looking for a new position, compared to 41% of Baby Boomers who believed workers should stay with an employer at least five years before looking for a new job (shrm.org). Millennials also are looking for passions instead of just jobs to get them by. In terms of Employee Benefits, Millennials are interested in insurance if it deals with their health and wellbeing.
Studies suggest that Millennials are not interested in long-term incentives such as 401K plans and equity ownership (although it is important), instead employers should focus on benefits that have more immediate impacts such as, a great work environment, innovative culture, social networking and developmental opportunities, and freedom and flexibility. It is also important that employers understand their audience. Employers can help break the generational difference by supplying Millenials with apps and mobile-friendly websites to help engage employees in their benefits, and health and wellness campaigns. In 2015, learning and understanding the generational differences is essential to all employees and employers.
Author: Mara Scaliti