Attracting top talent with competitive benefits will always be a top priority for employers. With millennials overtaking Generation X as the largest generation in the U.S. workforce, employers will have to become more creative and versatile. It will be important to customize packages that meet non-traditional needs and leverage new technology.
One important trend to consider in this new environment is providing employees better benefits education.
The best benefits package can be rendered meaningless if employees don’t understand or take advantage of their options. There’s a real need for education, especially among younger workers.
- 52 percent of millennials understood life insurance
- 38 percent understood long-term disability insurance and
- Only 7 percent had a full understanding of basic insurance concepts, such as premiums, deductibles, and coinsurance
For employers, this is a significant opportunity to evolve into a more consultative role and provide meaningful education and training for employees. This will not only maximize the value of benefits, but also generate loyalty among employees.
To learn more about educating your employees and other benefits trends, fill out the short form below to get immediate access to our Benefits Trends whitepaper.