Generations come and go, and with that comes widespread change. Because generational crossovers happen gradually, not all at once, the difference is often seen over time, though that makes it no less substantial.
For example, the millennial generation – those most commonly defined as being born between 1981 to 1997 – have a unique set of values and motives that allow employers to get the most out of them in the workplace.
In terms of attracting and retaining the best ones, a corporate health plan is often turned to for employers wanting to engage more thoroughly with workers of all ages. A study from Metlife, for instance, found that 61 per cent of employees who were "very satisfied" working for their employer said they were so because of their company's health benefits.
This is no different for millennials – in fact, research suggests that this demographic may be some of the most open to engagement from such schemes. What's more, millennials are expected to take over this year as the largest working generation, making now a good time to go over their workplace expectations.
So, what makes millennials different?
They want their employer to have a positive impact
Consulting firm Deloitte recently took an in-depth look at what makes the millennial workforce tick, what this generation expects, what they value and how they see the modern business atmosphere.
With almost 8,000 of them surveyed across 29 countries, there were some real correlations that business owners can look out for when recruiting for the future.
The first, and perhaps most telling, is that the vast majority of millennials believe current businesses are too concerned with their own agendas and should instead refocus on helping to improve society as a whole.
Three-quarters of all millennial respondents thought this, and societal matters – from affordable health care to charity participation – are likely to become of greater concern as this new generation takes the mantle.
In fact, millennials agreed that business in general needs "a reset" to have a wider, more positive impact, Deloitte explained.
They want to grow within the company
In many ways, millennials have a bad reputation among employers for what is seen as a job-hopper status. It is widely believed that the younger generation flit between jobs instead of settling to develop within a company.
Deloitte found that this was largely untrue. Millennials on the whole want to stay at the same company, as long as that means meeting their own objectives. More than half of respondents (53 per cent) even said they would like to work towards a becoming the leader or most-senior executive with their current employer.
Combine this with the 32 per cent who said they consider employee growth and development a particular area for priority and (contrary to popular belief) we could have a generation that can be retained and brought through the ranks quite easily.
They have health on the mind
Millennials might be one of the most health-conscious generations we've ever seen. We only have to look at the number of health and lifestyle resources out there – from magazines to wearable diet apps – to really get a perception of this.
Particularly in Australia, a country with a two-tier health system, the level of medical care a person can afford is something that rests particularly heavily on their minds. Employers can help in this way to engage with them in a new way.
Deloitte found that employee wellbeing was the most important priority area among the largest portion of the survey's respondents, with 37 per cent of all millennials putting this at the top of the pile.
Employers with a good corporate health plan can use this sentiment to attract the right talent, and keep employees in the workplace for the long term.
If you're planning to use an affordable corporate health plan to improve your employee relations, give HICA a call on 1300 44 22 01 to make it an easy and worthwhile transition.