Last year, Millennials surpassed Baby Boomers as the largest generation in the workforce. There are 53 Millennial workers in the U.S., and their benefits needs and expectations are different than their parents’.
At Bernard Health, we’re particularly affected by this trend—not only do we have a benefits brokerage advising employers in Nashville and elsewhere, but the vast majority of our nearly 100 team members are proud members of the Millennial generation.
One example of how we’re affected relates to participation on our group health plan. At Bernard, almost 40 percent of our team waives our group health plan, as they are still covered under their parents’. We’ve found that it doesn’t matter how good your health plan is—if you’re hiring college graduates, many of them aren’t going to take your benefits, even if they’re better than their parents’ option.
We’re not the only ones facing this dynamic. Nashville is a key city for Millennial job growth, and with more companies like Warby Parker, Lyft and newcomer Houzz setting up shop in Middle Tennessee, the search for young talent will only become more competitive, here and in peer cities like Denver, Charlotte and Portland.
As this dynamic takes root, robust benefits packages will remain key differentiators among hot startups and Millennial-attracting businesses. But these younger employees are shaping a new benefits landscape, and if employers want to attract the best and brightest, benefits packages need to keep up.
Click here to read the full article in the Nashville Business Journal.