Hiring Millennials? Why changing workforce trends are driving adoption of benefits tech

Posted by Emily Kubis on Wed, May 30, 2018 @ 10:05

Half of employers plan to increase spending on benefits tech in the next three years

According to a new study from Guardian, employers are increasing their spending and adoption of benefits-related technology, largely driven by Millennials.

Guardian’s Workplace Benefits Study found most employers have increased their spending on benefits tech in the last five years, and half of employers surveyed plan to make further increases over the next three years.

These increases are driven largely by Millennials, who continue to comprise larger shares of the workforce. With unemployment low, employers are competing for Millennial talent and turning an eye to their recruitment, retention and engagement strategies.

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Tags: BerniePortal, millennials, benefits technology

Three workplace technologies Millennials expect

Posted by Emily Kubis on Mon, Feb 19, 2018 @ 08:02

Recruit and retain with tech

Millennials became the largest generation in the U.S. workforce in 2018, and this has changed the way employers use technology in the workplace as they try to attract and retain high-quality talent.

The need is there—only 40 percent of Generations X, Y and Z believe employers have adequate digital competencies, according to a study by Randstad Sourceright.

The study’s researchers suggested that companies “focused on creating a simplified experience for front-end customers” often neglect to do so for their own workforce. This can have a negative impact on recruitment, retention and productivity.

But implementing workforce technology, including training tech, collaboration tools, benefits tech and more, can help organizations improve these areas by creating a streamlined work experience for all generations.

Here are three of the tech tools Millennials expect in the workforce:

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Tags: health insurance small employers, millennials, employer digest, employee benefit adviser

What Millennials want from their health insurance

Posted by Emily Kubis on Fri, Sep 08, 2017 @ 10:09

How to remain competitive 

Millennials are the largest generation in the workforce, and with the economy reaching near full employment, employers are increasingly trying to recruit and retain Millennial talent.

With that in mind, it’s useful to consider what this generation is looking for in their workplaces, and in particular in their health insurance.

Don’t make the mistake of thinking that Millennials aren’t interested in your benefits offerings. According to a study conducted by Fit Small Business, 34 percent of Millennials cited the health plan as the most important workplace benefit.

Though some brand new graduates may be able to stay on their parent’s health plan for a few years, others will not have that option. And regardless, by 26, your Millennial employees will be looking for a health insurance plan of their own. Older Millennials will also be more likely to start families and experience more healthcare needs, like the other generations in your workforce.

That said, Millennials will have some different needs when it comes to health insurance. Here are three things they are looking for.

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Tags: employer health benefits, solutions for employers, millennials, employer digest

Millennials push employers to evolve benefits

Posted by Alex Tolbert on Mon, Jun 12, 2017 @ 09:06

Check out this column in the Nashville Business Journal

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.

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Tags: health insurance, employer health benefits, healthcare costs, millennials, Nashville Business Journal, employer digest

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