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CBIZ EMPLOYEE SERVICES ORGANIZATION
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Employee Ownership or stock purchase programs
32Programs to Consider Implementing with Millennial Employees after Further Education
Long and Short Term Disability – Although the EBRI survey concludes that Millennials have lower rates of disability
insurance uptake than other generations, a savvy employer can make the case why Millennials need this coverage
33
Voluntary Benefits – Accident, Critical Illness, Hospital Indemnity, etc.: As with disability, the key here is to emphasize
the potential cost savings when looking at the price of the insurance vs. the ultimate hit to the employee’s bottom line if
the worst were to happen. According to 2012 data, Millennials want benefits packages that maximize protection and
minimize uncertainty
. 34•
More Millennials and Gen Xers (54% and 53%) have delayed or avoided treatment for a medical problem due
to costs than Baby Boomers (37%) and seniors (18%)
35•
Particularly powerful when paired with educational materials and decision support, especially for older
Millennials who are parent
s 36Programs that Millennials Do Not Find Value In
Adoption assistance
37
Cyber security insuranc
e 38
Elder Care
39Things to Consider
Remember that all Millennials are not alike. Even though they are often talked about as a single, massive cohort, keep
in mind that the oldest Millennials are now in their mid-30s (the oldest Millennials by the earliest definition will be 37
this year, while the youngest are 19) and are more likely to be married and have children than their younger
counterparts, who are still entering the workforce as new college and high school graduates. These groups have
different lifestyles and therefore different benefit needs.
40Also keep in mind that by the definition that ends Millennial birth years at the latest date (2000), anyone graduating high school
after 2018 will no longer be a Millennial but will instead belong to the next generation – so the wave of new Millennials coming
into the
32
Purchasing Power
33
See
, e.g, Huddleston, Cameron. “Why Millennials Need to Worry About Disability and Social Security.”
GoBanking
.
34
Howe, Neil. “How the Millennial Generation is Transforming Employee Benefits.”
Benefits Quarterly
, second quarter 2014,
citing 2012 MetLife Survey
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PNC Healthcare Survey
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“Millennials, Voluntary Benefits and Family Matters: How to reach workers who may not be as young as you think they are.”
ThinkAdvisor
, April 12, 2017.
37
Purchasing Power
38
Id
.
39
Id.
40
MetLife
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