How do millennials make benefits enrollment decisions?
What exactly do millennials want from their benefits? And how do they go about deciding which benefits to choose? The results of a new study may surprise you.
By Jennifer Beck |
Updated on May 31, 2018
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Millennials are a hot topic among employers, and for good reason — they’re the largest age group in today’s workforce. The oldest millennials are now in their mid-30s, working their way into management and leadership positions, while the youngest are graduating college and entering the workforce. For the next several decades, this generation’s habits, behaviors and expectations will influence how you recruit and retain the best employees.
A key aspect to employee recruitment and retention is the benefits package. So, what exactly do millennials want from their benefits? And how do they go about deciding which benefits to choose? In October 2017, ARAG® commissioned Russell Research to study millennials’ perceptions and buying habits when it comes to employer benefits. Researchers collected data from 1,000 online interviews with millennials and members of older generations. Additionally, researchers conducted 100 in-depth interviews with millennials to gain more detail and personal insights into their legal insurance purchasing behaviors. The results of the study may surprise you.
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