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Many millennials were crippled financially by the Great Recession and are still trying to recover. They tend to job-hop, looking to move ahead in their career and pay down loans. Millennials often postpone starting families for various reasons, whether that be debt, the fact that they haven’t met their life partner or that they are not established enough in their careers to take on raising a child. Yet, many millennials worry about whether they will be able to start a family themselves when they choose. The oldest members of this demographic are now entering the years of declining fertility (35+).
Offering a generous and inclusive fertility or family-building benefit is crucial when it comes to attracting and retaining today’s young talent. The details of what is offered in the benefit, and how the benefit is managed, can have a significant impact on employee loyalty and productivity. In order for employers to ease the stress of millennials and increase their dedication as employees, family-building benefits need to focus on their priorities and tailored to help them live the life they want to live, recognizing that “traditional” families have changed. Here are three tips on designing a family-building benefit for younger generations.
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