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Employers are not only worried about young workers job hopping, but they also need to help take care of their finances, according to a new study.
Studies have showed that employers can expect that only about a third of the Millennial employees they have now will still be in their organisations by 2020. Besides being less loyal then other generations, they also have high expectation for employers.
MetLife’s 2016 Employee Benefit Trends Study found up to 75% of Millennial workers say their employers have a responsibility for the financial well-being of their employees, higher than the average of 62% among all workers.
Overall, workers are also more reliant on employers for help in achieving financial security through employee benefits, as only 49% thought so in 2011.
Moreover, 44% of Millennials said their employers ought to help them solve their financial concerns, while just 20% of Baby Boomers felt that way.
However, many younger employees are confused about which employee benefits can help them reach financial security.
The study shows that 48% of Millennials don’t understand life insurance and 62% had no clue about long-term disability insurance, both falling behind in Baby Boomers’ understanding of benefits.
The value of voluntary benefits is also a cause of confusion for most employees. Just 47% of workers agree that non-medical benefits can help them limit their out-of-pocket medical expenses.
“For employers, this is an opportunity to evolve into a more consultative role and provide meaningful education and training for employees, while also engendering loyalty,” said Todd Katz, executive vice president, group voluntary & worksite benefits, at MetLife in a statement.
This is especially important for Millennials who compared to their older counterparts, feel the least confident in their benefits decisions.
To address this, the study found that strong communication is a key driver of employee confidence during benefits selection, with one-on-one consultation being the most effective resource.
“Despite popular perception that younger adults prefer technology over one-on-one interaction, the study found that 68% of Millennials value one-on-one consultations with a non-sales benefits expert, compared to 62% of Gen X and 57% of Boomers,” said Katz.
“If employees fully understand their benefits options, they’ll make better purchasing decisions and in turn, decrease their financial stress,” Katz added.
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