How Millennials Reshape Our Workplace and Benefit Programs
Millennials are those of us between the ages of 16 to 36 (b. 1980-2000). They are projected to be over 40% of working-aged Canadians by 2020, and some already hold managerial titles and make administrative decisions in Canadian business life.
Millennials witnessed the 2008 Economic Recession as young adults; some of them lost their jobs in their early careers, and some saw their friends and family members losing their jobs. Technology is part of their identity and they are highly sensitive about community causes. As their numbers get bigger in the work force, they are changing the way we communicate and do business.
According to a 2016 Gallup ‘How Millennials Want to Work and Live Survey, when it comes to perception of work there are distinct differences between older generations and Millennials.
Although Millennials are different than other generations, it seems like for all generations the most important priority is still a decent paycheck. Millennials want to be paid well for the work they do and to be able to lead the kind of life they want outside of the workplace. Studies show that they won’t stay in a job that does not motivate and engage them if a better one comes along.
According to a 2016 Gallup survey, results showed that Millennials are looking for something simple in the workplace. The work should be able to support them with:
- Different company management style (e.g., worklife balance, open communication and flexible work environment),
- Training based on interests and values
- Purposeful life and active community life
- Wellness programs to have high levels of well-being (physical, psychological and financial health)
- Flexible, personalized and creative benefits.
“Millennials won’t
stay in a job that does
not motivate and
engage them if a better
one comes along”
While Millennials are being demanding about their work environments, they value comprehensive benefit packages more than other generations. They know that they have to deal issues like obesity and diabetes and they are also affected by stress related issues like depression and anxiety.
As a result, they prefer wellness programs which can accept them as a holistic individual and help them to clean and heal their body and mind.
In today`s world, depression and anxiety are two the biggest issues that Millennials are dealing with. According to Ipsos survey, 53% of Canada’s young adults are at risk of grappling with depression and other mental well-being concerns. According Global News, the 2015 Sun Life Canadian Health Index, 31% of millennials reported having either experienced, or currently experiencing, a mental health issue such as depression, anxiety and substance misuse. This is compared to the national average of 20% (1 in 5) from all survey respondents and Millennials have the highest rates of being at risk compared to Gen Xers (b. 1965-1979) and Baby Boomers(b. 1946- 1964).
When we look at the reasons why Millennials are experiencing depression and anxiety, we can see issues like family and community problems, addictions and health problems. According to studies, they need a sense of meaningfulness in their life to avoid feeling bleak about their future.
“Millennials value
comprehensive benefit
packages which accept
them as a holistic
individual more than
other generations “
Another significant issue is that Millennials are dealing with obesity and diabetes. There is a general societal misconception that millennials are much more sophisticated about their food choices, that they have healthier eating habits and exercise more. Unfortunately, according to Government of Alberta`s survey, 51% Canadian Millennials are overweight or obese. Only 21% say “I actively seek out information on nutrition and healthy eating”. Why the number is that high? Perhaps because they are content to eat fewer meals, rely on restaurants, and eat an excess of highcalorie, fatty and sugary foods. Maybe they are avoiding healthy traditional foods because convenience drives their eating habits. Food portability is the key factor for them.
Studies show that this generation values wellness plans that help them achieve their self- improvement goals (physically, psychologically and financially). There are universal similarities across generations in terms of life goals, however Millennials are not likely to use fixed company health plans because their perception and current needs are different than other generations. They would like to be accepted as a holistic individual rather than a company employee and would like to have wellness programs which can provide them with plans to heal and nourish their body and soul. They are looking for benefits like alternative medicine, sweat lodges, traditional healing, counselling, support groups and culture-driven team activities.
“Millennials
are looking for
wellness plans
to achieve their
self- improvement
goals“
The bottom line is that a deep knowledge of traditions can still provide unique resources for solving these issues if the values are embraced by individuals and communities, and recognized by the larger society. There is evidence that a non- aterialistic orientation contributes to psychological well-being for Aboriginal Millennials. Traditional diets and physical activities can help them prevent and overcome obesity and diabetes. These young and smart people would like to have wellness focused benefit plans which can be tailored based on their changing needs. Wouldn’t it be nice to have a benefit plan geared to your needs? Millennials think so!
Allow a holistic approach to transform your organization and create a thriving company culture. Contact our experienced and knowledgeable advisors to help your organization to establish a balance between personalization, authenticity and collectivity.