Enter the phrase, “Millennials are ruining …” into Google and allow the search engine to autofill an entry. What came up? Did, “Millennials are ruining the workplace” show up? There’s a reason why that particular search term is so popular. Millennials have a strong influence on the workplace.
Millennials Are the Majority of the Workforce
With Baby Boomers retired or soon retiring, Millennials now hold a majority in the workforce. This college-educated, tech-savvy generation came of age during the dot-com boom and are credited with founding such influential companies as Facebook, Airbnb, and Snapchat.
These 20- and 30-something year-olds crafted a culture in which our phones became the gateway into our lives and our lives became unimaginable without our phones. It is this generation that fights to keep the internet neutral and accessible. It is this generation that advocates for changes in our workplace.
The Times They Are A-Changin’
Millennials and Gen Xers are trying to reshape the unhealthy corporate practices that materialized during the 1980s: the “9-to-5 grind, eat at your desk, Reaganomics, focus on the shareholders, and abandon your family life to serve the almighty dollar mentality” popularized by icons such as Michael Milken, Donald Trump, and Gordon Gekko.
Today, organizations are adopting the practice of investing in people instead of focusing on stock prices.
A popular internet meme features Richard Branson saying, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” It is this mentality that is energizing Millennials to push for an improved work environment, and companies investing in their employee benefits programs are seeing improved productivity and better retention.
Better benefits and modern times fuel change in work culture. Flexible schedules, telecommuting, and a higher dependency on technology place workers in front of their devices the whole day. Use those devices to deliver benefits they want.
The Kind of Benefits Millennials Want
A recent report by Thomas Online Benefits found that over 80% of employees who have easy access to their benefits felt loyalty to their employer. Accessibility is essential. Millennials evolved with the technology they grew up with, and they grew up with a lot of technology.
According to Nielsen, 98% of Millennials own a smartphone, and they spend more time interacting with their phone than they do with actual human beings.
Having a benefit that is easily accessible and manageable through a smartphone is paramount to maintaining engagement with your employees.
Offer Benefits with a Mobile-First Mindset
Our annual report shows demand for student loan benefits is growing among Millennials. They reported they’re more likely to accept a job and stay with a company if they’re offered a financial wellness benefit such as student loan assistance.
How do you deliver benefits to a generation glued to their phones?
Build that benefit through a mobile responsive website and include a companion iOS and Android app, just like IonTuition did. Our comprehensive financial wellness benefit featuring student loan assistance is designed to recruit and retain modern workers.
Schedule a demo today to learn how IonTuition can help the people at your company.