It isn’t completely possible to pin down the preferences of an entire generation — but there’s plenty of useful data identifying general trends when it comes to millennials. That information is valuable, because this generation is becoming a driving force in the global economy: by 2025, millennials will make up as much as 75% of the workforce.
One notable trend: millennials are generally agile and willing to move to new jobs if they find something better (research from recruiting firm LaSalle Network determined that three in four millennials are open to changing jobs). For many, “something better” often comes down to benefits — the same LaSalle research also showed that one of the top three reasons millenials cite for considering a departure from their current company is a dissatisfaction with benefits.
That’s all to say: millennials are a crucial demographic in your workforce, and benefits are important to them. So it’s worth making the effort to get benefits right.
Fertility in the future
As millennials — now aged 23 to 38 — start or think about starting their families, more companies are turning their attention to benefits that support that journey. And with expanded awareness around technologies like egg and sperm freezing, employees are taking notice of the companies adding it to their benefits packages. These companies are tapping into a growing need for millennials, giving them an advantage over those without it.
A survey from the Reproductive Medicine Associates of New Jersey found that more than two-thirds (68%) of respondents were willing to change jobs to gain fertility benefits. For those who have already experienced fertility issues, the number was even higher: 90% were willing to change jobs for better fertility benefits.
A holistic benefits plan
In addition to fertility care, millennials are paying close attention to the full benefits package their employers are offering, and they’re taking note of other, more holistic programs.
Student loan repayments, for example, are increasingly attractive due to the high cost of U.S. education. Millennials also appreciate having the freedom to manage their own time: more flexible hours, more vacation, and work from home options are some of the most desired benefits today. Benefits for dependents are also valued, as evidenced by the 26% of Care.com respondents who said they’ve changed jobs for better family benefits. Most importantly, which should come as no surprise, are health benefits: over a third of millennials surveyed in a report from Fit Small Business said that this was their number one desired benefit in a new job. Specifically, though, millennials want health plans with low out-of-pocket costs and monthly premiums.
Providing comprehensive benefits packages can help your company stand out in a competitive hiring market, and as millennials pursue parenthood, fertility benefits will be an increasingly important component.
If you’re interested in learning more about Carrot and how we can create a customized fertility benefits plan for your organization, let us know.