In today's workforce, have you wondered: How to attract young quality talent? To start off, you need to think like a millennial. "Baby boomers and millennials have very different philosophies." In the workforce, we find that the older generation put particular emphasis on traditional healthcare such as outpatient or hospitalisation benefits. Whereas for the millennials, the priorities are different. These younger demographics tend to prioritise more on preventive alternatives that improves on their overall health wellbeing.
In a recent survey done with HRs in Singapore, 75% of millennials voted Google or Facebook as their dream workplace. Apart from the unanimous view that the office space was cool, they cited key employee benefits such as, group meditation classes, flexible working hours, on site masseuse and free lunches as key reasons for their survey answer.
On top of this, we did an additional survey to 40 SME business owners, 50% of whom are millennials. We found that nearly half (45%) of millennials respondents offer wellness programs to employees compared to (22%) of business owners who are baby boomers. Millennial business owners are also more likely to offer flexible benefits (73% vs 20%), as well as group health & dental benefits (55% vs 40%).
So, if you are a business owner or HR hoping to attract and retain the next-generation millennials, it may be time to rethink your current employee benefits plan, or - if you don't have one - consider getting one before you spend additional time and money on expensive recruitment efforts. For the SMEs in Singapore, we understand that implementing Google like benefits is arduous administratively and costly.
At Mednefits, we believe that everyone deserves better benefits. That of course includes the SMEs and startups.