Demystifying Millennials: What Millennials Really Want

3 tips to meet wellbeing expectations

As the largest generation to ever exist in the U.S., millennials are reshaping our economy and how we spend money. Seeing themselves as ambassadors of their own brand, their experiences, demands and desires are impacting the way we buy, sell and invent. 

When it comes to health, millennials are playing a key role in forging the way for a broader, consumer-focused definition. Being healthy to them is about more than not being sick. It is an ongoing commitment to their lifestyle – taking care of their body, being mindful and financially stable. As a result, robust wellbeing offerings are a key component of benefit packages that today’s organizations are touting to recruit and retain millennials. 

Unfortunately, gaps persist between what’s being offered and what millennials are using. To have happier, healthier—and for millennials in particular—more loyal employees, companies must bridge this gap by giving millennials the type of wellbeing support they are looking for.    

Welltok recently surveyed more than 1,000 full-time workers about what they want and expect from companies when it comes to wellbeing resources. The results revealed three things employers can do to increase millennial wellbeing engagement: 
 

1. Make it about “me” – It’s not enough to offer general programs for this “Me Generation.” More than 60% of millennials feel that everyone is offered the same resources, and 62% agree to some extent that they have been offered irrelevant resources. But on a positive note, millennials are eager to engage: 85% said they would participate more in company programs if they received more relevant support. 
 

 

Companies can win millennials over by giving them relevant content, much like they have grown accustomed to thanks to the likes of Amazon and Nordstrom. Use consumer data, including social determinants of health (education, where they live, etc.), to gain deeper insights about them as individuals. This also includes understanding aspects of their life like their financial stability and family/relationship status, and other factors that impact health. Leveraging all types of data (healthcare and non-healthcare) and applying advanced analytics and machine learning will better predict which programs employers should deliver, and ultimately how to drive targeted actions. This creates the personalized experience millennials crave and is proven to increase engagement rates. By taking a data-driven personalized approach, a Fortune 500 company experienced a 92% program participation rate, and a Fortune 100 tech giant with a large millennial population saw a 390% increase in program utilization. 
 

 

2. Get creative with rewards and incentives: As frequent social media users, millennials are swift to provide likes as they passively scroll through newsfeeds. But getting them to actively participate in their health is quite different. To truly influence millennial wellbeing and get them to participate in programs, start by understanding their unique goals, delivering relevant programming and motivating them to take action and get rewarded. 
 

 

There is no doubt that cash rewards deliver results. A large employer in Colorado experienced a 650% increase in health risk assessment completion with an incentive. However, not all actions require cash rewards to drive participation. Millennials are interested in a wide-range of incentives. More than half said they’d be motivated by extra vacation time (64%), wellness benefits (56%) and flexible work schedules (53%). Less attractive incentives included donations to a charity of choice, commuter benefits, lunch with company leadership and volunteer time. 
 

 

3. Retain the “Job Hopper” generation with stress support: More than 40% of millennials say that work stress is negatively impacting their life. Furthermore, over half have seriously considered changing their work situation due to stress, which is higher than in other generations. 

 

With the large majority (73%) of millennials believing employers should be responsible for helping their employees manage/reduce workplace stress, this isn’t an issue that employers can afford to ignore. 
 

Stress has many sources, so helping employees manage it requires the support of total wellbeing, including not just physical but also emotional, social and financial health. Companies can leverage existing resources, like their employee assistance program (EAP), or integrate resilience training programs like MeQuilibrium to create a more productive and resilient employee base. 

Employers must start meeting the expectations of their younger workers when it comes to developing an effective and attractive wellbeing strategy or risk losing talent. Meeting their needs will also benefit the workforce as a whole, as baby boomers and Gen Xers are also expressing similar desires. And, with more present and loyal employees, companies will see an improved bottom line and lower healthcare costs.