Brands aim appeal to the Millennial employee pool with specific benefits
Trend - As Millennials grow older and more confident in their skills and work experience, they're becoming more valuable to brands. In order to better retain employees in this demographic, brands are offering benefits that are specific to their needs--including debt repayment and family planning.
Insight - Amidst the "Great Resignation," Millennials have been shown to be the most likely to quit their jobs. Dealing with economic disillusionment, burnout and uncertain futures, this generation has now spent enough time in the workforce to know whether or not employers are holding up their end of the bargain. The push for Millennial retention in the workforce is a response to their shift in attitudes about corporate work, as well as their increasingly valuable experience and skillsets.
Insight - Amidst the "Great Resignation," Millennials have been shown to be the most likely to quit their jobs. Dealing with economic disillusionment, burnout and uncertain futures, this generation has now spent enough time in the workforce to know whether or not employers are holding up their end of the bargain. The push for Millennial retention in the workforce is a response to their shift in attitudes about corporate work, as well as their increasingly valuable experience and skillsets.
Workshop Question - How could your brand better prioritize employee retention?
Trend Themes
1. Millennial Retention - Employers are offering benefits that are specific to Millennials' needs to better retain employees in this demographic amid the 'Great Resignation.'
2. Financial Wellness Platforms - Companies are partnering with financial wellness platforms to offer valuable resources and tools to their workers, contributing to a happier and more productive workplace.
3. Family-building Employee Benefits - Employers are implementing additional benefits for employees, allowing them access to new family-building opportunities including fertility treatment, surrogacy, and gender-affirming surgeries, to support workforce diversity and employee satisfaction.
Industry Implications
1. Corporate Insurance - Wellness offerings go beyond traditional health insurance benefits, creating space for accessible corporate fitness benefits and mental health benefit providers.
2. Banking - Banks are expanding their mental health benefits and services to support employees in the face of the growing dialogue around mental health.
3. Food Delivery and Restaurant Industry - Food delivery platforms, like DoorDash, have launched healthcare benefits to support restaurants and their staff, while also improving hiring and retention rates.
