Time To Add A Millennial Or Gen Zers To Your Benefits Committee

As a result of their large number, Baby Boomers have dominated the business world for the last few decades. Although Gen Xers will increasingly fill positions of power, with their population 25% smaller than that of Boomers and Millennials, they will never have the same numbers as Boomers and Millennials.

As Boomers retire at a pace of 10,000 per day in the United States, benefits programs have quickly fallen behind in meeting the needs of newer generations.

Because most employers in the insurance industry offer them, traditional benefits such as 401k match and tuition reimbursement are little more than table stakes, rather than retention tools.

Tuition reimbursement is a great example; it made sense at a time when the majority of employees were without a college degree, and many used it to finish their degrees on a part-time basis while working full-time. Today, it’s nearly impossible to get a job with an insurance carrier without a college degree, even for a call center position.

While tuition reimbursement can still benefit those employees who obtain an MBA, Student Loan Aid would be more of a retention tool for Millennials, who already are the largest generation in the overall workforce.