Understanding the Workforce Shift

With Millennials and Gen Z now comprising most of the workforce, businesses must rethink their approach to employee benefits.  These generations prioritize flexibility, mental health, financial wellness, and purpose-driven work environments over traditional perks.  In a competitive job market, offering the right benefits package can significantly impact talent attraction, retention, and engagement.

Millennials, born between 1981 and 1996, prioritize work-life balance, career growth, and financial stability.  Gen Z, born between 1997 and 2012, values flexibility, mental health support and diversity in the workplace.  While each generation has distinct preferences, both groups share an expectation that workplaces will offer benefits that support not just their professional development but also their personal well-being.

Work-life balance is particularly important to these employees.  Millennials appreciate flexible work schedules and remote work options, while Gen Z pushes for even greater workplace fluidity, preferring hybrid setups or fewer traditional work hours.  Career development is another significant factor.  Millennials look for tuition reimbursement and mentorship programs, while Gen z prefers digital learning opportunities, upskilling, and the ability to advance quickly through job-hopping.  Financial wellness plays a crucial role in their decision-making, with Millennials drawn to student loan assistance and 401(k) matching, whereas Gen Z favors instant payroll access and budgeting tools.  Health and well-being are also essential, as both groups demand comprehensive wellness programs, including therapy coverage and stress management apps.

To attract and retain these employees, organizations must rethink their benefits models and provide options that are personalized, flexible, and inclusive.

My Benefit Advisor (MBA) guides employers of all sizes through planning, communicating, and managing a successful employee benefits program. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.