The times they are a-changing, for sure.
Much has been written about the challenges facing the millennial generation as its members begin to take greater hold of the economy and the workforce. The millennial worker is someone who has grown up with access to a world of information through digital resources that a person from previous generations simply did not have. As this millennial generation increasingly populates the world of workers and business leaders, they are bringing about a changing view of what constitutes effective rewards and incentives for employment performance.
A recent article, published by Benefits Canada, outlines some positive statistical analysis of the millennial approach to indirect reward plans.
Click here to read the article.
Previous generations of managers commonly held back group health and dental benefits until employees asked for them. It is apparent that upcoming business leaders recognize the reward potential of offering wellness initiatives from the very beginning of the employment relationship. In order to have a healthy, engaged and constructive workforce, millennials prefer to have a pro-active influence in an employee’s social and physical well-being.
Further, supporting employees on a pro-active wellness path is more affordable at the beginning of a business venture, rather than incurring escalating premiums for an unhealthy workforce later on. It is evident that access to digital resources, such as the statistical evidence provided in this article, has had a great impact on the way benefits are provided. It is also evident that the Human Resources professional has helped to shape this changing workforce view in a positive way. And, as noted in the article, millennial business owners appreciate the value of the Human Resources professional in helping to advise, shape and shift the modern workplace in a constructive way.
Discussion Questions:
- What are the top five HR compensation ‘must-haves’ you would advise a small business owner to put into place from the start?
- Why do you think flexible benefit plans, as outlined in this article, are attractive to the millennial workforce?
- After a year of working in your chosen profession, if you had a choice between a moderate pay increase or full access to an employer paid benefits plan – which would you select? Why?