HRO Today July/August 2017 - 61

Workforce Management
that benefits customization is more important than the
ability to work from home or remotely. In fact, 76 percent
of millennials reported that benefits customization is
important for increasing their loyalty, compared to twothirds
(67 percent) of baby boomers.
Customization for millennials is inherent: This generation
grew up making choices to meet their unique needs,
from choosing how their coffee is made, the songs on
their playlist or apps on their phone. The workplace
shouldn't be any different: Millennial workers want HR
professionals who recognize this, take action, and lead in
driving engagement and loyalty among their generation.
2. Give employees options. While benefits customization
is critical for retaining top talent, so is choice. The study
found that the 52 percent of respondents are willing to
bear more of the cost of their benefits in order to have a
broader array of offerings that suit their personal needs.
And the same percentage expressed interest in having
their employers provide a wider array of non-medical
benefits that they can choose to purchase and pay for on
their own.
The study also revealed the difference in benefits
preferences among different generations. When it came
to short-term disability insurance, for example, nearly
half of baby boomers said it was a must-have benefit
compared to just over a third of millennials. Similarly,
there was a 10-percentage point difference among the
two groups when it came to saying dental insurance was
a must-have benefit.
However, differences among generations are not the
only thing that HR professionals should consider. It's
important to take into account each employee's life
stage-whether they're just graduating college, buying
a home for the first time or reaching retirement-and
provide personalized benefits options to meet each need.
This approach can boost satisfaction and drive loyalty.
3. Prioritize holistic wellness. Organizations that provide
wellness programs to help employees reach health
and financial goals are increasing their chances of high
retention rates. In fact, 59 percent of employees said that
health and wellness benefits are important for increasing
loyalty, and 53 percent said the same about financial
planning programs.
However, organizations are not addressing this need.
Only 33 percent of organizations said they are very likely
to offer wellness benefits and just 18 percent currently
offer financial planning programs. But at the same
time, 36 percent of employers said wellness benefits
and financial planning programs are valuable to their
employees.
75%
of employees say that having
benefits customized to meet their
needs is important when considering
taking a new job.
4. Anticipate continued transformation. In addition
to the gig economy, more demographic changes are
on the horizon. According to the study, the majority
of employers believe trends such as the large aging
population (72 percent), continued growth in the number
of millennials in the workplace (67 percent), Generation Z
entering the workforce (61 percent) and the rise of single
women as a demographic (57 percent) will impact the
workplace in the next five years.
What does this all mean? The transformation of the
workplace has only just begun. To be successful in
engaging and retaining top talent in the years ahead,
organizations will have to adapt their benefits programs
to employees' unique needs as they evolve.
Randy Stram is senior vice president of group benefits for MetLife.
JULY/AUGUST 2017
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HRO Today July/August 2017

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