The Future of Work and Financial Wellness for Millennial Employees
Nov 30, 2018gig,millennial,financial wellnessSA-Articles
Millennials are set to change the future workplace as the largest generation in the U.S. labor pool.
Employers with a more appealing work environment may better attract and retain Millennials.
The future will most likely call for a new way to approach workplace benefits for this generation.
Millennials are now the largest generation in the U.S. labor force, and they are both reimagining work and experiencing anxiety about the future. Since attracting and retaining top talent is critical for employers, it’s imperative that they create an appealing work environment to attract and retain this increasingly important pool of talent.
To that end, Prudential commissioned Kantar Futures to conduct research aimed at getting a deeper understanding of Millennials’ views about work and career, health and wellness, personal finance, and technology over the next 40 years.
Among the findings:
72% are nervous that employers will stop providing healthcare and retirement benefits.
84% are nervous about the continually rising cost of education.
75% feel people will struggle with new digital tools and technologies in the workplace.
To help attract and retain Millennial employees, employers should consider:
Structuring benefits offerings to help employees customize coverage to suit their needs.
Expanding workplace offerings to include education planning, payroll deduction savings vehicles, or a student loan repayment benefit.
Providing technical training, tuition assistance, or learning opportunities to hone new skills.
Financial wellness is top of mind for many defined contribution plan sponsors who recognize that having participants who are financially secure benefits sponsors and participants alike. This paper highlights the relationship between plan wellness and retirement readiness and provides a framework to help sponsors and their advisors balance participant outcomes with cost efficiency.
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