Millennials now represent the largest segment of the U.S. labor force, and they have strong feelings about the compensation and other benefits they expect their employers to offer.
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Nearly two-thirds (65%) of Millennials expect an annual raise, followed by 60% who expect to be offered major medical insurance coverage, according to the 2016 Aflac Open Enrollment Survey released by voluntary insurance provider Aflac.
The 2016 Aflac Open Enrollment Survey was conducted by Lightspeed GMI on behalf of Aflac among 1,900 U.S. adults employed either full- or part-time in June and July 2016.
Benefits matter to all workforce segments, but they’re especially important to keeping Millennials satisfied. How much do they matter? More than any other age group, 72% of surveyed Millennials said they are likely to take a job with lower pay but better benefits.
Additionally, surveyed Millennials who are extremely or very satisfied with their benefits reported also being satisfied with their jobs, compared to those who are not very or not at all satisfied with their benefits (89% v. 27%).
Beyond an annual raise and major medical insurance, additional top benefits choices for surveyed Millennials include:
- Flexible work schedule: 44%
- Regular access to professional training: 36%
- Ability to work from home: 27%
- An annual promotion: 31%
And although student debt is currently a hot topic, more Millennials reported expecting free food or snacks at work (23%) than student loan payment assistance from their employer (19%).
While the survey found that Millennials are clear about the benefits they want and expect, many are having difficulty managing the details. In fact, more than half of surveyed Millennials agreed that they do not understand how a high-deductible health plan really works, although 60% of surveyed Millennials are enrolled in these plans.