Millennials reject job offers with lackluster benefits

Source: Employee Benefit News
05/19/17

For employers looking to attract and retain young talent, listen up: Health insurance plays a major role in who will agree to work for a firm. According to a survey of American employees, one in three millennial workers has turned down a job offer due to insufficient or lackluster health insurance.
The survey sponsored by Anthem Life Insurance Company found that 27% of U.S. respondents in other age brackets responded that they too declined job offers due to insurance that didn’t impress them.
 
While basic insurance and dental coverage are regularly provided in employee insurance offerings, disability insurance appears to lag as a concern for employees. Of survey respondents who did not have disability insurance, 53% reported lacking coverage because either their employer did not offer it and 32% felt it was too expensive.
Anthem Life Insurance Company president Mike Wozny was not surprised that the survey indicated millennials were very motivated by benefits packages.
The survey reveals that “younger employees are paying attention and looking at the quality of the benefits package and not just, do I have a medical plan and is there a dental plan available for me?” he says.
 
As more millennials begin to get married, purchase homes and start families, they are slowly warming to the idea of disability coverage, Wozny says. He adds that he sees younger workers are looking beyond employee perks like taking their dog to work, massages at their desks and other concierge types of services to other employee benefits.