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Benefits for Millenials
The June 1, 2014 issue of Benefits Canada has an intriguing column written by Kelly Allder
about the rules of engagement for Millenials and asks the question: “What makes millennials tick, and how can you motivate them?
With more than nine million Millennials in Canada looking for career opportunities, companies across the country have a great talent pool to choose from. So, as an employer, how can you meaningfully connect with gen Y employees and motivate them to do their best?”
From an employee benefits perspective, Millennials present challenges as well. Employers seeking to design a benefits plan that fits Millennials and boomers find themselves stuck. How does one provide benefits that appeal to those whose health care and pension wants are low, compared to the high healthcare and pension wants of the boomer? Simple. Health Spending Accounts and Flexible Pension Accounts. Health Spending Accounts permit employers to allocate a fixed annual non-taxable dollar amount to employees. Employees can then choose how to spend these dollars as they wish. A wide range of health and dental expenses may be expensed through this account. The Millennial may not need prescription drugs, but welcomes the opportunity for items like massage therapy, acupuncture, or prescription glasses with designer frames. The boomer has any number of items that are covered by the Health Spending Account. The Flexible Pension Account permits employees to contribute to a pension on a voluntary basis. It may not resonate with Millennials but older employees and boomers are typically concerned about retirement and wish to start contributing to their pension through an employer-sponsored pension or RSP plan.
Employers who design their benefit plans with diverse age groups in mind will promote greater appreciation and engagement from staff.
For questions about your benefit options please call or email CG Hylton Inc. today at 1-800-449-5866 or info@hylton.ca.
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