As the largest of all generations, Millennials’ purchasing power and influence continues to grow. Healthcare is no exception, especially when it comes to wellbeing and health trends. The new Millennials: Raising the Bar for Wellbeing report by Welltok, large employers’ principal partner for employee health and wellbeing activation, confirms that this generation is more likely to invest in their whole self and many feel that their employer is missing the mark. The report also reveals that more than half of Millennials are a flight risk due to work-related stress, 85% are more likely to participate in health programing if personalized and only one in five confidently know where to access available resources.
“Self and health are synonymous and non-negotiable for Millennials,” said Scott Rotermund, Welltok’s co-founder and chief growth officer. “Their health is an extension of who they are and transcends both work and personal life – taking care of their body, being mindful and financially stable. As a result, robust wellbeing offerings are a key component of benefit packages that today’s organizations are touting to recruit and retain Millennials.”
To get more insights on desired wellbeing support and expectations among this younger generation (ages 21-34) that is redefining the workforce, Welltok conducted a survey with market research firm Ipsos. The results are featured in the Millennial: Raising the Bar for Wellbeing report, which includes these key findings:
- Total Wellbeing is Non-Negotiable: Millennials have adopted a broad definition of health that includes physical, emotional, financial and social aspects. When asked to rank health and wellbeing priorities, these new workforce entrants placed a greater emphasis on positive relationships, manageable stress levels and finding a higher purpose compared to the workforce as a whole.
- Personalization is an Expectation: More than 60% of millennials feel that everyone is offered the same resources, and 62% agree to some extent that they have been offered irrelevant resources. If employers provided more relevant support, 85% said they would increase participation in health and wellbeing programs.
- Millennials are Non-Traditional: Monetary incentives have become the norm for large employers, but Millennials often place more value on the intangible. This younger generation would also be motivated to take health actions by extra vacation time (64%), wellness benefits like gym memberships (56%) and flexible work schedules (53%).
- Stress is a Major Factor: More than 40% of Millennials say that work stress is negatively impacting their life, and more than half have seriously considered changing their work situation due to stress. The large majority (73%) believe employers are responsible for helping manage or reduce workplace stress, which emphasizes the importance of a total wellbeing offering.
“It is crucial for employers to start meeting the expectations of their younger workers when it comes to developing an effective and attractive wellbeing strategy,” added Rotermund. “Millennials spoke loud and clear: they want and expect personalized support that addresses their individualized needs – a single destination that incorporates a breadth of resources to truly support their total health and wellbeing needs.”
Employers can achieve this by working with Welltok to organize all wellbeing and benefit resources into one, easy-to-use platform that leverages consumer data to drive action and reward Millennials as well as all employees and dependents for participation. Download the full report and learn more about Welltok’s Total Wellbeing Solution.
Date: August 20, 2019