Frederick Taylor’s theory of motivation states that people are motivated and driven by money. According to Taylor, the leading cause of employees working in an organization is that they want to improve their standards of living by earning a higher wage.
In addition, when employees are not satisfied with their living standards, they look for opportunities elsewhere.
There is some truth to this theory, but today, millennial groups want more than just a comfortable way of living. Employees today prioritize social interactions, emotional wellbeing, and the overall environment in a workplace.
According to Maslow’s hierarchy of needs, individuals are motivated not by money only, but by social and psychological wellbeing as well.
In a nutshell, the needs and requirements of millennial employees depends, and therefore, the chances of them selecting the same healthcare and benefits program is unreliable.
Healthcare is Essential
Unfortunately, many businesses believe that by offering “unique” benefits to millennial group of employees (such as ping pong, free snacks, table tennis etc.) they can draw them in.
However, the truth is, while these benefits are appealing, they are not essential in the long run. Therefore, while some may take them into consideration, others want that something that will be beneficial in the long run. This includes health insurance.
And instead of an offer for a “fits everyone” type of insurance, they want one that is customized to meet specific requirements.
For example: dental and vision insurance that is offered with a specific allowance per year.
Having a Choice Matters
While millennial groups may want healthcare benefits and other fringe benefits, they have a different perspective when it comes to employee benefits.
Young people nowadays want flexibility. They want more choices, and they want something that will benefit them in the long run.
HRA Matters to Millennial Employees
The Health Reimbursement Accounts helps not just millennial employees but others as well. This is important because employees do not need to pay for the taxes or for health insurance. They are able to reap the benefits of an insurance plan, without having to worry about reimbursement costs.
In retrospect, it’s essential to keep in mind the different requirements of different employees. It’s always recommended that you consult a professional to see what your options are, and how you can improve your relationship with your employees, while providing with everything they need.
At JS Benefits Group, our aim is to help businesses build a strong employee benefits program. If you are looking for an HR consultancy agency in Delaware, feel free to contact us at (877) 355 – 6070. You can also go through our employee benefits plans to learn more about how we can help.
