The Hartford, on September 25, released its third in a series of four reports this year providing insights on various trends in the workplace. Best-selling author and marketing consultant Lindsey Pollak shares her expertise on the Millennial generation and what both employees and employers can anticipate going forward. The first two reports, published in April and June, covered topics ranging from social media trends in hiring to how extreme weather can effect business operations. The latest report focuses on four new areas which both businesses and their employees maximize success, while balancing work and life issues.
Healthy Team Is A Productive One
Employers know that a healthy workforce not only means fewer absences, it also lowers costs when it comes to medical insurance premiums. That is why nearly 90 percent of employers across the country now offer some sort of incentives to employees to keep themselves healthy, according to the report. Whether it is free gym memberships or incentives to quit smoking, employers are taking a pro-active approach. Individuals managers are even encouraged to offer intra-departmental incentives beyond what the company offers for the betterment of their own team.
The average college graduate leaves with nearly $27,000 in student loan debt, and 10 percent leave with debt exceeding $40,000, according to the Institute of College Access And Success. Pollak cites a Fidelity report putting the average debt at $35,000. Students and parents are now beginning to question whether or not college is actually worth it. An increasing number of Millennials are opting to purchase their own TheHartford.com general liability insurance to start their own businesses. Others are opting for online universities in lieu of the more expensive four-year brick-and-mortar colleges.
Pollak speculates that this could eventually lead to lower tuition costs to attract more students. Employers, instead of basing a hiring decision solely on a degree, should consider a prospect’s experience and overall skill set so they don’t miss out on an otherwise great fit for the company.
Disability and Life Insurance
Generation Y is different from others because 40 percent were raised by single parents, and 46 percent of working adult women today have Gen-Y children that rely solely on them for money. This is why disability insurance is so important for families. Pollak recommends the mothers of Gen-Y workers and young people planning on starting families inquire with their employers about disability and supplemental life insurance to protect their loved ones. Human resources personnel are encouraged to hold annual briefings about options the company offers and how employees can benefit.
The World In Front Of Screens
A company’s appearance to the outside world is now dictated by its online presence. Though four years of college may not be the best option for some, a graphic design course or two will give you an advantage over others within the company. Companies are encouraged to be more visually-based by creating online training and other videos to communicate with employees. Employees are encouraged to display their skills and talents via Powerpoint presentations posted to their LinkedIn and other social media outlets.
The fourth and final report in this series will be released in December.
Copyright TIGERS Success Series, Inc. by Audrey Moore
About Audrey Moore
Audrey is a Brandeis grad who’s worked in human resources for 15 years.
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