In June 2023, LIMRA-EY research confirmed what many insurers and employee benefit providers have suspected – that, growth can be achieved by taking a strategic, holistic approach to meeting all of the physical, mental, financial, professional, and societal needs of their multi-generational workforce. In addition to adopting whole person wellness strategies, the research revealed valuable information.
New Findings
The LIMRA-EY study found that:
- Today’s workforce is heterogeneous, fluid, virtualized, and poised to continue growing in this direction. The research projected that, within ten years, Generation Z and millennials will represent the largest majority in the workforce with the retirement of Baby Boomers and aging of Generation X.
- Fifty percent of Generation Z and millennials are seeking freelance or gig work.
- Attracting and retaining qualified employees will require meeting the growing and unique needs of each generation with 60% of employers noting that they believe their employees will expect a broader variety of benefits in the future.
- A “holistic revolution” is underway with employers realizing their employees’ desire for holistic wellness reflected through benefit offerings across key areas of:
- Physical – Health insurance, dental insurance, gym membership, etc., to support their health and fitness;
- Mental – Mental health benefits, Employee Assistance Program (EAP), mental health apps such as meditation apps, to address their mental health needs;
- Financial – Life insurance, disability insurance, supplemental health insurance, retirement savings, student loan assistance, to enable employees to achieve greater financial security;
- Professional – Career development support in terms of training, mentoring, tuition assistance, etc., to support career advancement; and
- Societal – Opportunities to volunteer, matching of donations, and charitable giving activities, to support their interest in community service.
- Meeting generational preferences for engagement and maximizing benefits ROI will require digitalization as evidenced by the finding that 90% of employees indicate that they value personalized, digital experiences when shopping for benefits.
For employers, insurance carriers and employee benefit providers alike, keeping these new strategies in mind and committing to supporting the holistic needs of employees is the way to increased opportunities and growth.