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Employee benefits more important to the younger workforce


According to recent research conducted at a leader insurance agency in the United States, roughly 50 percent of Generation X and Y employees at U.S. small businesses are interested in benefits packages that allow them to ensure financial security in the future.

Younger employees are even more willing to pay more for benefits packages than losing them completely. Fifty-six percent of respondents from Gen X and Y said they would be interested in a cost increase for their benefits packages before running the risk of not having access to any packages. 

"Our study underscores that generational differences about benefits needs and preferences are not just reflections of age," said Anthony Nugent, executive vice president of the voluntary & worksite sales group at an insurance firm. "Younger workers, particularly those in many smaller organizations that were hit very hard by the recession, and who are unsure about the future of Social Security, have a different benefits perspective than older generations."

Younger employees have differing views about benefits packages than their older predecessors. Firms that decide to completely get rid of their benefits should be ready to fight back against potential litigation with small business insurance policies.

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