Attracting millennials with employee benefits
Thailand is a country that is constantly changing on almost all fronts. When it comes to the workforce in the country, it is millennials who are starting to take ever more important roles. If you are looking to ensure your company remains successful now and well into the future, it would be a good idea to attract and retain the best millennial talent out there. One way to do this is by ensuring you are offering an employee benefits package that younger workers actually want. The question is, what works when you are looking at attracting millennials with employee benefits?
Demographics in the Thai workplace
According to the population pyramids available from the UN, millennials (those born between 1980 and 2000) easily make up the largest percentage of the population worldwide. In fact, it is estimated that millennials make up close to 40% of the global population. Here in Thailand, that number is a little lower with the Bangkok Post reporting that millennials make up around 32% of the population of Thailand.
In Thailand, as in the rest of the world, much has been said about millennials and their characteristics. Most experts tend to agree that young people in Thailand have experienced a massive amount of change in their lives, especially those born in the 1980s and early 1990s. These changes have had a strong influence on the characteristics of millennials in Thailand.
One of the best studies on the characteristics of millennials in Thailand is the Siam Commercial Bank (SCB) Economic Intelligence Center’s Insight report titled Capturing Thai Gen Y consumers. This report found that the country’s millennials are generally:
- Driven by information
- Financially literate
What employee benefits do millennials want?
In Thailand, it appears that millennials are moving jobs at a much higher rate than their elders. For example, the SCB EIC report linked above found that more than half of older millennials were already on their second and third job. Compare this to baby boomers where 35% of them were still with their first job.
When asked why millennials leave their jobs, the top three reasons cited were:
- Poor work life balance – 53%
- Unsatisfactory compensation – 51%
- Wanted to start their own business – 24%
In many cases, you can bet that pay is not the only aspect that makes up unsatisfactory compensation; benefits can certainly be included there as well. By knowing more about the millennials in a country, and their general preferences/characteristics, you can leverage this information to create a more attractive employee benefits programs.
As mentioned above, millennials in Thailand are selective yet social. They will use the internet to research almost everything, from potential purchases to companies and benefits, and talk with friends/social circles about the compensation and benefits at their companies.
Due to their financial literacy, we are seeing many younger Thais looking to get more value out of their benefits. Simply having a health insurance plan with basic coverage will no longer be enough; you are going to need to offer extra benefits such as health plans, checkups, screenings, etc. Basically, if it gives a perceived value then it will likely be utilized and favored by the younger workers.
Tailoring a plan to attract millennials with employee benefits
While every benefits plan will be different, there are a number of key things to keep in mind when developing a plan to attract millennials with employee benefits:
- Provide digital documentation – It’s hard not to see a millennial on their phone these days. If they have questions or uncertainties about your plans or benefits, it is highly likely that the first place they will turn to for information is the internet. It would, therefore, be a good idea to have in-depth documentation available online e.g., your company’s intranet.
- Leverage technology where possible – Utilizing well-designed platforms like HR portals, integrated insurance platforms, apps, etc. can go a long way in not only encouraging use but also ensuring your millennial employees view the plan as beneficial.
- Take the time to explain how your employee benefits program works – Remember that many millennials, especially the younger ones, might never have had to use health insurance before. By having a senior staff member available to explain how the benefits work and to answer questions, you can help create better buy-in and utilization.
- Implement preventative coverage elements – Many millennials in Thailand are likely not overly concerned about their health. This means that they might not be taking the best care of themselves. Try including preventative health benefits that can provide some sort of reward with your plan. For example, gamification of benefits has proven to be incredibly popular among younger generations.
- Make any benefit convenient or easy to use – Millennials the world over, including in Thailand, are demanding things that are increasingly convenient and easy to use. Keep this in mind when it comes to your benefits. Try looking for health coverage with wide networks or direct billing. When it comes to other benefits, make sure they are as easy to use as possible.
- Make your benefits program adaptable or customizable – Companies in Thailand have found that one of the best ways to attract and retain talent is to have a variety of benefits available. Some are provided to all employees (e.g. health insurance and wellness programs) while others are available as additional coverage (e.g. increased dental coverage, extra days off, tuition payments, etc). Employees who reach milestones can pick one or a number of benefits from the list to form their own benefits program.
Need help attracting millennials with employee benefits?
If you have questions about developing an employee benefits plan in Thailand, the experts at Pacific Prime can help. With a team of dedicated employee benefits advisors, we can help your company identify the best solution for your needs and can even help manage it.
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