Sponsored by Northern Illinois Health Plan |
January/February 2008 Issue |
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E to E provides information from a business perspective that will educate regional employers about significant healthcare issues to help them make decisions benefiting their organizations and employees. | ||
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ContentsJunior Needs a Job…With Health Benefits January/February Quick Poll – Vote |
Junior Needs a Job…With Health BenefitsIn the October issue of E to E we talked about health plan considerations for Baby Boomers. If you thought their wants and needs were complex, consider the other end of the demographic spectrum: college grads and "twenty somethings." Although conventional wisdom may imply the "young guns" are more interested in a hefty base salary than a dental plan, this assumption just doesn't pass muster — at least not across the board. While some focus exclusively on procuring prodigious paychecks, many new grads and young adults strongly consider medical benefits as they evaluate potential jobs. Their expectations vary widely depending on the type of job they are seeking, the level of education they have completed, and the type of household in which they have grown up. Expectations vary widely For example, well-educated applicants who are committed to a cause may be drawn to a business that can’t offer a lofty salary (think non-profits), but can instead provide appealing fringe benefits. Candidates with specialized degrees can be more demanding, and companies should anticipate offering them more comprehensive packages than the average grad necessitates. And, a small but steady wave of new grads is making healthcare plans paramount, focusing far more on benefits than finding a dream job. They shun their hard-earned degrees to accept lower-level gigs at companies like Whole Foods, where good benefits packages are seen as worthy of a career detour. In addition to education and career goals, family influence plays a role in how the younger set views healthcare plans. Some experts surmise this is especially true in settings where baby boomer parents talk about benefits a great deal at home. Financial coaching and workshops at enrollment time may be especially appealing to prospective employees from this group. Health savings accounts (HSAs) are also a sound strategy, since they commonly attract younger and healthier workers. Certainly, recent graduates and twenty-somethings are difficult to pigeon hole. Just like most demographic groups, their beliefs, attitudes and expectations differ dramatically. But their need for insurance is clear — in the first half of 2006, nearly 35 percent of 19- to 24-year-olds were without health insurance, according to a June 2007 report from the Agency for Healthcare Research and Quality. To help fill the void, some parents are buying their offspring health insurance for a graduation gift instead of a flashy car or special trip. Your recruitment strategies and healthcare plans play a critical role in bringing your business the right employees, no matter what their age. Consider this: In a recent survey from the Center for State & Local Government Excellence, 84% of 1,200 U.S. adults age 18 and older said health insurance is the single most important factor in choosing a job. (Source: HR News, January 2008) A Quick Review of Last Issue's "Quick Poll"In the October 2007 issue of E to E we asked readers, "What percentage of your workforce falls under the 'Baby Boomers' demographic?" Based on your responses, this age group constitutes a sizable portion of your collective staffs…and certainly warrants consideration as you evaluate your benefits packages. Specific survey results are noted in the chart, below.
January/February Quick Poll – Vote
Further Reading
Assurant Health, April 12, 2007.
Black College Wire, November 29, 2007.
Employee Benefit News, August 1, 2007.
FastWeb, 2008. For more information contact us at:
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