Just like their forebears, millennials hope to be generously-compensated for their work. That means good pay and decent benefits.
A recent survey of 1,900 U.S. employees by Aflac finds that 72 percent of millennial employees say they're at least "somewhat" likely to opt for a job that offers better benefits and lower pay, a finding that may seem counter-intuitive, since young people are decades away from retirement and typically are not expecting major health expenses in the near-term.
While most employees entering the workforce probably have a sense of what kind of salary they expect for their labor, many don't know where to start when assessing the value of their benefits.
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The survey finds that over 70 percent of millennial workers say that reading over their benefits is "long, complicated or stressful."
More than a third say the thought of enrolling in a benefits plan made them anxious. Roughly the same percentage say they would give up internet for a day to avoid having to do it, which, either suggests that the great majority realize that enrollment isn't that hard after all or that they are hopelessly addicted to their screens.
Much of the stress young people encounter in signing up for benefits is due to a lack in the most basic information about insurance. More than half of millennials say that they don't know how a high-deductible health plan works, which is really too bad, since 60 percent admit that that is the type of policy they have currently.
As a result of the confusion, the average millennial respondent estimate they waste $750 by making bad decisions when choosing a health care plan.
The survey also seems to suggest that many millennials have low expectations when it comes to compensation. Only 60 percent of young workers surveyed say they expect their employer to provide them major medical coverage, while 65 percent say they expect an annual raise.
Affirming what similar surveys have found, the Aflac study reports that millennials appreciate all kinds of other perks on the job, such as free food at the office, but they do not consider them top priorities.
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