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Using business health plans to retain Generation Y employees

13 September 2011 - 5:17pm

A study of workers in the United Kingdom has found that Generation Y employees are more likely to be thinking about leaving their jobs compared to their older peers.

46 per cent of employees under the age of 24 are seriously considering leaving their position.

An additional 46 per cent between the ages of 25 and 34 were looking to switch jobs as well.

The data comes from HR and financial services advisor Mercer, which believes that employers can address the issues of staff retention by: "Offering benefits to employees that meet their specific needs and are therefore appreciated and valued by the employees".

Companies should consider a range of benefits options for their staff and Mercer cites business health plans as a viable solution.

Many young employees in the workforce are new to the concept of private health care and may be less likely to take out a policy on their own.

Mercer believes that companies should take advantage of their ability to bulk-buy benefits in order to "provide significant discounted services or products to its employees".

By using their purchasing power to take out health care policies for their staff, companies may find it to be an economical way of improving employee retention rates.