Millennials make up more than a quarter of the country’s population and outnumber baby boomers by a staggering 8 million, according to the U.S. Census. Defined as anyone born between 1982 and 2000, millennials are approaching 37 years old and beginning to plan for and start their families—making them the most critical population for companies to consider when defining healthcare and benefits strategies.

What Millennials Want from Health Benefits

For many millennials, starting a family will be their first major experience in the healthcare system, and they expect it to mirror those they regularly have as a consumer. These preferences and experiences inform how they access and engage with healthcare—a significant departure from policies that cater to baby boomers, currently ages 54-72, and generation X, currently 38-53 years old.

Here are a few key findings that drive what we know millennials want from healthcare benefits:  

• Virtual appointments: 74% of millennials prefer to see a doctor virtually whenever possible. Driven by this mindset, 32% of millennials report that they have avoided traditional doctor’s office visits completely for the past year.
• Flexible, on-demand solutions: Convenience is key for millennials, with 22% saying that “being seen by a doctor in a timely manner” is a priority when it comes to accessing healthcare. In addition, millennials prefer urgent care and drop-in retail clinics, because they offer evening and weekend hours and shorter wait-times compared to traditional doctors’ offices.
• Transparent pricing: 34% of millennials say their number one priority when considering healthcare is “being able to afford the care I need”, making cost transparency a key driver to seeking care.
• No out-of-pocket expenses: 63% of millennials report that healthcare costs are a significant source of stress in their lives, largely due to unforeseen, out-of-pocket costs.  

“For many millennials, starting a family will be their first major experience in the healthcare system, and they expect it to mirror those they regularly have as a consumer.”

How Maven Helps Employers

Companies who are implementing innovative, holistic healthcare solutions that put these preferences first are setting a new standard in the war for millennial talent. Maven can help employers stand out with coordinated, end-to-end care that will engage millennials who are navigating a complex healthcare system for the very first time, while reducing claims and costs to employers.

Here’s how Maven’s comprehensive care delivery model serves millennial needs:

• 24/7 care concierge: Maven’s care coordinators provide referrals and 1:1 support.
• Over 1400 practitioners across 20+ specialties: Maven’s network includes doctors who specialize in OB-GYN and pediatrics, as well as areas that aren’t typically covered by traditional insurance including mental health, lactation, and return-to-work.
• Unlimited appointments: On-demand video chat and messaging with Maven’s network is available whenever they need it, day or night.
• Content and community: Members can explore reliable articles and webinars, participate in provider-moderated forums, and will receive personal guides like a 61-week guide to working parenthood.
• Lower costs, better outcomes: With Maven, millennials no longer have to rely on urgent care clinics, which often carry high costs for employers and out-of-pocket costs for employees.

The Bottom Line

While millennials’ values and habits when it comes to health and wellness differ from those of other generations, they care about the healthcare that they and their families receive. By offering digital and holistic solutions with no out-of-pocket expenses like Maven, companies can better support their millennial workforce, drive employee productivity, improve health outcomes, and gain a competitive edge in attracting and retaining diverse talent.

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Consider the statistic you may be well aware of by now: 43% of women with children leave careers or off-ramp for a period of time. Often, these women leave reluctantly, because staying in their jobs become challenging or even impossible. Of course, this outcome can be expensive for employers, as the cost of replacing an employee can be as much as 150% of her annual salary.

As more companies become aware of the challenges new parents face, many are starting to offer one-on-one coaching to help employees prepare for parental leave and navigate their transition when they return. It’s an investment that not only helps new parents immensely, but also provides numerous benefits to employers.

The Ins & Outs of Career Coaching for New Parents

By helping employees cope with issues that can drive new parents out the door, career coaches can help companies reduce turnover costs. The issues that lead new parents to quit their jobs are different for everyone, but the struggles include unreliable child care, unsupportive managers, health problems related to childbirth, separation anxiety and postpartum depression, just to name a few. Navigating these difficulties without support often makes off-ramping seem like the only viable option.

“The issues that lead new parents to quit their jobs are different for everyone, but the struggles include unreliable child care, unsupportive managers, health problems related to childbirth, separation anxiety and postpartum depression, just to name a few.”

On the other hand, when employees do feel supported, they are better equipped to navigate these hardships. At the same time, companies may get the benefit of increased employee productivity, lower rates of absenteeism, and a decrease in mental health-related expenses. Over time, they can also improve gender diversity among their workforce and ensure there’s greater parity at all levels of their business.

A Digital Solution

Since it can be difficult for time-strapped parents to attend in-person coaching sessions, digital solutions like the kind offered by Maven are critical. Career coaching via virtual appointments ensures that everyone who needs the support has convenient access to it.

Further, companies that arm parents with access to work coaches for one-on-one guidance recognize that the solutions parents need are not always universal. Every employee’s unique home circumstances and work situation will factor into the kind of advice and support a coach can offer.

Don’t Forget About Manager Training

As important as career coaching is, it’s only one piece of a holistic approach to creating a truly family-friendly work culture. Another key component is manager training that arms managers with the skills they need to effectively support moms and dads returning to work. Click here to learn about some of the maternal biases held by managers, and how manager training can help.

Bottom line: Investing in resources that soften the blow for new parents returning to work is a win-win for companies and employees. Click the request-a-demo button below to learn more about Maven and our comprehensive return-to-work support.

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Postpartum depression (PPD), or the onset of depressive symptoms that set in a few weeks to a year after giving birth, is estimated to affect up to 20% of new moms. Since postpartum depression can (and often does) strike after a woman in America has returned to work, there are many implications for mothers as well as the companies that employ them. Without social support in the workplace and access to adequate mental health services, women can’t get the help they need and businesses endure a greater financial hit. Here are a few of the ways untreated PPD can affect a company’s bottom line.

1. Untreated postpartum depression can drive up healthcare costs.
One study examining the link between postpartum depression and healthcare costs found that women incurred 90% higher health care expenditures than women who didn’t suffer from PPD. Among the findings that the study revealed: Depressed women were significantly more likely (18.2%) than non-depressed women (4.1%) to visit the emergency room. Another study from the University of Maryland found that postpartum depression corresponds to extra healthcare costs of around $700 within the first three months after a woman gives birth. Clearly, offering employees access to mental health services (to both prevent and address postpartum depression) can help reduce the substantial health care costs associated with PPD.

“Companies have the ability to address these costs in a number of key ways. For example, offering new moms back-to-work coaching as well as adopting policies that allow mothers to return to work at a gradual pace after maternity leave can help reduce some of the stress that makes them more vulnerable to mental health issues.”

2. Untreated postpartum depression can lead to decreased work performance.

According to the National Institute of Mental Health, the leading cause of absenteeism in the U.S. is depression. And absenteeism usually equates to decreased productivity that directly impacts a company’s finances. In fact, The Wilder Foundation estimates that postpartum depression costs employers $6,223 per woman in lost productivity if a mother’s depression goes untreated after her return to work. This lost productivity can be attributed to missing days of work as well as what experts called “presenteeism”: when employees show up for work, but don’t perform at their best due to mental or physical health issues. It’s worth noting that presenteeism can be even more expensive for companies, in part because it’s not always immediately noticeable.  

3. Untreated postpartum depression may cause women to leave their jobs.

When women with postpartum depression do not receive the support and flexibility they need from their employers during this challenging time in their lives, they often end up deciding to leave their jobs. In addition to being a disappointing outcome for the many women who want to stay in the workforce, this becomes extremely expensive for employers. A New Zealand company, Clear Communications, calculated that recruiting and training replacements for new mothers who quit after their maternity leave cost them an average of $75,000 (USD) per woman. Their estimate is in line with Ernst & Young’s claim that replacing a new mom costs them 150% of her salary, based on the median U.S. salary of $44,000.

The Bottom Line:

Companies have the ability to address these costs in a number of key ways. For example, offering new moms back-to-work coaching as well as adopting policies that allow mothers to return to work at a gradual pace after maternity leave can help reduce some of the stress that makes them more vulnerable to mental health issues. By providing preventative counseling and screenings for postpartum depression, companies can encourage women to get the help they need before their symptoms become overwhelming. And, since some studies suggest that social support is the most important criterion in recovering from postpartum depression, making counseling more accessible via telemedicine can also go a long way. Ultimately, companies will be rewarded with significant healthcare cost savings and a healthier, happier, and more productive workforce.

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