Meet the Acclaris executives:
Millennials spent their formative years in a drastically different way than previous generations with technology and violence having had a profound impact on how they view the world. From social media to new iPhone versions, they expect quick, if not instant, gratification and can be relatively impatient as a result. Specifically, millennials differ from other generations in these key areas:
- They are financially challenged – More debt-burdened than any previous generation in U.S. history because of the high cost of higher education
- They are empowered – Their baby boomer parents and guidance counselors solicited their opinions, gave them a seat at the table and reinforced their value. In the workplace, they expect the same.
- They are efficient – The millennial perception of speed is in nanoseconds, and they are always looking for the next best thing, including promotions and more meaningful work.
- They are in search of meaning – They are more aware than other generations of their impact on the world around them and want to make a difference.
- They are diverse – Twenty percent speak a language other than English at home, and women are better represented in the workforce and in higher education.
While pay is still of the utmost importance to millennials, flexibility at work has never been as important to any other generation. From yoga classes at lunch to bringing a dog to work, 46 percent of millennials surveyed by Willis Towers Watson listed flexibility as more important than money.
To engage millennial employees, employers should engage them around their unique set of priorities and continue to reach out throughout their tenure when they will be making pivotal financial decisions.
That being said, employers need to engage them and reach out in the right way. More than any other generation, millennials are social. Arranging gatherings like happy hours where speakers address financial topics and attendees support one another, can work well to raise awareness of and engagement in employer programs.
Millennials also value technology and privacy. Offering telemedicine tools, wellness apps and online financial planning are a few of the ways to capitalize on that. Because of their sense of empowerment and desire to be heard, it is critical to give them tools where they can make choices about their benefits, like healthcare exchanges.
Other retention tactics include:
- Manage expectations
- Focus on results, not rules
- Understand WHY millennials want a voice
- Uncover how to bring meaning into the workplace
- Explore the connection between motivation and meaning
- Offer flexible/voluntary benefit packages
- Offer health and financial management help
Veteran healthcare financial services executive, Dean Mason, joined Acclaris in June 2013 to assume the newly created role of President.
Prior to joining Acclaris, Dean was CEO of HSA Bank, one of the largest and most respected health savings account (HSA) custodians in the country, managing nearly 600,000 accounts and $2 billion in assets. There, he guided an operational, financial and cultural transformation that greatly accelerated the company’s growth and added enormous value to the brand.
Dean has a Bachelor’s degree in Computer Science from Yale University, and holds a U.S. Patent for “Dynamic load balancing in a heterogeneous LAN environment.”
Subhadip is responsible for all technology development and deployment for Acclaris. He has been with Acclaris since its inception and he has deep insight into the interrelationship between technology and processes as a means to achieve greater efficiencies across the consumer-driven healthcare (CDH) landscape.
Prior to joining Acclaris, Subhadip was responsible for designing, architecting and building highly complex systems for several leading organizations. This includes ABR/Ceridian Benefit Services, where he led several complex R&D initiatives. He began his IT career with NIIT Technologies, a global IT and business process management services provider, spanning 14 countries across the world. His clients included IBM, along with the Governments of India and Thailand.
Seth Ravine has nearly 20 years of sales and sales management experience. Prior to joining Acclaris he was the Senior Vice President of Sales at Silverlink Communications, Inc., a company that works with the country’s top health plans and pharmacy benefit managers to deliver data-driven programs that educate and support healthcare consumers as they take on more personal responsibility in their health decisions.
In his role as Chief Revenue Officer, Seth is responsible for managing sales and revenue growth for Acclaris.
Seth holds a Bachelor of Science degree from the University Vermont.
(Kim): When it comes to the largest generation in history, it is not surprising that there would be contradictions. It is the wealthiest generation and yet the least prepared for retirement. Boomers will live longer, but with more chronic illness. They love technology, but they use it on their terms. As this generation ages, benefit administrators and employers face a challenge. Finance, healthcare and technology are converging and our collective ability to take advantage of the trend will make a huge difference.
(Seth): As the world’s largest generation hits retirement, benefit administrators and employers are increasingly tasked with helping Baby Boomers navigate the new waters of healthcare consumerism.
The Miami Herald calls it “The country’s biggest and most predicable train wreck”. This generation is the richest ever, but Baby Boomers, their employers and the country are woefully unprepared to pay for their retirement.
(Kim): Baby Boomers have redefined every life stage they have touched—youth culture, corporate culture, and now, retirement culture. Adventurous and young-at-heart, Boomers are changing what it means to age in America. As we continue to live longer, it has become clear that retirement is no longer a destination, it’s a journey.
Instead of gated senior communities, recent retirees are headed to non-traditional destinations such as Austin, Texas and Madison, Wisconsin to participate in growing art and culture scenes. Rather than spending the day on the golf course, more and more recent retirees are contemplating encore careers where they can focus on their legacy and passions.
(Seth): Employers and consumers alike need a better understanding of how/when to use health care spending accounts to accommodate rising health care costs and compensate for the elimination of the pension benefit. As a result, consumers will need to develop a plan and leverage a wide range a tools and benefits from 401Ks, consumer-directed accounts and consumer health tools to achieve their retirement goals.