How Millennials Reshape - Calla Financial...engage them if a better one comes along “ [7] Gallup,...

Supporting Individual and Organizational Health, Wellness and Balance

of 4

#111 – 100 Park Royal South, West Vancouver, British Columbia V7T 1A2Toll Free 1-877-425-7133 Office (604) 921-4048 Fax (604) 922-5984

www.callafinancial.ca

Calla Financial Services Newsletter


Summer 2016

Page 1 of 7

Millennials are those of us between the ages of 16 to 36 (b. 1980-2000). They are projected to be over 40% of working-aged Canadians by 2020[3], and some already hold managerial titles and make administrative decisions in Canadian business life.

Millennials witnessed the 2008 Economic Recession as young adults; some of them lost their jobs in their early careers, and some saw their friends and family members losing their jobs. They graduated/graduating from university with significant

student debt and dealing with

[3] Nadeau J., “Coletto D. Canadian Millennials And Beverage Alcohol”, canadianmillennials.ca , 2013

increasing housing costs. Technology is part of

their identity andthey are highly

about community causes. As their numbers get bigger in thesensitive

work force, they are changing the way wecommunicate and do business.

How Millennials Reshape Our Workplace and Benefit Programs


Calla Financial Services NewsletterSpring 2016


Summer 2016

According to a 2016 Gallup ‘How Millennials Want to Work and Live Survey [7], when it comes to perception of work there are distinct differences between older generations and Millennials;

Although Millennials are different than other generations, it seems like for all generations the most important priority is still a decent paycheck [10]. Millennials want to be paid well for the work they do and to be able to lead the kind of life they want outside of the workplace [3]. Studies show that they won’t stay in a job that does not motivate and engage them if a better one comes along [3].

[3] Nadeau J., “Coletto D. Canadian Millennials And Beverage Alcohol”, canadianmillennials.ca , 2013 [7] Gallup, “How Millennials Want to Work and Live”, Gallup.com, 2016[10] Dill K., “5 Ways To Attract And Keep Top Millennial Talent”, forbes.com , 2014

of 7




Summer 2016

• Different company management style (e.g., work-life balance, open communication and flexible work environment),

• Training based on interests and values• Purposeful life and active community life• Wellness programs to have high levels of

well-being (physical, psychological and financial health)

• Flexible, personalized and creative benefits.

While Millennials are being demanding about their work environments, they value comprehensive benefit packages more than other generations [20]. They know that they have to deal issues like obesity and diabetes and they are also affected by stress related issues like depression and anxiety. As a result, they prefer wellness programs which can accept them as a holistic individual.

“ Millennials won’t stay in a job that does not motivate and engage them if a better one comes along “

[7] Gallup, “How Millennials Want to Work and Live” , Gallup.com, 2016[20] O’Connell S., “9 Company Perks Every Millennial Wants (and Expects)” , The Huffington Post , 2015

According to a 2016 Gallup survey [7], results showed that Millennials are looking for something simple in the workplace. The work should be able to support them with:

of 7




Summer 2016

[17] Chai C., “Canadian millennials hit hardest by mental health woes” , Global News , 2015[18] Nikravan L.. , “Perk Up Your Millennial Benefits” , Clo Media , 2015

When we look at the reasons why they are experiencing depression and anxiety, we can see that low employment rate, school debt, and rising living costs, as pressures that weigh on millennials [17]. Most of them are hired for short-term contracts with no retirement and pension plan or financial security. As a result they not able to see their future, they don’t know when they will lose their jobs or when they will be hired again [18].

In today`s world, depression and anxiety are two the biggest issues that Millennials are dealing with. According to Ipsos survey [17], 53% of Canada’s young adults are at risk of grappling with depression and other mental well-being concerns. According to Global News, the 2015 Sun Life Canadian Health Index, 31% of millennials reported having either experienced, or currently experiencing, a mental health issue such as depression, anxiety and substance misuse. This is compared to the national average of 20% (1 in 5) from all survey respondents and Millennials have the highest rates of being at risk compared to Gen Xers (b. 1965-1979) and Baby Boomers(b. 1946-1964) [17].

of 7

“Millennials value comprehensive benefit packages which accept them as a holistic individual more than other generations “




Summer 2016

[11] Gregoire J. , “Chowing down with the millennials and the baby boomers” , Canadiangrocer.com , 2013[14] Fernando J. “Millennials: Meet the Boomer`s Kids (Part 1: Profile, Food and Beverage Consumption Habits and Attitudes) “ , Government of Alberta , 2012[16] n.p. , “New B.C. study shows Type 2 diabetes increasing among 30 and under” , CBC News , 2015[18] Nikravan L. , “Perk Up Your Millennial Benefits” , Clo Media , 2015

[20] O’Connell S., “9 Company Perks Every Millennial Wants (and Expects)” , The Huffington Post, 2015

Another significant issue is that Millennials are dealing with obesity and diabetes.

As mentioned earlier, Millennials don’t like to focus on their weaknesses but want to develop their strengths. Studies show that this generation values wellness plans that help them achieve their self-improvement goals (physically, psychologically and financially). There are universal similarities across generations in terms of life goals, however Millennials are not likely to use fixed company health plans because their perception and current needs are different than other generations [18]. They would like to be accepted as a holistic individual rather than a company employee and would like to have wellness programs which can provide them alternative medicine, counselling, support groups, yoga passes [20] and culture-driven team activities.

of 7

There is a general societal misconception that millennials are much more sophisticated about their food choices, that they have healthier eating habits and exercise more. Unfortunately, according to Government of Alberta`s survey, 51% Canadian Millennials are overweight or obese. Only 21% say “I actively seek out information on nutrition and healthy eating” [14]. Why the number is that high? Perhaps because they are content to eat fewer meals, rely on restaurants, and eat an excess of high-calorie, fatty and sugary foods [16]. Maybe they are avoiding healthy traditional foods because convenience drives their eating habits. Food portability is the key factor for them [11].

“Millennials are looking for wellness plans to achieve their self- improvement goals“




Summer 2016

[18] Nikravan L. , “Perk Up Your Millennial Benefits” , Clo Media , 2015

The bottom line is that Millennials know every individual has different needs therefore they would like to have wellness focused benefit plans which can be tailored based on their changing needs. Wouldn’t it be nice to have a benefit plan geared to your needs? Millennials think so!

Allow Holistic approach to transform your organization and create a thriving company culture. Contact our experienced and knowledgeable advisors to help your organization to establish a balance between personalization, authenticity and collectivity [18].

of 7



Summer 2016 Issue

Meet the Team!

Whether you are a business owner seeking the most comprehensive yet cost effective employee benefit package or retirement plan for your

employees, or you are an individual seeking sound wealth management or insurance solutions, Calla Financial Services Ltd. offers you exceptional

personalized service. Our team is dedicated to providing the highest standards of excellence featuring the most comprehensive client service

and attention available. Contact us today and experience the Calla Financial Services difference!

About Calla Financial Ser vices Ltd.

Leanne MacKinnonGroup Benefits Coordinator

Questions? Please don’t hesitate to contact us.

of 7

Leanne is our new Client Services - Employee Benefits Manager at Calla Financial Services.

For more financial, health & wellness tips, connect with us

on social media!

Leanne is passionate about putting the client first, assisting from the beginning to the end process, working collaboratively with colleagues and building lasting relationships with all stakeholders. Her mandate is to provide quality service by ensuring Eagle Bay Financial Services clients` experience complete satisfaction.

Leanne lives in Coquitlam with her husband, two young daughters and dog, Duke. When she’s not at work you will find her enjoying the outdoors and spending time with family and friends. Skiing, hiking, riding her bike and walking along the many spectacular trails the Lower Mainland has to offer are some of her favorite hobbies.

Group Benefits [email protected]

Group Retirement [email protected]

Marketing & [email protected]

Leanne has more than 15 years of experience in the insurance industry working with major insurance companies. She is a licensed insurance advisor and has her Group Benefits Associate (GBA) designation. Leanne is committed to providing the highest level of customer service and is also responsible for the development of new business. Her strong experience in client training, customer satisfaction, and technical knowledge made her a perfect fit for the Client Services Manager position and we are thrilled to have her joining our team!




Summer 2016

[1] Scott G. Millennial workers now outnumber Gen Xers and Boomers. Canadian Business - Your Source For Business News. 2015. http://www.canadianbusiness.com/innovation/the-millennial-majority-workforce/. Accessed July 12, 2016.

[2] n.p. The Aging Workforce. Beyondrewardsca. 2016. http://beyondrewards.ca/Articles/Art10-05.html. Accessed July 12, 2016.

[3] Nadeau J., Coletto D. Canadian Millennials And Beverage Alcohol. 1st ed. Bevsupport; 2013. http://canadianmillennials.ca/wp-content/uploads/2013/06/Abacus-Data-Bevsupport-Canadian-Millennials-and-Beverage-Alcohol.pdf. Accessed July 13, 2016.

[4] Ceridian. Maximizing Millennial Talent. 1st ed. Ceridian Corporation; 2013. http://www.ceridiansmallbusiness.ca/site/tell-me-more/pdf/CSB_Millenial_Talent_WP_EN.pdf. Accessed July 10, 2016.

[5] Coletto D., Morrison J. R U Ready 4 Us?. 1st ed. Abacus Data Inc.; 2012. http://canadianmillennials.ca/wp-content/uploads/2012/01/R-U-Ready-for-Us-An-Introduction-to-Canadian-Millennials.pdf. Accessed July 10, 2016.

[6] Norris D. Environicsanalyticsca. 2015. http://www.environicsanalytics.ca/docs/default-source/eauc2015-presentations/dougnorris-afternoonplenary.pdf?sfvrsn=6. Accessed July 13, 2016.

[7] n.p How Millennials Want to Work and Live. Gallupcom. 2016. http://www.gallup.com/reports/189830/millennials-work-live.aspx. Accessed July 16, 2016.

[8] Chai C. Canadian millennials hit hardest by mental health woes: poll. Global News. 2015. http://globalnews.ca/news/1968775/canadian-millennials-hit-hardest-by-mental-health-woes-poll/. Accessed July 9, 2016.

[9] Greene L. Are Millennials Really the Most Mentally Ill Generation? - Moods Magazine Blog. Moods Magazine Blog. 2016. http://www.moodsmag.com/blog/millennials-really-mentally-ill-generation/. Accessed July 9, 2016.

[10] Dill K. 5 Ways To Attract And Keep Top Millennial Talent. Forbescom. 2014. http://www.forbes.com/sites/kathryndill/2014/05/07/5-ways-to-attract-and-keep-top-millennial-talent/#73f9c6fb147a. Accessed July 11, 2016.

[11] Gregoire J. Chowing down with the millennials and the baby boomers | Canadian Grocer. Canadiangrocercom. 2013. http://www.canadiangrocer.com/top-stories/chowing-down-with-millennials-and-the-baby-boomers-30655. Accessed July 13, 2016.

[12] Howe N. How The Millennial Generation Is Transforming Employee Benefits. 1st ed. LifeCourse Associates; 2014. https://www.iscebs.org/Resources/BQ/Documents/bq214a.pdf. Accessed July 14, 2016.

FOOTNOTES




Summer 2016

[13] Murray S. Baby Boomers and Millennials: Two generations prepare for retirement | Retirement Town Hall. Retirementtownhallcom. 2015. http://www.retirementtownhall.com/?p=7259#sthash.QFHrqW54.dpbs. Accessed July 14, 2016.

[14] Fernando J. Consumer Corner: Millennials: Meet the Boomer`s Kids (Part 1: Profile, Food and Beverage Consumption Habits and Attitudes). 2012. http://www1.agric.gov.ab.ca/$department/deptdocs.nsf/all/sis14102#source. Accessed July 14, 2016.

[15] Vashisht K. The next generation of benefits plans. 2014. http://www.benefitscanada.com/benefits/health-benefits/the-next-generation-of-benefits-plans-57898. Accessed July 9, 2016.

[16] n.p. New B.C. study shows Type 2 diabetes increasing among 30 and under. CBC News. 2015. http://www.cbc.ca/news/canada/british-columbia/type-2-diabetes-increasing-in-under-30-age-category-b-c-study-shows-1.2935868. Accessed July 7, 2016.

[17] Chai C. Canadian millennials hit hardest by mental health woes: poll. Global News. 2015. http://globalnews.ca/news/1968775/canadian-millennials-hit-hardest-by-mental-health-woes-poll/. Accessed July 25, 2016.

[18] Nikravan L. Perk Up Your Millennial Benefits - Chief Learning Officer - CLO Media. Chief Learning Officer - CLO Media. 2015. http://www.clomedia.com/2015/07/20/perk-up-your-millennial-benefits/. Accessed July 14, 2016.

[19] Posadzki A. Workplace benefits the latest frontier for companies looking to attract millennials. Financial Post. 2016. http://business.financialpost.com/personal-finance/young-money/workplace-benefits-the-latest-frontier-for-companies-looking-to-attract-millennials. Accessed July 15, 2016.

[20] O’Connell S. 9 Company Perks Every Millennial Wants (and Expects). The Huffington Post. 2015. Available at: http://www.huffingtonpost.com/gobankingrates/9-company-perks-every-mil_b_7897404.html. Accessed July 11, 2016.

How Millennials Reshape - Calla Financial...engage them if a better one comes along “ [7] Gallup,...

Documents

Transcript of How Millennials Reshape - Calla Financial...engage them if a better one comes along “ [7] Gallup,...