The Millennial generation (born 1981-2000) is the largest generation yet produced. In fact, one in every three American workers are a part of the Millennials – surpassing GenX and the Baby Boomers as of 2015. And the youngest Millennials have yet to hit the labor market, ensuring a controlling segment of the American labor force for at least the next decade. This has led employers to reevaluate their benefits and structure them to appeal to this continually growing labor base.
The Digital Natives
Having grown up in a time of rapid technological change, globalization and economic disruption, Millennials are the first generation of “digital natives”. These individuals have had access to personal computers both in school and at home since childhood. They developed alongside internet access, learning how to navigate the web from dial-up to broadband and beyond. Technology has been an integral part of their development – for better or worse.
Millennials witnessed more than the birth of personal technologies, they saw first-hand the effects of the 2008 recession. While arguably the most college-educated of generations, many graduated only to be met with a job market unable to support their numbers. The youngest among them watched as hard-working parents were laid off and family homes were foreclosed upon. These experiences have created a focus on budgeting, frugality and cash use. It has also brewed a distrust of standard financial platforms – and a market for alternatives such as prepaid cards and alternative financial programs such as PayPal, Vimeo and speculation of an eventual Amazon bank equivalent.
This desire for cash and budgeting as well as their reliance on technological convenience has led Millennials consistently to the ATM.
Fortunately, there is a simple solution to appeal to this dominant segment of the labor force – safe, reliable ATM access at work. In fact, some ATMs offer the additional benefit of surcharge-free access through a nationwide network like Allpoint. These services partner with local, community and national financial institutions as well as many leading pay card providers.
And, while Millennials are an obvious beneficiary, the entire workforce can enjoy their new “at work” convenience!
One of the hottest new HR benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking. Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.
And best of all the ATM is hassle-free and, in most cases, less than what you pay in insurance for one employee each month.