Generation Y is filling up the workplace and the world. Employers who want to gather, engage and keep these workers must know their preferences and styles of communication. This is especially true in the aspect of workplace benefits. Employers’ ability to attract and keep these younger employees is becoming an important part of ensuring long-term success in business. The Baby Boomers are starting to retire in larger numbers and will continue to do so in the future. Since the younger generation has different needs, preferences and expectations, companies must approach benefit package designs in a different way. If employers resist these necessary changes, they could face losing employees and their competitive edge. This means they’ll be left behind in the business world, which is progressing faster each year. There are several things employers and HR managers need to consider about adapting to the new generation of workers.
Generation Y members are usually less financially stable. In comparison with older generations, the younger generation appears to be much more irresponsible with money and financial obligations. Almost half of the individuals in the younger generation pay bills late, have significant credit card debt and are not setting away money for financial emergencies. This generation also switches jobs frequently.
Generation Y prefers personal communication. While previous generations favored the traditional way of looking for benefits information in the workplace, the younger generation prefers personal communication. Although most people think this generation is constantly wired, they tend not to look online for resources. They feel that all resources and information should be brought to them. However, older workers are more likely to look for blogs, forums and other valuable sources of online information independently. The younger generation members are also more likely to ask family members or friends for such information.
Generation Y values strong benefits but they’re usually under-insured. Although most of the individuals in this generation think that benefits are the most important aspect of a job, they often have inadequate insurance. However, they’re the group of workers who are least likely to take advantage of insurance in the workplace. This includes Disability, Life, Accident insurance and major medical plans.
Opportunities for Benefits Communication
In the research for a clearer opportunity for employers to engage Generation Y workers, the research of benefits communication appeared. Workers in this generation usually rate employers unfavorably for the effectiveness of benefits they offer. There are several steps employers can take to boost the effectiveness of communication between themselves and these younger workers. The following are a few valuable suggestions:
- Implement one-on-one counseling.
- Employ several forms of communication.
- Make content interactive and engaging.
- Use the proper technology for the message.
As benefits decisions continue to shift toward employees, the workers of Generation Y will become more enthusiastic toward the information and products required to manage personal financial security. Employers have the opportunity to build a better ROI by properly evaluating the benefits they offer. They must also evaluate the methods of communication used to appeal to individuals who are part of Generation Y. By doing this, employers will enjoy a more engaged, productive and loyal workforce.