Benefits are a powerful draw for attracting Gen Y to a company – 56% of Gen Y report that benefits were an important reason why they chose their current employer. They may not collect a gold watch from you, but you can motivate them to stay as long as possible by providing benefits that clearly help them solve immediate problems and needs. Tips to Engage Gen Y Employees :
1. Flexibility Matters
Gen Y values generous time off policies and freedom to work when and where they like. Work-life balance is more
important to Gen Y than any other generation – 50% say it makes them feel loyal to their employer. This is a powerful retention carrot. If you offer it, they will take it – but will not take advantage. Don’t send mixed signals about use of this benefit.
2. Gen Y prefers choice and customization when it comes to benefits
With inelastic benefits budgets the solution for this preference is voluntary benefits. This generation is used to reaching into their wallet for their benefits, so give them the choices they crave with employee-paid insurance products – from car insurance to pet insurance.
3. Gen Y is serious about their finances and concerned about risk
Provide liberal life and disability coverages from day one. Offer supplemental buy-ups to ensure adequate coverage. Financial education in the workplace is highly valued at all levels — from basic financial literacy to sophisticated investment advice. Turn to carriers to deliver low-cost/no cost programs.
4. Health coverage is a big concern
68% of Gen Y survey respondents are concerned about paying health care premiums and out of pocket costs. Help them meet these costs with affordable supplementary health products such as dental and vision coverage. These are popular benefits that you don’t have to be sick to use.
5. Advancement opportunities drive loyalty
More than their employers realize. The MetLife Study shows that 66% of Gen Y cite this as an important loyalty driver, yet only 42% of employers are on board. Don’t make employees have to move out in order to move ahead.
6. Text and Tweet to build engagement
Communicate in preferred ways to build a benefits bridge to Gen Y.
Author : Samantha Singhi (@SamanthaSinghi)
Human Resource Talks 