We know that benefits play a significant role in employee retention. It can even be referred to as the “loyalty glue” that helps employees of all generations stay with an organization long term, assuming they are well communicated and understood. During a panel led by Ron Leopold and Steve Bygott at the 2012 Benefits Forum and Expo, young workers shared what employers can do better when it comes to benefits.
A wide variety of benefits, though necessary to satisfy different employee needs within an organization, can paralyze employees when it comes to making decisions. Below are 6 tips from Steve Bygott, director of marketing and research at Colonial Life about communication and engaging Gen Y in benefits.
1. Use technology where appropriate.
For example, AFG’s online enrollment solution, SmartBenefits Online, gives all the tech-savvy Gen Y’s a chance to compare plans online from home or their iPads, and enroll in their elections.
2. Build a foundation for one-on-one counseling.
As an AFG client, you work with a dedicated AFG account manager that your employees can turn to with questions.
3. Combine convenience with good content.
Make it easy to understand and relate to their lives. Do you give specific examples for how plans work based on factors such as enrollment status, income, etc.?
4. Employ multiple touch points.
Find more ways to reach your employees, especially the Gen Ys. Email, paper, and maybe even a text reminder to company cell phones about enrollment can ensure better engagement and understanding.
5. Make it interactive.
SmartBenefits Online has an interactive tool that will allow employees to compare plans side by side.
6. 3×3 Rule
Communicate 3 weeks in advance, using 3 types of communication (See #3, 4, and 5)
In addition to these great tips–Leopold discusses the kinds of benefits that Gen Y is seeking and how they view certain aspects of their careers and working environments.
- Choice and customization is key. Offer voluntary benefits to satisfy the option to choose. Also, plans that provide employees with more freedom to spend their health care dollars as they choose, like a high deductible health plan with a health savings account, is also an attractive option.
- Gen Y is serious about finances and concerned about risk. Provide liberal life and disability coverage from day one–with the option to buy-up. Financial education in the workplace is highly valued at all levels!
- Health coverage is a big concern! 68% are concerned about paying premiums and out-of-pocket costs. All the more reason why communication and engagement in benefits is so important!
- 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.
- Advancement opportunities drive loyalty. Don’t make employees have to move out in order to get ahead!
- Communicate in ways that build engagement and are preferred by Gen Y. How can you utilize social media and other forms of communication to reach your employees?
For more ideas about communicating and engaging Gen Y, email us as social@austinfg.com!
Read the original article in Employee Benefits News here
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