Despite their “constantly wired” reputation, Gen Y employees don’t use online resources such as forums or blogs any more than other workers do. And they’re significantly more likely than other workers to turn to a family member or friend for information, Colonial Life found.
The white paper outlines numerous tactics and tools employers can use to communicate benefits more effectively with Gen Y workers, including:
- Implementing one-to-one counseling,
- Using appropriate technology for the message,
- Employing multiple communication methods, and
- Making content more interactive.
“Pump Up Productivity from the Next Generation: Build Voluntary Benefits into Workplace Strategies to Attract, Engage and Retain Generation Y” also says only 58% pay their bills on time, 43% have high credit card debt, and 70% aren’t building a cash cushion for emergencies. Members of Gen Y also tend to change jobs frequently; the average 26-year-old has already had seven jobs.In addition, Gen Y puts great value on a strong benefits package, yet is woefully underinsured. Sixty percent of Gen Y workers list benefits as the second most important aspect of job satisfaction; however, a recent survey by Harris Interactive on behalf of Colonial Life showed Gen Y is the least likely working group to take advantage of workplace insurance, from major medical plans to voluntary coverage such as life, disability, and accident insurance.
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