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Benefits September 6, 2011
Survey Finds Room for Improvement in Gen Y Benefits Communications
September 6, 2011 (PLANSPONSOR.com) – Findings in a new white paper released by Colonial Life & Accident Insurance Company show the workplace is the number one source for benefits information for Gen Y, but they seem to prefer more personal communication.
Reported by PLANSPONSOR staff
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.