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As an aging population nears retirement employers in the United States are facing questions about how to best manage the latest generation of employees to enter the workforce. Does your management team know the best way to deal with Generation Y (born in the 80’s)? How can your professional Employee Benefit Consultant help with this latest generation climbing the corporate ladder? What advice can your expert Consultant provide with respect to Benefit Plans that appeal not only to the Generation Y but also the Generation X (born between 1964 and 1982) and the Baby Boomers (born between 1946 and 1964)?

Managing Generation Y has become a hot topic among Consultants and HR executives. Generation Yers have learned, from their stressed and overworked parents, the importance of balancing work and personal life. They have witnessed their older siblings and cousins struggle with Baby Boomer bosses who refuse to retire. This group is primed to make changes in the workforce. They are already demanding top of the line excellent benefit packages.

Baby Boomers are the corporate decision makers today so the quality of life issues and benefits decisions are likely crafted through their experiences. This group may not be as sensitive as they could or should be to the needs of Generation Y.

In certain occupations, generally populated with younger workers, the turnover rates are high. By failing to ask the younger generation what is important to them many companies are dropping the ball in improving retention rates among younger workers.

Your professional Consultant will agree that consumer driven health plans and voluntary benefits are poised to resonate with this group of younger workers. Although the two programs were not designed to cater to this younger generation of workers it is the very nature of the programs to deliver flexibility to the employee who can choose those benefits that are of the highest value to the younger employees. While Voluntary benefits allow the younger employees to select the benefits that are important to them, young employees are also attracted to the variety of wellness programs and on-line health information that is typically provided by consumer driven plans. A perk that is welcomed by the younger generation and can be given in addition to Voluntary Benefits is awarding entertainment coupons, books and discount features to attend social activities. Younger workers find value and enjoyment in these features. Often, with this younger generation, promises of monetary rewards and overtime is not as valuable to them as much as time off to attend a party, go to a concert or simply to hang out with friends.

Although the different generations of workers have clearly different retirement needs they do have something in common. They are not saving enough for retirement, they don’t know where to begin and they find the process confusing and difficult.

While keeping Baby Boomers and the Generation X happy, find and keep valuable Generation Y employees with a smart, flexible benefit package. Talk to a professional Employee Benefit Consultant TODAY!

About The Author: For similiar articles please see:
EMPLOYEE BENEFIT CONSULTING and EMPLOYEE BENEFIT CONSULTANT

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