As Baby Boomers retire and Generation Y becomes a more prevalent piece of the work force it is important to keep in mind Generation Y values when choosing employee rewards. Different things are important to children of Baby Boomers than was important to their parents and it is important to maintain the impact of reward programs as those values change. Here are some examples, as articulated by Employee Benefit Advisor.
1. Flexibility matters. Work-life balance is more important to Gen Y than any other generation – 50% say workplace and worktime flexibility makes them feel loyal to their employer. This is a powerful retention carrot. Gen Y'ers will use this as both a benefit and reward.
2. Gen Y prefers choice and customization when it comes to benefits. This applies to straight benefits such as insurance, but also applies to reward program benefits as well. Using flexible rewards such as gift cards, which provide a fixed cost for the employer but allows the employee to choose where they apply the reward can be a great fit for a spot rewards program.
3. Gen Y is serious about their finances and concerned about risk. Providing financial education is critical to this generation, which grew up in tough economic times and has learned to be constantly conscious of money and financial risk.
4. Health coverage is a big concern. 68 percent of Gen Y survey respondents are concerned about paying health care premiums and out of pocket costs. Helping to make these costs affordable and educating employees on how best to use their insurance coverage will show employees that their organization cares for them, even when they are sick.
5. Advancement opportunities drive loyalty — A MetLife Study shows that 66% of Gen Y cite this as an important loyalty driver, make internal advancement a priority. This will keep your employees motivated, and at your company.
6. Text and Tweet to build engagement – Communicate with Gen Y employees on their level.
