Thoughts on the “Sweet” Stuff: Gen Y & Benefits
Contrary to popular opinion, Gen Y is more loyal to organizations and more aware of their financial future. According to Brad Kimler, executive vice president of Fidelity’s consulting services business, Gen Y’s attitude and view toward their employer and finances are more conservative and reflective of their parents’ generation.”
To investigate how Gen Y employees regard their employment package (especially in this economic climate), Fidelity Investments released its 2009 Generation Y study. The results showed some of what we already knew: Gen Y values work/life balance above all, they want to work in a socially responsible workplace, and opportunities to excel with leadership training.
According to the study, the “must have” benefits rank as follows:
- Health insurance – 82 percent
- Paid vacation time – 68 percent
- Retirement savings plan – 57 percent (and that’s up from this 2005 USA Today article)
The catch: Do they really know what to choose when they sift through their employment packet? According to 2005 survey from Unum, older generations are more likely to talk about sex and relationships than employee benefits. If Kilmer’s sentiments above are true and combined with the Unum survey, the question remains: How much guidance is Gen Y receiving about employment benefits?
That said, what advice would you give? As an employer, it isn’t a smart idea to instruct a new hire how to fill out their benefits package. However, you can direct them to some of these resources:
About the Author
Amy Liz Martin is a PR professional whose work centers on social media, media relations, corporate relations, publicity and cause-related PR campaigns. Amy was a fundraiser and event communications chair for the American Cancer Society, ran small development and communications campaigns for the International Center for Journalists, and led social media publicity efforts for artists at EMI CMG Label Group. She earned her master's degree in mass communications/public relations at Louisiana State University and is a member of the Public Relations Society of America.
