Millennials (also known as Generation Y) are the demographic following Generation X. Although the exact time period is up for debate, most researchers use the period between 1980 and early 2000’s when referring to Millennials. Getting Millennials excited about group retirement plans may seem impossible given retirement is a distant problem, making it easy to procrastinate.
Most employees agree that saving for retirement is important, but many don’t know where to start. Offering a group retirement plan through your business is an excellent method of engaging employees and motivating them. Nothing gets us more excited than a comprehensive group retirement plan, however we realize this may not the case for your business, especially with the younger generation. So here are some methods of engaging employees and getting Millennials excited about group retirement plans:
Choose an appropriate communication style
Providing Millennials with a pile of pamphlets and handouts is likely going to be ineffective. Consider adapting your style to use social media and other technology designed to communicate instantly and effectively. Sharing articles (like this one!) and creating a discussion is much more effective than beating employees over the head with a book of group benefits features.
Engaging employees directly with one-on-one personal discussions about their future is more effective than a generic mass email. This also gives you the opportunity to gauge your employees and decide what kind of future you might expect with them in your company. Consider bringing up retirement benefits at your next review session.
Address student loans
Millennials, in general, have more debt when starting their careers compared to other generations. It’s a huge barrier to saving for retirement, and a company that connects retirement savings and paying off student loans will be very enticing to this generation.
Although you may have a wealthy of experience and knowledge to pass on to the younger generations, sometimes information is more effective when passed on as advice from current employees. Encourage your employees to promote your group retirement plan is a great way to get people involved and make it a success.
Group retirement plans are effective only when employees are engaged and motivated to contribute. Getting Millennials excited about group retirement plans is essential and we encourage you to work with a group benefits provider with access to the technology and information required to motivate this generation.
Contact the experts at DENT Benefits to learn more about employee engagement and how to attract top talent to your business!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.