Benefits are typically structured to reward and motivate employees who stay at the company for the long haul. For example, retirement rewards and paid time off usually get sweeter as time goes on. Dangling a long-term benefits carrot makes sense for driving retention right? — Perhaps not when it comes to Gen Y workers. As companies focus on attracting and keeping a pipeline of Gen Y employees, I maintain that, when it comes to benefits, it is time for a mind-shift from long-term to a short-term value and appeal.
The annual MetLife Employer and Employees benefits survey tells us that Gen Y employees really, truly value their benefits. This is the generation hardest hit by the recession — experiencing underemployed and unemployed and in debt forever with student loans. Sixty-six percent of these younger workers say that, because of economic conditions, they are counting on more help from employers through employee benefits. In addition, they are more satisfied with their benefits than any of their generational co-workers (52% compared with 36% of older boomers.)
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