Getting Your Generation Y Employees Excited about Saving for Retirement

Jun 24, 2013

When your Generation Y employees are given the choice of dining out, traveling the world or saving for retirement, it is likely that the majority of them will not choose the latter. For these employees, retirement is a long way in the distance but most will always agree that they need to save more. So, how do you bridge this gap and get them to think about saving for retirement? How can technology help?

For your employer group retirement plan, choose an insurance company that is technologically capable of handling your needs.
Some insurance companies have different tools that would be more suited for Generation Y employees. For example, Sun Life can bring Blackberry PlayBooks to enrolment sessions with the investor risk assessment questionnaires built in. Employees can enroll on them directly. We have tried it; it’s easy and intuitive.

Choose an appropriate communication style.
Providing Generation Y employees with a plethora of paper handouts explaining why they should save is likely going to be ineffective when compared to sending out messages through social media that they actually use such as twitter or facebook. This requires planning but the retirement industry is changing and adapting to social media.

As a company, you may not be equipped to send out tweets to your employees but if you encourage your employees to ‘follow’ (on twitter) or ‘like’ (on facebook) certain groups or pages, they would get periodic updates and you would not have to do any of the work.

For example, when it comes to RRSP deadlines, you may be able to rely on your consultant to send out short bits of information that would serve as reminders to your employees. It would be added value on top of what you are already doing as an organization to communicate with your employees.

There is a lot to learn but if you want to reach out to your Generation Y employees, you will need to be in the same space that they are in. If you are not already on this, you can test it out and follow us on twitter @TRGGroupBenefit or like our facebook page.

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