It’s forecasted that in Canada, Generation Y’s (or Millennials) will work their way up and represent 75% of the workforce by 2028.* If you want to keep the job-hopping generation long-term, give them what they want: a progressive retirement plan.
Yes, I’m serious.
Their parents are starting to retire, which has them thinking, “I’m a big spender but my parents weren’t, so am I going to be in trouble if I don’t start saving now?”
Gen Y’s worry about the future is your opportunity to build loyalty with a workplace savings plan. But simply offering one and calling it a day won’t cut it with this group.
Here are two quick tips to appeal to Gen Y’s desire to save for the future:
Progressive matching pension plan contributions
Many workplace savings plans have matching contributions; however, the contribution amount in many cases is set. Base your contributions on length of service. The longer your employee stays, the more you contribute. This way you reward loyalty and provide an incentive to attract top talent.
Host retirement planning seminars
Professional financial advisors are willing to come to your workplace and provide free informational seminars. They can help your employees understand their workplace retirement savings plan and educate them on investment choices and solutions to build a healthy financial future.
Go the extra mile to give Gen Y a savings plan that grows as they do, along with financial education, and you may just find they’ll go the extra mile for you.
* Williams, Ray. “Like it or not, Millennials will change the workplace.” The Financial Post 16 September 2013.
Bill McElroy, BA, CIM, CFP is President of The William Douglas Group Inc. and a Senior Financial Advisor with Manulife Securities Incorporated. In 2014, Bill was named Canada’s Top Financial Advisor in Canada by Wealth Professional Magazine and was featured in their inaugural ‘Hot List’. He was also recognized as an advisor who has reached supreme achievement in the industry and been awarded Manulife’s Five-Star Master Builder. The William Douglas Group Inc. was recognized as the Best Boutique Business Consulting Office in Canada by Wealth and Finance International. Bill is pleased to share his knowledge and more than 25 years’ experience with business owners in his blog series.