It is no secret that the cost of health insurance and other benefits can be a significant financial burden for families. This is especially true for younger adults, who are often just starting their careers and may not yet have the income to cover these costs. This can be an even greater challenge for Gen Z employees just entering the workforce.
While employer-sponsored benefits can help offset some of these costs, it is still essential for employees to be aware of what their options are and how to make the most of them. This is where education comes in.
In this article, we will discuss the importance of educating Gen Z employees on benefits and the methods to educate them.
Why Educating Gen Z Employees About Their Benefits is Important?
There are several reasons why educating Gen Z employees about their benefits is essential. First and foremost, it can help them understand their benefits package’s actual value. Often, young adults do not fully appreciate the importance of health insurance or other benefits until they find themselves in need of them. By understanding the coverage and limits of their benefits, they can be better prepared to use them when the time comes.
Education can also help employees to make the most of their benefits. For example, many health insurance plans have coverage for preventive services like vaccinations and screenings. However, employees may not be aware of this coverage unless they are specifically educated about it. By understanding their benefits, employees can take advantage of these services and potentially avoid more serious health problems.
Educating employees about their benefits can help to build trust between them and their employers. When employees feel like they are being kept in the dark about their benefits, it can create mistrust and resentment. However, when they feel like their employer is transparent and honest with them, it can help to build a stronger bond.
Benefit Types and Education Methods For Gen Z Employees
Employers can offer several different types of benefits, and each one comes with its own set of rules and regulations. Below, we will discuss some of the most common benefits and the best methods for educating Gen Z employees about them.
Retirement benefits
One of the employers’ most important benefits is a retirement savings plan. For many young adults, this may be their first exposure to saving for retirement. Therefore, it is crucial for them to understand how these plans work and their different options.
The best way to educate Gen Z employees about retirement benefits is to provide materials explaining the basics of these plans. This can include information on how to calculate their retirement savings goals, the different types of accounts available, and the tax implications of these accounts. Additionally, employees should be encouraged to meet with a financial advisor to get personalized advice on saving for retirement.
Healthcare benefits
Healthcare benefits are another essential benefit that all employees should be aware of. With rising healthcare costs, it is more important than ever for employees to understand their health insurance options.
When educating Gen Z employees about healthcare benefits, employers may find it beneficial to poll their employees to find out what type of health insurance they are interested in. This information can then be used to create an education program specifically tailored to employees’ needs. Additionally, employers should provide resources on where employees can go to get more information on their health insurance options.
Dental and vision benefits
Dental and vision benefits are extremely important to employees, especially those in their twenties. It is often one of the most expensive items on an employee’s budget. Unfortunately, many young people are unaware of the importance of dental and vision benefits until they experience a problem. By educating your Gen Z employees on the importance of these benefits, you can help them stay healthy and avoid costly problems down the road.
One way to help educate your employees about these benefits is to offer a webinar or lunch-and-learn session. You can also include dental and vision benefits information in your employee handbook. It is essential to make sure that your employees understand the coverage and how to use it. Another way to help educate employees about these benefits is to offer an online course. This can be a great way to reach employees unable to attend a live event. There are many online courses available that cover the basics of dental and vision benefits.
Disability insurance benefits
Disability insurance is an important benefit that all employees should be aware of. This type of insurance provides financial protection if an employee cannot work due to an injury or illness. While many younger employees may not think they need this type of coverage, it is crucial for them to understand the risks involved in not having it.
When educating Gen Z employees on the purpose and value of disability insurance, it is important to ensure they understand the risks associated with not having this type of coverage. Employee safety training days are a great way to educate employees about the importance of this type of insurance. This will also allow employees to ask questions and get more information on the coverage. Additionally, you can include information about disability insurance in your employee handbook.
Life insurance benefits
One of the most challenging conversations that any employer will have to have with an employee is informing them that they have the option to get life insurance. No one likes to think about their death, but it must be considered. While many young people may not believe they need life insurance, it is essential for them to understand all of their options.
When educating Gen Z employees about life insurance, creating a respectful and informative format is critical. You will want to ensure that your employees understand the different types of life insurance available to them while also being provided with the privacy they need to decide. One way to do this is to deploy an HR portal with a life insurance education course. This will allow employees to learn about their options and have a direct tie-in to HR personnel should they have any questions.
Conclusion
Gen Z employees don’t always have the financial literacy needed to make sound decisions about their benefits. It is important for employers to take the time to educate their employees on the importance of benefits and the different types of coverage available to them. By doing this, employers can show their employees that they are invested in their well-being and help them make balanced decisions that they won’t regret.
Author Bio: Frank Mengert
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.
