Benefits planning for multi-generational employees presents a number of challenges. Perhaps the most obvious challenge is trying to meet the needs of each segment of the employee population. For instance, while older workers are gearing up for retirement, Millennials are focusing on paying off student loan debt. While Baby Boomers are looking after their aged parents, Gen-Xers may be starting families of their own, or planning for their children’s college education.
It is not just the personal circumstances of different generational groups that vary widely. There is also a disparity between the basic viewpoint of different segments of the workforce. For instance, consider these interesting statistics:
These statistics illustrate just how differently various age groups within the workplace embrace varied life and work philosophies.
If a benefits plan is to be welcomed by all age groups in the workplace, much thought must be put into its design. The good news is that there are some employee benefits that have a broad appeal across all groups. Here are a few of the top benefits valued by all age groups:
In addition to the widely coveted benefits already listed, each generation of the workforce has unique needs and issues to be addressed. Benefits packages that offer a great amount of flexibility and choice work well to keep a multi-generational workforce happy and willing to stay with your company for the long-term. Here is a quick look at some commonly desired age-specific benefits.
While their parents generally retired in their late sixties, Baby Boomers are rethinking the traditional retirement strategy. Many of them intend to skip traditional retirement altogether, in favor of reduced work hours or perhaps even embarking on a totally new career. Because life expectancy has increased somewhat, Baby Boomers may be worried about whether they have enough materially to retire in comfort. Some benefits Baby Boomers value are:
Gen-Xers are faced with a variety of issues that require ingenuity and a flexible approach. They are raising children, caring for aged parents, paying mortgages, and trying to figure out a retirement strategy that works. Some of the most popular non-traditional benefits that Gen-Xers appreciate are:
Millennials are interested in finding a path to a reasonable life/work balance. They are burdened by lingering student loan debt, potentially insecure about their job readiness and long-term prospects, and intent on making choices that will promote health and wellness, both physically and financially. Some benefits Millennials value include:
Given the complexity of the multi-generational workforce, a one-size-fits-all approach falls far short of the ideal. A deep understanding of the individual life issues facing different generational groups is required to attract, engage, and retain employees at all levels.
Complicating the issue are such things as ACA compliance, tighter budgeting requirements, and issues with bridging the communication gaps that may exist between disparate age groups.
If you would like help in navigating the ever-changing landscape of employer sponsored benefits, please contact us. As leaders in the field of benefits counseling, we can work with you to design and implement a benefits package that meets the needs of your business as well as your individual employees.
If you are enjoying this blog series, be sure to come back and check out the third part of “Benefits That Matter Most,” which will consider the challenges inherent in multi-cultural workplaces. And if you missed our first installment on Millenials, you can read it by clicking here.