Tailoring employee benefits for a multigenerational workforce by Access Legal
In today’s diverse workplace, understanding the unique needs and preferences of each generation is crucial for fostering employee satisfaction and retention. Recent insights reveal distinct priorities across generational lines, emphasising the importance of tailored benefit offerings.
Baby Boomers (Born 1946–1964)
Many Baby Boomers remain active in the workforce and seek:
- Healthcare and Wellbeing: A significant 66% consider long-term care insurance a top benefit. Access to private healthcare, dental plans, flexbile working hours and regular health check-ups are highly valued.
- Job Security: Stability in employment and clear career progression paths are still essential.
- Pension Planning: As retirement approaches, Baby Boomers prioritise robust pension schemes and retirement planning services.
Generation X (Born 1965–1980)
- Work-Life Balance: Flexible working hours and the option to work from home are increasingly important.
- Career Development: Opportunities for upskilling and career advancement are highly sought after.
- Financial Security: Access to financial planning services and support for family-related expenses.
Millennials (Born 1981–1996)
Millennials (aged late 20s to mid-40s) are the most prominent generation in today’s workplaces.
- Work Flexibility: Flexible working hours are the most desired perk for this generation and our latest LinkedIn poll confirms it. Options for remote work and flexible hours are essential for work-life integration.
- Health and Wellbeing: Mental health support, gym memberships, and wellness programs are highly valued.
- Career Growth: Opportunities for continuous learning and career progression are important.
Generation Z (Born 1997–2012)
- Research by Metro shows that unlimited holiday days is the most desired perk by 18-24 year olds, with flexible working hours and dental care being the 2nd and 3rd most desired perks respectively.
- Social Responsibility: Support for causes like sustainability, diversity, and inclusion.
- Technology Integration: Digital tools for managing benefits and accessing support services.
Key Takeaways for Employers
Personalising your employee benefits is becoming ever more important, as is ensuring all your team benefit as equally as possible from your employee benefits. Having a wide range of benefits and using a flexible benefits system to help staff tailor their benefits package to them is an increasingly important way to achieve this.
To effectively cater to a multigenerational workforce:
- Implement Flexible Work Policies: Flexibility is a common thread across all generations.
- Offer Diverse Benefit Options: A one-size-fits-all approach is less effective; tailor benefits to meet varied needs.
- Promote Professional Development: Continuous learning opportunities benefit employees at all career stages.
Looking for a comprehensive employee benefits platform? We’ve got you covered.
