How to Implement Effective Benefits in a Multigenerational Workforce

2019-07-11

Today’s labor market is more diverse than ever as it spans across five generations. While millennials, Gen Xers, and Baby Boomers account for the majority of the workforce (93% in total), Generation Z and The Silent Generation make up the remaining labor pool. With unemployment continuing to decline, employees can afford to be choosy about where they work. This means businesses need to determine which benefits their employees prioritize and how to appeal to various generations.

5 Benefits that Appeal Across the Board

Having a multi-generational workforce doesn’t mean benefits have to be complicated. Numerous benefits appeal to all generations and can help improve retention rates, job satisfaction, and productivity. These benefits include:

  1. Health insurance. It doesn’t matter what generation your employees land in, they all value health insurance. While their healthcare needs may vary, employers can address this by offering a variety of plans to give employees options.
  2. Supplemental insurance. Many employees desire healthcare options beyond the basics. While this used to mean vision and dental, it has expanded to encompass short-term and long-term care as well. Depending on the size and financial situation of the company, employers can choose to pay for all, some, or none of the coverage costs for these plans. Having supplemental benefits available gives employees options when building their benefits plan.
  3. Retirement assistance. While Gen Xers are the largest demographic planning for retirement, the Baby Boomers are the closest to reaching it. Many of them still need assistance to reach their savings goal in order to retire. While millennials are still far off from retirement age, many are beginning to increase their contributions to retirement plans. This is a benefit that’s important to the majority of the workforce.
  4. Paid leave. Paid family leave is growing in popularity. Millennials are starting their families, Gen Xers are raising their children, and Baby Boomers are welcoming grandchildren into their lives. Family emergencies and health crises happen and having paid leave options to manage them appeals to multiple generations. In addition, paid leave is undergoing a transformation of sorts, as more employees are demanding equal leave options. The antiquated approach of offering leave based on seniority does not align with employees’ lives and more companies are adjusting their paid leave options to reflect this.
  5. Flexible schedules. This appeals to all employees as their lives pull them in very different directions. Millennials may need to start work later in the day in order to drop kids off at daycare. They could also prefer to work earlier in the day if they are taking night classes to complete a degree or continue their education. Gen Xers are sandwiched in between, having to care for their children and aging parents alike. Having the option to work from home can give them the flexibility they need to balance their work and life obligations. While some employers may not care for telecommuting, experts predict it will become increasingly important when trying to recruit top job candidates.

Companies that wish to remain competitive in the aggressive Florida job market will need to create benefits packages that appeal to numerous generations. The experts at MMA Florida can help you design package options while balancing both the costs and the value. Contact us to learn more.

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