Multi-Generational Benefits- Part 1: Money, Money, Money
Today’s workforce is the most diverse it’s ever been. We have four generations of employees in our offices, factories, plants, warehouses or out in the field servicing customers. Each employee and each generation have their own unique priorities and goals. But there’s one common theme – they’re all concerned about money. Each generation is worried in their own way about how they’re going to make it to the next paycheck. By providing the right mix of benefits, you can help employees of all ages address their financial concerns.
- Baby Boomers want to retire and are most worried about how to protect their savings. They’re concerned about their 401k and how they’ll afford medical insurance in retirement. They’re also interested in learning more about Critical Illness plans and Long-Term Care Insurance.
- Generation X has significant financial pressure; with saving for college, weddings or helping their parents with their retirement needs. They’re concerned about their 401k and making sure they have enough Life Insurance to protect future debt obligations. They’re generally interested in learning more about College Savings Plans and Health Savings Accounts.
- Millennials are the most debt-burdened generation. They’re looking for benefits like Student Loan Repayment plans to help ease their debt anxiety. They’re interested in learning more about how they can contribute to charitable causes and prefer employers that encourage charitable service and donations.
- Generation Z is also saddled with enormous student debt and looking for Student Loan Repayment plans or Tuition Assistance Programs. However, this generation has the benefit of staying on their parents’ health plans until age 26, so they’re more interested in voluntary benefits like Accident Plans, Identity Theft and Pet Insurance.
Companies spend significant dollars on their employee benefits, but too often only review their benefit offerings once a year, right before their annual renewal. This rushed review process never allows enough time to learn more about additional benefit offerings that could help address your employees’ financial concerns. It’s important to remember though, there are a lot of products in the marketplace and offering too many at once can be overwhelming.
The best place to start is with an employee survey to gather your employee’s interest in the products discussed above and build a long-term strategy on how to roll out new benefits. By offering benefits based on employee feedback, you can help your workforce feel that their benefits package has been tailored to meet their individual needs. Questions? Contact the ‘A’ Team on how to build your long-term strategy.
- Communicating Benefits to a Multi-Generational Workforce Webinar Replay
- Employee Benefits through the Eyes of Millennials
- Don’t Let Age Interfere with Workplace Relationships
- The Power of Voluntary Benefits
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