X Marks the Spot
With 52.7 million of them, there’s a strong chance a few are in your office. We’re talking about Generation Xers, the generation born after the baby boomers, from the early 1960s to about 1980. I’ve explained a little bit further in Forbes who this group is and where in the workplace they excel.
Making up a large percentage of the current workforce, Gen Xers are vital to your organization’s success. Let’s make sure you’re treating them as such. In order to successfully recruit and retain this group, your company should consider the following benefits:
If you have just one extra benefit, make it a great 401k plan. One of the main things on Gen Xer’s minds today is retirement. This group entered the workforce at around the same time 401k plans were being introduced, and they understand their immense value. They may not be impressed with your company’s casual dress code or foosball table, but they’ll be impressed with the right retirement savings plan.
College Savings Program
Saving for college is hard, and many Gen Xers are in the midst of either paying for their children’s education or saving for it. More and more, employers are offering 529 college savings plans. Jumpstarting college savings and proving a much-appreciated benefit for Gen Xers, 529 plans are a unique way to keep your Gen Xers happy and financially healthy.
Long-term Care Insurance
Prepare for the worst, but expect the best. Gen Xers know anything can happen and want to be prepared if it does. By providing long-term care insurance, this group can feel secure reaching their twilight working years with your company, or using the benefit to ensure aging parents will be cared for in a more cost-efficient manner.
Creating an environment that fosters employee growth is a great way to attract Gen Xers. They’ll be more willing to work for a company when there’s the potential to grow into and develop within management roles. Then, they’re able to contribute to bigger, long-term objectives within the company. Gen Xers are well-suited to management positions as they’ve learned work ethic from Baby Boomers while relating well to Millennials.
Flexible Work Environment
Workplace flexibility is key to developing the proper work/life balance that many Gen Xers crave. With children or elderly parents needing care, the typical 9-5 office hours don’t offer enough flexibility. With benefits such as telecommuting options, flexible start and end times and plenty of paid time off, Gen Xers can give their best for your company and their family.
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