People are working longer hours than ever before, and the next generation is joining the labor force. You could be juggling four distinct generations in your workplace in a matter of minutes. However, how do you tailor your employee perks to each?
To be clear, you cannot legally provide various benefits to diverse workers without risking leaving people out. However, thinking more carefully about your employees' life stage and demographics — or generation — can help you personalize your benefits package.
Providing a variety of choices, or a few standouts can help to personalize the experience and make employees feel more valued. Here are the employee perks that each generation values the most, from oldest to youngest.
- Baby Boomers – born 1946 to 1964
- Generation Xers – born 1965 to 1980
- Millennials or Generation Y – born 1981 to 2000
- Generation Z – born from 2001 to present
Today, employers face a unique challenge in taking care of the needs of each employee when it comes to employee benefits. But aligning benefit plans to the individual needs of each employee can help improve employee satisfaction and boost employee productivity.
Employee Benefits for Baby Boomers
While most baby boomers, born during 1946 – 1964, have reached their retirement age, rising living costs have forced them to continue working to sustain themselves. This has led to them still making up 17% of the active workforce beyond their working age of 60.
Owing to their advanced age, the kind of benefits that would appeal to most baby boomers are the ones that ensure a financially secure retirement life. It can include health insurance, life insurance, retirement benefits, critical illness coverage, etc.
Considering the high-stress work environment and the sedentary lifestyle of most jobs, health has become a priority for most baby boomers. So, there can also be benefits that help improve their overall health such as wellness programs, gym memberships, health community memberships, etc.
So, these are a few of the benefits which can boost the satisfaction of baby boomer employees and help ensure higher productivity.
Employee Benefits for Gen X
Gen X forms 36% of the global workforce and holds prime positions in several industries given their several years of experience. This particular generation needs to be taken care of as it plays a pivotal role as the backbone of the economy.
As Gen Xers comprise mostly middle-aged employees, they are not impressed by traditional insurance benefits and retirement benefit plans. They prefer a more holistic employee benefits package that helps in their personal development, family well-being, and overall lifestyle enhancement.
Employee Benefits for Millennials
Millennials used to value paid vacation and overtime over other benefits like health insurance. Although healthcare may not be the most important advantage to them for several years, it is worth keeping an eye on this group.
Offering student loan repayment assistance, work-life balance, financial wellness programs, and parental leave could help them balance their expanding families and hectic lifestyles.
Another important job factor for Millennials is their wish to advance in their careers. Now that this generation has gained experience, they are searching for the next step. Companies that support upskilling & reskilling, in addition to conventional benefits, will have an easier time attracting and retaining Millennials.
Employee Benefits for Gen Z
Born after 2001, Gen Z is the generation that has just started reaching the working age. Currently, they form the smallest portion of the workforce, but their needs and wants would soon change over the coming years.
Job security issues have forced Gen Z to be more aware of the importance of savings for an employee. Thus, they would learn to prioritize health and financial life over jobs offering a higher salary.
One important issue that Gen zers are dealing with is the rise in mental health issues that have risen as a result of the pandemic.
Gen Z is more likely to prefer employee benefits that create a more inclusive, social, and diverse workplace.
In recent times, the one-size-fits-all approach no longer works. Employees like provided with a set of benefits that suit their requirements and benefit them in the long term. Curating benefits package that meets your employees' individual needs is the best way to acquire, retain and create a loyal workforce
Today, each generation expects different things when it comes to employee benefits and perks but creating a tailored benefits package is not easy. Why not?
Batik helps employers find new possibilities and offer a benefits package that engages employees in the workplace the right way.
Employers can provide benefits that support their workforce’s well-being and give them job satisfaction with zero administrative burdens and a one-click approach.
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