With a workforce of over 437.2 million, India stands only second to China in terms of the working population. Changing work-life dynamics and lifestyle changes have brought us to a point where multiple generations are working together. The four generations that currently make up the Indian workforce can be primarily categorized as follows:
- Baby Boomers – born 1946 to 1964
- Generation Xers – born 1965 to 1980
- Millennial or Generation Y – born 1981 to 2000
- Generation Z – born from 2001 to present
However, with such a diverse workforce to manage, employers often face a challenge in catering to the needs of each employee.
Although some employers have learnt to accommodate each generation of employees by providing age-relevant benefits, a mass acceptance regarding the common provision of such age-related benefits seems to be missing.
So, let’s understand how aligning the benefits to cater to the needs of each generation can help improve employee satisfaction and boost employee productivity.
Employee Benefits That Baby Boomers Want
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 cover, 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 That Gen X Wants
Being born from 1965 to 1980, Gen X forms 36% of the global workforce and holds prime positions in several industries owing to 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.
However, as Gen X mostly comprises middle-aged employees, unlike baby boomers, they are not solely impressed by traditional healthcare and retirement savings plans. They prefer a more holistic employee benefits package that helps in their personal development, family well-being, and overall lifestyle enhancement.
Thus, they would be more inclined toward employee benefits that provide a better balance of work life, upskilling opportunities, vacations, retirement, and healthcare plans. Taking into account the vital and active role they play in the economy, it is essential to keep them satisfied and help them ensure that they can take care of themselves, their aging parents, as well as their families.
Employee Benefits That The Millennials Want
Globally, millennials form 42% of the global workforce. India has a population of over 440 million millennials who were born from 1981 to 2000 and are an active part of the workforce. Considering the rise in employment across the globe, they will soon form the majority of the workforce.
However, unlike the previous generations, the millennial population comprises youthful workers who are unlikely to be appeased by traditional benefits such as insurance plans, family care benefits, retirement savings, etc.
Since the majority of working millennials would be in their 20s and 30s, they are looking for benefits such as student loan benefit assistance, financial benefits, parental leave, a hybrid work environment, etc. which are some of the primary issues that they face in this age.
Further, owing to lifestyle changes, it is found that they are likely to be less healthy as they age as compared to Gen X. This has led most millennials to start valuing their health insurance.
Another benefit that an increasing number of millennials seek is the opportunity for career and self-development through upskilling to ensure that they remain at par with the market competition. These are some employee benefits that most millennials are beginning to seek from their employers.
Employee Benefits That Gen Z Wants
Born after 2001, Gen Z is the latest generation of people who have 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.
Having seen the issues of job security and health risks that the older generations faced during the pandemic, they would be more aware of the importance of healthcare and savings for an employee. Thus, they would learn to prioritize health and financial stability right over jobs that simply offer higher remuneration.
Gen Z is also aware of the advantages of a hybrid work environment and a flexible work schedule. Hence, they have emphasized it as a part of their employee benefits.
Another issue they face is the increasing health hazards as well as mental health problems that seem to have emerged with the advent of the pandemic. Gen Z would, as a result, be more focused on opting for a more inclusive, social, and diverse workplace where their emotional and mental needs are taken care of.
So, Gen Z is likely to prefer employee benefits that provide a good balance of the traditional benefits while accommodating newer issues that seem to have emerged in recent times.
In recent times, the conventional concept of ‘one size fits all’ has been replaced by more specialized benefits that cater to the needs of each generation. Employees like to be consulted and provided with a set of benefits that suit their requirements. Ultimately, the best way to acquire, retain and create a loyal workforce is by providing core generation-specific benefits with the option to choose benefits that meet their personal needs and uniquely address their requirements.
Batik is an employee benefits marketplace. We have built this on a mission to help employers elevate the benefits offered to employees. Batik allows employers to access benefits across various categories such as finance, insurance, gift cards, health, fitness, etc at exclusive prices that suit the needs of each generation. Employers can provide benefits with just one click and support their workforce’s well-being be it baby boomers, millennials, or Gen Z, with zero administrative burdens.
In simple words, Batik is like an Amazon marketplace.