Why you should be tailoring your employee benefits to each generation

Look around your office. Is everyone the same age? Does everyone have children? What stage is everyone at in their career? What are their hobbies and interests? 

Even in the smallest offices, it’s obvious that no two people are exactly alike. For this reason, taking a one-size-fits-all approach to employee benefits just isn’t going to work. Taking the time to get to know your workforce and find out what makes them tick will pay huge dividends.

Birds of a feather flock together

While everyone’s different, in our experience administering employee benefits packages, we’ve noticed that quite often people of the same generation or experiencing the same lifestyle trigger (buying a house, getting married, having children…things that don’t necessarily follow age…) tend to go for similar benefits.

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How can I tailor my benefits?

Get to know your workforce!

> How old are they?

> How many of them have dependents?

> Do they have a lot of disposable income?

> What do they value most?

> What are their worries?

> Are they comfortable with technology?

To help you get started, I’ve highlighted a few of the main considerations and priorities of the four generations who are still in work:

Baby boomers – 1945-1960

> May need to work into retirement to sustain their desired standard of living

> Their focus is on phased retirement; think part-time roles, non-exec roles and mentoring roles

> Biggest users of financial planning

> Biggest using of education services

> Along with Generation X, they are biggest users of wellness initiatives

Generation X – 1961-1980

> Career active

> Biggest users of flexible working due to raising families

> Value the chance to be part of community volunteer programs

> Biggest users of career development services

> Along with Baby Boomers, they are the biggest users of wellness initiatives - yoga, fitness etc

Millennials/Generation Y – 1981-1995

> Along with baby boomers, they are the biggest users of flexible working

> Appreciate mentoring services

> Value a good work-life balance

> Relish the chance for overseas assignments above financial rewards

> More loyal when they feel supported, appreciated and part of a team

> According to Anthem, 35% of millennials have turned down job offers because they were dissatisfied with the benefits, compared to 27% of all other age categories

Generation Z – Born after 1995

(Generation Z will share a lot of needs with Millennials as well as the following)

> They have the most global awareness

> Will value flexible working to allow them to study

> Will want to access benefits through apps and easy-to-use online platforms

> Are used to technology providing immediate, consistent communication without regard for distance

Okay, so what are the next steps?

> Make sure you ask your employee benefits provider what packages they can offer you. They’re the experts and should be able to suggest a great tailored bundle

> According to Investors in People, 44% of employees said that good benefits were a main consideration when choosing a new employer. So be sure to mention them in your recruitment ads. This rarely gets addressed in job ads but it can quickly set you apart from the competition

> Whilst it’s important to remember that, while generational differences will give you a flavour for the kinds of things that will work, there’s no substitute for good old fashioned feedback. So, even once your tailored benefits are up and running, ask your employees for feedback to ensure you’ve got it right. They’re your quickest and easiest way of measuring your ROI

> Challenge yourself to review your benefits every few months, and don’t be afraid to change anything that isn’t working, as well as building on whatever’s performing well.

Want to know more?

Our employee benefits packages are hugely varied - you can pick and choose as few or as many as you want, as well as build upon them over time - allowing you to truly tailor your offering to your employees’ needs.

Sources:

https://www.recruiter.com/i/what-each-generation-wants-from-employers/

https://www.worldatwork.org/waw/adimLink?id=28411