Different Generations and Different Benefits in One Workplace
Today’s workplace spans four generations: Baby Boomers, Generation X, Millennials and Generation Z. Each generation has its own unique perspective, work ethic, and communication style. Each generation also has different needs and wants when it comes to things like employee recognition and benefits packages. There is no one-size-fits-all benefits package that will completely satisfy each generation of workers.
Here are the types of benefits each generation desires most:
1. Baby Boomers (1946-1961)
Baby Boomers are known for their strong work ethic and ability to work for long hours. They value a salary that increases based on a combination of years of experience and outstanding performance. They also desire health insurance and a retirement plan.
2. Generation X (1962-1977)
Generation Xers are result driven workers who seek job security. Like Baby Boomers, they value salary level and the opportunity to advance within their companies. However, Generation Xers like to have a balance between their work and personal lives.
3. Millennials (1978-1989)
According to the Society for Human Resources Management, Millennials are the least interested in benefits packages out of all of the generations. They value having choices and flexibility. Millennials like having the option to work remotely and the ability to control their own schedule.
4. Generation Z (1990 - )
Generation Zers have been tech savvy for the majority of their lives. Keeping this generation digitally connected and using the latest office technology is crucial. Health insurance is the least of their concern as they can stay on their parents’ policies until the age of 26. This generation desires to grow in both their communities and workplaces.
Employers can create flexible benefits packages for their employees that offer the same core benefits such as health insurance and a retirement plan. In addition to the core benefits, employers can offer benefit options such as paid time off and professional development opportunities. Employees can individually choose what additional benefits meet their needs. After all, offering enticing benefits that meet your employees’ needs is one of the critical components in retaining top talent.
How Hollis Companies Can Help
Now that you are aware you can offer customizable benefits packages to your employees, call us to discuss your options. With over 30 years of Employee Benefits experience, Hollis Companies can help you retain your top talent by offering your employees what they need and desire most. Call us today at (504) 828-6400, email us at email@example.com or visit our website at www.holliscompanies.com.