EMPLOYERS: Serving a wide range of generations

October 3, 2022

2 minute read – 5 generations now make up our employee teams. What are employers seeing and doing to navigate these waters, and win?

Multiple Generations Key to Success:

Employers of all sizes are now saying a multi-generational workforce is “critical” to being competitive in the 21st century. “A generationally diverse team allows organizations to leverage various perspectives for greater creativity and innovation.” Awareness of generational differences can assist leaders in developing strategies that attract and retain members of each group, contributing to competitive advantage.

Corporate performance increases dramatically when one generation understands the other and leadership is a servant to [employee] needs.  Think about it, some still are operating in a management world invented in the late 1800s. Today’s workforce is looking for leadership and guidance in crucial areas. There’s differences in their needs, particularly around benefits—those that are personal and relevant to each generation. There are a lot of people who are not ready or willing to downsize.

While experts vary in their assessment of employee benefits needs by generation, Bea Bourne, of Purdue University Global, provides a basic breakdown:

  • Traditionalists: Medical, dental, vision and life insurance
  • Baby Boomers: Medical, dental, vision, life insurance, 401(k), retirement planning
  • Generation X: Health insurance, flexible work hours, child care, financial protection, telemedicine, wellness and financial well-being, and work/life balance programs
  • Millennials: Health and legal insurance, student-loan repayment benefits, flexible work hours, telecommuting, maternity care, personalized benefits that meet age and individual circumstances
  • Generation Z’ers: Health insurance, flexible paid time off, tuition reimbursement, pet and accident insurance, benefits that support well-being including customizable mental health, employee assistance, and career growth and development programs

There are a lot of people who were retired who made their way back into the workforce for a multitude of reasons. Some are financially driven, especially now (Fall 2022). Some want to continue to be active and bring value to the marketplace. And then there are those employers creating offers some just can not ignore, like short vesting scheduled non-qualified deferred compensation plans.

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