How to tailor employee benefits to a multi-generational workforce
In recent years, workforces in the UK are becoming increasingly multi-generational, multi-location and encompassing wider diversity than ever before. That’s why it’s so important for you to not only think about the types of benefits you will need to offer, but also how these benefits will suit the different demographics of your workforce.
When it comes to employee benefits, it’s never “one-size-fits-all”. Not every employee will require or be interested in every benefit scheme or initiative. In fact, according to research by build-to-rent organisation Get Living, 73 per cent of employees said they wanted a more tailored benefits package.
Respond to the needs of a changing workforce
It has been predicted that, from 2010 to 2030, England's population of people aged over 50 will have increased by 51 per cent. As an employer, you’ll need to factor in the nuances of each age group and the benefits they’re more likely to sign up for.
For example, younger employees may be less interested in health insurance initiatives, but employees aged 50 plus may be more interested in health or retirement-related schemes. A benefits platform can often allow you to pick and choose which schemes and initiatives to offer and allocate these to different employees.
Analyse your employee benefit uptake
Do you know who uses your employee benefits? In order to tailor benefits to suit your workforce, it’s important to have data on which demographics use which initiatives.
Many platforms offer a reporting feature, which can give you an insight into your audience. You can then use this knowledge to structure your communications with employees regarding the schemes that are available to them.
Digitise your employee benefits package
Getting your employee benefits in line with multi-generational needs is more important than ever, with Generation Z about to join the workforce. Luckily, a digital employee benefits platform can make this process easier for you, streamlining the benefits process and hosting your schemes and initiatives all in one place.
Although there are a sizeable number of benefit platform providers in the market offering a range of services, it’s important to know there’s a significant diversity in cost. However, even if you have a large number of employees, implementing or switching your benefits platform doesn’t have to break the bank – and with cost effective platforms available on the market, what’s stopping you?
This article is provided by Busy Bees Benefits.
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