How to update your benefits offering so that it appeals to a multi-generational workforce
Baby Boomers
Don’t just assume that online benefits are a no go when it comes to your older workers. While Boomers may not be tech natives like Generation Z, or even as tech savvy as Millennials, they are catching up. The key when it comes to older workers is face-to-face implementation of new products and services, allowing them the time to learn and ask questions.
Older workers are eager to learn new skills, and research from MetLife Mature Market Institute and the Center for Brain Health at the University of Texas, called Healthy Brain, Healthy Decisions: The MetLife Study of Decision-Making Potential (2013), suggests that they may have superior study habits and make mistakes less frequently than your younger employees. So why not offer workshops to help your Boomer employees discuss the usage of online pension programmes, or any of the other digital benefits you currently provide.
Generation X
Generation X are often seen as slackers by the Boomers in the workforce, however, just because they spend less time in the office, doesn’t mean that they are doing less work. Your Gen Xers crave the ability to work remotely, as many of them fall into the dreaded “sandwich generation”, meaning that they are caring for both their young and elderly relatives. Generation X are excellent when it comes to knowing how to focus and what to focus on, so there is little danger of them not providing results no matter where they are based.
Millennials
Millennials enjoy being at work and feeling valued. As an individual’s hard work is usually first recognised by a team member rather than management, a peer-to-peer reward and recognition programme could be your key to increasing millennial engagement. There can sometimes be nervousness around introducing a peer-to-peer recognition scheme, but there really shouldn’t be. A good system will send all peer-to-peer awards via HR to ensure that it is not open to abuse.
Generation Z
Being passionate about your job or the company you work for is important, but it isn’t the be all and end all for Gen Z employees. Adecco’s Way to Work survey (2018) shows that Gen Z students who were about to finish university prioritised financial stability above finding their dream job. This is an important factor to remember when trying to motivate Gen Z employees, but it doesn’t mean that you have to offer the highest pay-cheque.
The implementation of a financial wellbeing programme is key when it comes to engaging Gen Z employees, consider offering access to fair value loans and an employee assistance programme service to help increase their feelings of financial security.
Diversity is key to a productive workforce. Utilising the benefits of their differing outlooks will help inspire fresh ways of thinking within your organisation, so it is crucial to keep everyone engaged and productive. While the tips here will help form the outline for your benefits offering, make sure you are actively checking what your workers really want. Consider using pulse surveys, or nominating employee representatives to meet and discuss the varied needs of your multi-gen workers.
This article was provided by Personal Group.
Personal Group is sponsoring REBA's Employee Wellbeing Congress 2018, which is being held on 5 July in London.
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