How to use a benefits platform to build a multi-generational approach to rewards
Finding out what motivates each generational group, and what their key priorities are, is the best way to appeal to the diverse needs of a workforce. Although some benefits are universally appreciated – for example, flexible working hours – there are plenty that are destined to go unused if targeted at the wrong age group.
Millennials
Born between the early 1980s and mid-1990s, these employees tend to still be relatively care-free, and have less responsibilities than the older generations. Known for being tech-savvy and used to being able to immediately access information, quick wins such as vouchers offer instant rewards for a job well done.
Millennials also tend to have less disposable income, especially if they have just entered the workplace, so schemes that help them to save money where they can, such as subsided gym memberships, are likely to be warmly received.
Despite the ‘lazy’ label often given to the Millennial generation, almost a third expect that they will be working past the age of 70. Due to this, they tend to be incredibly focused on developing their skills and furthering their knowledge. 91 per cent of Millennials see career progression as a top priority, so consider offering career development opportunities, such as training courses, to demonstrate an investment their future.
Generation X
These workers, who were born between the mid-70s and early 80s, are in the busiest stage of their lives, juggling their careers, children, financial responsibilities, and possibly caring for elderly parents. In spite of their out of work commitments, they have a strong work ethic and strive to maintain a good work-life balance.
Traditional monetary perks, such as bonuses, are also popular with a Generation X workforce, as financial security is a major priority. As family commitments and healthcare costs tend to be among their main concerns, consider offering a health cash plan that offers cover for their whole family, including children and elderly parents.
Access to flexible working hours will be particularly well-received for those with dependents, especially as unexpected circumstances – such as a child being ill – are more likely to occur. Offering days off work as a reward can also be a great incentive, as time is usually in short supply for Generation X employees.
Baby Boomers
Employees who were born between the mid-1940s and mid-1960s, are working towards retirement, but due to the uncertain economy, many are aware that they may have to work past the typical retirement age. As such, phased retirement schemes and a strong retirement plan will help provide peace of mind. As a group, they are more concerned about healthcare, so a comprehensive health cash plan will ease financial pressures and be a strong motivator for your Baby Boomer workers.
The Baby Boomer generation tends to be ambitious and goal-oriented, who value recognition and professional development, so much like their Generation X counterparts, traditional rewards such as bonuses will go a long way.
If you’re hoping to use your employee benefits to retain employees and attract new talent, offering tailored packages aimed at all different career stages – or a benefit such as a Health Cash Plan, where employees can choose specific benefits that suit their needs – will go a long way to making your employees feel appreciated.
This article is provided by Health Shield.
References
- Manpower Group, Millennial Careers: 2020 vision (2018)
- Robert Walters, Attracting and Retaining Millennial Professionals (2016)
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