How to support a multi-generational workforce with relevant reward and benefits

A successful reward and benefits offering is broad and scalable enough to provide value to every worker, at each point in their career journey.

To maximise the support delivered through the lifetime of an employee value proposition (EVP), companies first need to understand their employee demographic.

Only then can they plan a reward and benefits package to satisfy everyone’s needs.

How many workers do we have under 24, living for the here and now? Or 30- and 40-somethings for whom every penny counts on mortgages, car finance and childcare?

How many of our staff have reached an age where they have more disposable cash, but where health and long-term finances are more important, or where they are starting to contemplate retirement and the financial and legal frameworks that requires?

Here are some key considerations:

Everyday savings

Everyday savings and rewards and recognition schemes are highly effective benefits that resonate across all age groups.

Discount platforms that offer savings on groceries, fuel, travel, and high street retailers help employees of all ages manage the rising cost of living, making their take-home pay go further.

For younger workers, discounts and cashback offers provide immediate financial relief and support budgeting, while for midlife employees managing households, the savings add up significantly over time.

Older employees may particularly value discounts on leisure, travel, or health services as they plan for retirement or look to enjoy more life outside work.

Complimenting this, R&R programmes boost morale and engagement at every career stage, recognising early-career achievements, rewarding loyalty, and celebrating long service.

Work-life balance and flexibility

Work-life balance and flexibility are essential for supporting a multigenerational workforce, as different age groups often have varying personal responsibilities and priorities outside of work.

Younger employees may value flexible hours to pursue further study, hobbies, or travel, while those in midlife are often balancing work with childcare or caring for elderly relatives, making flexible start and finish times or remote working particularly beneficial.

Older employees may prefer reduced hours or phased retirement options as they transition towards the next stage of life.

By offering a range of flexible working arrangements, such as hybrid working, compressed hours, job sharing, and carers’ leave, employers can create a more inclusive and supportive environment that respects individual needs and promotes wellbeing across all age groups.

Group insurance

Group insurance benefits, such as life insurance, income protection, and critical illness cover, are valuable across all employee demographics because they provide a financial safety net that supports different life stages and circumstances.

For younger employees, these benefits offer essential protection as they start to build financial independence or support young families.

Mid-career employees often have significant financial commitments such as mortgages or caring for dependents, making income protection and life cover particularly relevant.

For older employees, critical illness cover, and life insurance can offer peace of mind as they approach retirement.

Because group insurance is often more affordable and accessible than individual policies, it ensures that all employees, regardless of age, salary level, or personal health history, have access to meaningful protection, helping to reduce financial stress and promote long-term wellbeing

Cash plans – built-in support

Health cash plans are a practical and inclusive benefit that offer value to employees across all generations.

By reimbursing everyday healthcare costs, such as dental treatment, eye tests, physiotherapy, and prescription charges, they provide affordable access to essential services that support both physical and financial wellbeing.

Younger employees might use cash plans to help cover the cost of routine dental care or new glasses, while mid-life staff may make use of physiotherapy or specialist consultations to manage health alongside busy work and family lives.

For older employees, cash plans can help ease the cost of maintaining good health as they approach retirement.

Many cash plans now include digital add-ons such as virtual GP appointments, mental health support, and health and wellbeing apps, offering convenient, on-demand access to care that suits the needs and lifestyles of a modern, diverse workforce.

Financial support and advice

Financial advice benefits are valuable to employees of all ages, providing tailored support that reflects the different financial priorities across generations.

Younger employees often benefit from guidance on budgeting, managing debt, and building their first savings or pension pots.

Mid-career staff may seek advice on more complex issues such as mortgage planning, balancing family finances, or long-term savings goals.

Older employees are likely to be focused on retirement planning, pension options, and making the most of their existing assets.

Providing access to impartial, professional financial advice - whether through one-to-one sessions, digital tools, or webinars - helps employees make informed decisions, reduces financial stress, and builds confidence in managing money.

By supporting financial literacy and planning across all life stages, employers demonstrate a genuine commitment to their workforce’s long-term wellbeing.

Embracing digital

With a more dispersed workforce, posters and leaflets around the office and a few sporadic emails no longer constitutes ‘engagement’ when it comes to benefits.

Strong HR tech now provides a secure and simple way for companies to house their benefits for all their workers, improving fairness and equity.

The best smartphone HR apps now offer this kind of convergence 24/7, with the in-built ability to measure engagement, and also boost it by communicating in a personalised way with staff, by push notification, email or message.

Reward and benefits should no longer be seen as a list of standalone, unconnected items.

They can now be created and curated to provide maximum value to workers while also underpinning an organisation’s values and purpose.

Spelling all of that out as part of an effective EVP can position you as an employer of choice for staff of all ages.