Supporting a multigenerational workforce takes relevant rewards and benefits
A multigenerational workforce is unavoidable, and with Gen Alpha around the corner and people staying at work longer, we could find examples of six generations in the same workplace.
A diverse multigenerational workforce brings together different perspectives, abilities and knowledge to fuel creation and innovation.
A diverse workforce isn’t without challenges and making benefits and employee rewards appeal to all requires a carefully planned strategy.
Understanding the multigenerational workforce
In its blog, Bridging the Generational Divide in the Workplace, Pluxee UK gives an overview of the common characteristics of each generation, which is vital to understanding their needs.
One vital thing to remember, especially regarding financial wellbeing benefits, is that Gen Z employees will be in a very different place from Boomers, Gen X, and Millennials, and so will their priorities.
Tailored reward and benefits packages
A one-size-fits-all approach won’t work, yet you need to make the opportunities you provide available to everyone to be inclusive.
You can easily customise financial education, making it available to all and meeting different needs.
For example, those entering the workforce fresh from education may have student loans and debt to repay, impacting how far their salaries stretch.
Budgeting and money management tips and tricks will help this generation adopt good financial habits.
In comparison, education for older generations is more likely to focus on retirement planning, investments and how to maximise what they already have.
You’re offering the same financial benefit to all but customising the content and context to meet multi-generational needs.
Financial wellbeing benefits
Whether just starting out or considering retiring, all employees face rising living costs and will appreciate the chance to stretch their salaries further.
Whether they use that extra money to get more from life in the moment or to set funds aside for the future, employee benefits like discounts and cashback cards give all employees the same opportunity to become financially resilient.
Mental and physical wellbeing benefits
It’s not just a matter of money.
What employees need from other wellbeing benefits may differ, too.
Psychologists have dubbed Gen Z ‘Generation Anxiety’, with social and societal changes leading to more cases of depression.
Still, unlike older generations who still carry the burden of the inherited ‘stiff upper lip’, Gen Z are more likely to speak out about their mental health.
Then there are Millennials, who make up the vast majority of working parents, facing further mental and financial challenges.
As Pluxee UK shares in its guide, Families that Thrive, 34% of working parents say childcare costs have prevented them from saving for the future and 86% of single parents found that anxiety interferes with their day-to-day life.
Ensuring you offer relevant employee benefits goes beyond understanding the generations. It requires knowledge about individual needs.
Reward strategies for each generation
One thing each generation has in common is that they’re human beings, and while different, the fundamentals of reward psychology apply to all.
Your reward and recognition strategy can help retain top talent, improve performance, increase employee engagement, and boost morale and motivation, so meeting multi-generational needs is vital.
Based on analysis conducted on each generation, here’s what they’re likely to prioritise:
- Baby Boomers: Focus on financial security, retirement plans and health.
- Gen X: Balance of family support, career growth, and flexibility.
- Millennials: Emphasis on work-life balance and development opportunities.
- Gen Z: Social responsibility, flexibility, and career advancement.
With this summary (though generic) in mind, you could argue that Baby Boomers and Gen X are more likely to prefer cash rewards.
Millennials might want you to reward them with extra time off and development opportunities.
Likewise, Gen Z is eager to advance and do good, so one possible reward could be funding them to participate in volunteering.
The key to getting the strategy right is choice and inclusivity.
Give each employee the same opportunity but with the flexibility around how they engage with it.
Each generation and individual within that generation has different needs, interests and priorities, and employee satisfaction relies on each feeling like they belong with and feel valued by your business.
Supplied by REBA Associate Member, Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
