Providing Employee Benefits to a Multi-Generational Workforce
With the entrance of the first Gen Z-ers into the workforce, the world of employee benefits is changing. In addition to the shifts in regulations, employers now face the challenge of providing benefits packages that appeal to a multi-generational workforce. When determining how to incorporate benefits that span up to a five-generation workforce, take these 3 tips into consideration.
1. Leverage voluntary benefits
Voluntary benefits are those such as life, disability, critical illness, and accident coverage that is offered through an employer but paid partially (or solely) by workers through payroll deferral. These benefits allow employees to select and pay for the benefits that are most in-line with the priorities that their stage of life calls for.
2. Ask for input
The best way to know what your employees want is to ask. Playing a guessing game never works out well for either party in the end. The success of the benefits program depends on how well the employees (both current and potential) understand and take advantage of all its components. Say, for instance, your package focuses heavily on life insurance benefits, but only 30% of the workforce is taking advantage of it. Ultimately, you’d be losing a good chunk of money. It’s better to have clear communication of what is desired and expected of you as an employer before making any decisions.
3. Benchmark your benefits
The competition for exceptional talent in the workforce is fierce. One of the biggest factors in a candidate’s decision to take a job is the benefits that are offered. In fact, more than 35% of millennials have turned down a job offer because of inadequate benefits packages, and 80% of workers would keep a job with benefits rather than take one that offered more pay and no benefits. Benchmarking your benefits allows you to compare your benefits with your competitors so that you can stay updated on what is, and isn’t working in your industry.
Whether your workforce spans three generations or five generations, the importance of inclusive yet flexible employee benefits programs is vital to crafting a strong team. Interested in benchmarking your organization’s benefits? We’ve partnered with Milliman to offer you a Benefits Benchmarking Survey! Get started with a survey here.