In workplaces today it is possible to have up to four generations of workers handling jobs within an organization. That’s people in many different stages of the lifecycle. Workplace priorities and expectations will be different for each of these generations as their formative experiences have impacted their development in various ways.
The generations are often grouped into four categories. The Veterans or The Matures, those born before 1945, some of who experienced the Great Depression and the war. The Baby Boomers were born 1945-1964, they had the Vietnam War and Watergate, but in general enjoyed more prosperity. The Generation X individuals born 1965-1980 become the first group to experience technology in new ways such as VCRs, microwaves, and personal computers early on in life. Lastly, Generation Y or Millenniums born 1980-2000 have never known a world without computers and access to information 24/7.
Now comes the challenging part for companies – how do you provide meaningful benefits and motivate everyone within such a diverse age range? Employee benefits have definitely become a more mindful exercise for human resource professionals. Initial acknowledgement is important that with four generations of workers not only will their formative experiences come into play, but also that they will value training, childcare services, retirement benefits, healthcare options, financial planning and other voluntary benefits based on their current needs.
Studies are showing that consideration of these varying needs and wants doesn’t mean that these groups have to be completely segmented in terms of benefit offerings or motivational approaches. Core benefits like health insurance, 401Ks, and life insurance are valued by every generation of worker. Companies can bring differentiation in through their voluntary benefit options.
For example, Generation Xers are often in the child-rearing stages and looking for financial planning and protection. While seminars for savings may be more heavily attended by this generation of worker it should be offered to all employees. The reason being that Generation Y continues to be increasingly interested in long-term planning. Such is the case for health screenings. The emphasis on participation should be encouraged across generations, tailored to the younger employees by providing relevant tests that can help highlight risks of developing conditions vs. tests that find existing conditions.
Flexible benefit offerings can help companies accommodate different generational needs in a number of ways. Employers should spend some time getting to know their employees so as to implement the right motivational and benefits approach that will result in the best outcomes. The bottom line is employees of all ages continue to look to their workplace for help in managing their overall health and financial wellbeing and organizations that want to be successful will be there for them.
Source: Employee Benefits. Age Difference. 10/2015. PP6-8.
