Generation plays a significant role in the kinds of benefits employees choose, according to the Society for Human Resource Management. For example, millennials are often more comfortable with technology and may desire the ability to access their benefits information online or use the Internet to compare different options. They may also be less inclined to prioritize health insurance because they traditionally don't get sick very often. Gen Xers would rather save for the future through IRAs and other programs. Baby boomers generally want more health care, and Traditionalists want to maintain their health and retire when it becomes possible. Keeping these preferences in balance requires employers to effectively communicate all available options.
"Employers can help themselves and the young talent they employ by better communicating the perks of the Affordable Care Act," said Tracy Watts, senior partner at Mercer's, a health care company. "For one, young people can stay on their parents' health care plan until age 26, even if they have an offer of coverage through their employer."
Gen X on the other hand, has to deal with the issues of raising a family. They need health plans that support multiple dependents, and they also will need help with choices about how to best enable their children to thrive in today's challenging world. Baby boomers have already finished raising their children, so they often require more personal care. Their ideal benefits package is more like that of the traditionalist who is getting ready to retire.
The last group that is still working was born between the 1920s and the 1940s. These individuals are almost ready to be out of the workplace. Some of them are still employed because they can't afford to retire, and so they need help getting to a place of financial security while they have time to save money.
Apple's new HR benefits
Apple has begun providing extended HR benefits to employees, according to Business Management Daily. The company offers matching grants to charities, along with life insurance. Pregnant women have expanded maternity leave with additional time for new dads as well. There are also financial incentives for those who take continuing education courses.
These programs offer benefits to many different groups at once, allowing for a well-rounded package.
The ultimate goal of benefits is to provide a range of different services for each group that works for a company. When a business has all four of the current working generations in the same office, it becomes a greater challenge to offer competitive programs to everyone. Keep in mind that each group will need different kinds of training. So, one possible solution is to offer classes before or after work hours when people with certain interests, such as health care for families or retirement plans can meet together and listen to a benefits professional explain the different options that are there for them. This way, everyone gets the education they need.