Crafting a benefits package that appeals to a multigenerational workforce

Employers and human resources professionals devote a lot of attention today to the needs of younger workers. For instance, chances are good that HR leaders and business administrators can find a wealth of material around attracting and supporting Millennial workers, as well as the next generations of professionals in Gen Z (people born between 1995 and 2000) and Generation Alpha (those born after 2000). Although putting effort into providing for these portions of the workforce in particular is certainly important and worthwhile, many organizations are not exclusively made up of Millennials, for example.

There are also certain needs to consider for older generations, including Generation X (those born between 1965 and 1980) as well as the Baby Boomer Generation (individuals born 1946-1964). As Forbes contributor Soulaima Gourani pointed out, there could be as many as seven generations within a single organization, encompassing young employees, as well as those around retirement age and beyond.

"Due to each generation having different viewpoints and expectations for their work, learning and knowledge sharing, not to mention the culture in their workplace, it can pose a challenge for managers and HR departments who are tasked with attracting, leading, motivating and retaining new generations," Gourani wrote.

One of the critical challenges here is creating a company benefits package that takes into account the needs of an array of different generations and age groups, and appeals to the entire workforce. While it's nearly impossible to please everyone, there are a few tips and best practices you can incorporate to improve your benefits package in the age of multigenerational workforces.

Support financial wellness and opportunities to advance 

A leading challenge for Millennials, Gen Z and younger workers is financial wellness. Many of these professionals are still paying off loans from higher education programs, and have yet to become fully financially stable on their own.

Compounding this issue is the fact that many younger employees move from job to job in the interest of higher page. A recent study found that the top reason Millennials leave a position was due to stagnant wage growth, HR Technologist reported.

In order to address these challenges and support the newer generations in the workforce, HR administrators should consider including financial wellness education and benefits in this area. Training around financial best practices and loan repayment benefits are especially attractive in the current HR landscape.

A back-up care program

As employers look to cater to a wider range worker generations, many are considering backup dependent care programs as a way to support individuals including new parents, adult children caring for elderly family members, those that provide care for disabled relatives and other family care responsibilities. As Care@Work contributor Patrick Ball noted, a backup care program can provide a safety net for employees with these family care needs, and ensure they have access to temporary care when regular caregivers are not available.

In this way, should a holiday or facility closure impact regular care arrangements, employees can leverage the backup care program to prevent missed work. One study even found that this benefit can lower workforce stress and boost productivity.

Select intuitive and easy-to-use benefits tools

Because employees of varying generations will have different levels of technical acumen, it's beneficial to choose digital tools that are easy to understand and use, and can support a streamlined user experience. Working with a trusted, licensed employee broker service provider like Triton can help ensure that you support the needs of your entire workforce, and that your health plans and HR technology match your needs. 

To find out more, connect with us at Triton Benefits & HR Solutions today

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