The first step to creating a great culture with ample amounts of engagement is knowing your workforce. Currently, there are 5 generations in the workforce: Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z. Each has a unique management style and looks for different benefits from their company. Below is an overview of what each generation looks for and how to accommodate.
Traditionalists (1928 to 1945)
The three major benefits this generation looks for are retirement planning, healthcare, and flexible work policies. The name “Traditionalists” fits what they look for, traditional benefits and a stable future. With them being the closest generation to retirement they want an organization that will provide them with that security, an example would be a 401k match. Finally, this generation has also been part of the workforce the longest and is looking for some flexible work hours. They did their duty of working long workdays, now they want the opportunity to have a more lenient schedule. A great way to create this is by adding unlimited PTO, it comes at no cost and studies show employees use less of their PTO.
Baby Boomers (1946 to 1964)
Like Traditionalists, Baby Boomers are also looking for 401k Match, medical, dental, and vision coverage. This generation is also looking towards their near future of retirement so matching their 401k is key to pleasing this generation. Also, according to a study by Lockton, 73% of Baby Boomers have a primary care provider (PCP) and tend to value this relationship more than other generations. So covering their PCP visits in full would also be a much appreciated benefit.
Generation X (1965 to 1980)
Generation X looks for affordable healthcare coverage, hybrid work arrangements, professional development opportunities, salary increases, and work-life balance. This generation carries about 33% of the workforce, they are the core of the team. The pandemic and potential recession has really impacted this generation so having secure healthcare coverage, higher salaries, and flexible work – life arrangements is high priority.
Millennials (1981 to 1996)
Work-life balance, childcare benefits, flexible schedules, and wellness benefits are the desired benefits for millennials. Remember, they were the generation who were having children during the pandemic so they are either looking for that flexibility or would like to see childcare benefits, especially with the high cost of it recently. Additionally, maternity care is a priority for Millennials, as it accounts for 20% of their healthcare expenses, according to Lockton.
Generation Z (1997 to 2012)
Customization is key to this generation! Financial services, mental health coverage, and working with a socially responsible company are the biggest priority. This generation is the largest impacted by the skyrocketing cost of college, so student loan forgiveness and any financial services is high priority. On another note, this generation reports that only 45% believe that they have good mental health. Studies show they have the highest cases of depression, anxiety, and stress. Because of these large numbers, this generation is looking for mental health coverage such as virtual mental health or covered therapy sessions.
While this may seem overwhelming for your HR team to accommodate each need for every generation, with a self-funded plan you can build a flexible plan design. Also, implementing a 401k plan, unlimited PTO, or virtual mental health, comes at little to no cost to you as an employer. The importance of doing this for your employees is key to their personal growth because they must learn how to work with different types of people, but it is also great for your company in general. Below are six reasons why age diversity is key to creating a successful company;
- Age Diversity improves importance
- It can reduce turnover
- It drives innovation
- It offers a variety of skillsets
- It provides traditional business skills
- It offers a mentorship platform
Schedule a meeting with me! – Eleanor Schroeder