Millennials now outrank baby boomers as the dominant generation in the workforce. Gen X represents a smaller portion than those two, and Gen Y will be entering the workforce soon. With each generation seeking a different mix of benefits, how can brokers help clients build benefits packages for recruitment and retention success?
A recent article by Aldor Delp in Employee Benefit Adviser provides four insights advisers should keep in mind as they counsel clients on matching benefits with the specific needs of their workforce.
Financial wellness transcends generations. A report from ADP found a growing number of employers are interested in financial wellness programs to aid in recruitment and retention and also to have a positive impact on the company’s bottom line. A SHRM Study found that 47 percent of HR professionals said personal financial challenges impact an employee’s ability to focus and half said it impacts an employee’s overall stress.
Flexibility is important to millennial workers. A PwC study reports that 95 percent of millennials said work/life balance is important to them. They want more control over their personal and work schedules.
Business owners should consider a broader approach to time off. Many companies have introduced unlimited vacation programs. Merging all time off into one paid time off program can give employees more choice. It also increases satisfaction among employees seeking greater flexibility.
Voluntary benefits can help control costs. Voluntary benefit programs, such as home and auto insurance, employee purchase and discount programs, allow employers to appeal to everyone regardless of generation.