How to Craft Employee Benefits Plans for a Multi-Generational Workforce

This article discusses the importance of crafting employee benefits plans for a multi-generational workforce. There are five generations in the workforce today, including Traditionalists, Baby Boomers, Gen Xers, Millennials, and Gen Z. Each generation has different expectations about work, life, and benefits. A good benefits package is one of the best ways to drive engagement and retention. According to Pew, 43% of departing employees say benefits (or the lack of benefits) was one of the reasons they quit. This article provides a summary of the benefits that each generational cohort may want. The Silent Generation values pension plans and formal employee recognition programs, while Baby Boomers focus on traditional benefits like health, dental, vision, and life insurance. Gen Xers prefer telecommuting and flexible time off, company-paid training, and development opportunities. Millennials place an emphasis on producing meaningful work, finding a creative outlet, and having a preference for immediate feedback. This article provides a comprehensive guide to help employers meet the needs of employees in each generation.