Gauging Benefits Across Generations
Why employee perks should be personalized for each generation.
So you have a team in place that you think will move your company into the future. From the executive boardroom to the entry-level talent, you know that these are the right professionals for your organization.
Now how do you plan to keep them? More employers are going farther than ever to keep their top performers engaged, passionate and focused on moving up internally. But one-size-fits-all benefits may not be the way to go if you want to keep people happy at all levels. Baby Boomers, Millennials and Gen Xers all value different perks – below are just a few of the benefits that will keep each generation happy and away from job hunting.
With many baby boomers quickly approaching retirement, benefits that meet their needs could be the difference between your leadership leaving early and having them there to pave the way for your next wave of talent. Boomers have a lot going on in their pre-retirement years, with grandkids, vacation plans and hobbies taking up more of their time. By creating part-time or flexible schedules for this group, you can let them explore outside interests while leveraging their knowledge and experience longer.
Boomers may want to pursue other areas within your walls too. More people than ever are pursuing a career second acts later in life. You may want to approach your senior employees with opportunities to pursue additional interests within your company while still performing their role part-time. This keeps people interested and learning even at a later stage of their career.
While Baby Boomers want more time away from their jobs, Gen Xers just want to make a big difference in the positions they’re in. Over half of this generation says they are engaged in their work, that’s nearly double that of Millennials and Baby Boomers. 50% also said that they would choose a job based on their ability to make a meaningful difference in the company. To keep this group happy, make sure they’re engaged and conscious of how they can move up the ladder. Show them the career opportunities that await them and pile on the responsibility as long as recognition follows. Financial stability and company culture are also important factors, but are far behind making a meaningful contribution.
I’m sure you’ve heard about the crazy benefits being offered to Millennials these days, from nap rooms to arcades and pets at work, it seems like the more ridiculous the better. But what Millennials really want is really much simpler. The youngest generation is used to getting what they want, so providing choices in their benefits makes them feel like they’re more in control of their own careers. Offering different options like a work-from-home day per week or an extra week of vacation will let your employees personalize their benefits package and stay happier because they had a choice in the matter.
Besides choices, millennials also want feedback. More touch bases and reviews help reassure and shape a younger generation that’s more used to getting approval from superiors. This new generation of employees are more hard-working and driven than people give them credit for, but they’d rather make sure they’re performing up to expectations than just be left alone to do their work.
Now that you know what each group is looking for, it’s time to start implementing more customized benefits plans to fend off a talent drain in your company. A blanket set of benefits may no longer be the best way to keep people happy, and employee happiness is now more important to keeping talent than ever before. From early retirement to frequent job changes, businesses are struggling more than ever to train and promote top talent within their organization. By having the right benefits, you can put yourself in a better position with not only your top executives, but also the people who will take their place one day.