A Benefit Plan From A to Z

Most employers' workforce consists of Baby Boomers, Generation X, millennials, and Generation Z. These generations have different situations and benefit needs, so increasing numbers of employers are looking beyond a one-size-fits-all plan to multi-generational benefit plans.

Know Your Demographics

The first step in moving your company's benefit package toward a multigenerational offering is to know your workforce demographics and identify what generations have in common and their differences.

The University of North Carolina Kenan-Flagner Business School Guide to Leading the Multi- Generational Workforce identified these common values: success for the companies; a culture that encourages leaders to lead by example, be accessible, serve as a coach or mentor, challenge employees, and hold them accountable; to enable success in their careers; recognition of different life stages, and expectation of new and unanticipated challenges ahead.

Specific to benefits, a recent Forbes Advisor survey found that Gen Z, Gen X, and baby boomers all prioritize flexible work options, paid time off, and parental leave.

Communications and Feedback

Tailor communications for your audience. Make all communications clear and send it through multiple channels. Gen X, millennials, and Gen Z have grown up in a digital age of instant information. They prefer short, straightforward messages.

Solicit feedback throughout the year and act on it. Measure the benefits of using it over time and adjust your program accordingly.

Recognition and Teamwork

Motivate employees with incentives that matter to them. To create effective reward programs, consider what inspires (or turns off ) certain generations or individuals. Create programs that encourage generations to work together and to share knowledge. Let them know that sharing their knowledge is vital to the success of your organization. For more direction, review your benefits program regularly with your financial professional.