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Employee Benefits for a Multi-Gen Workforce

Benefits are ever-changing and the demands of a multi-generational workforce can put employers in a tough spot.

Small or large, company workforces can be a diverse mix of generations. To be able to keep great talent and recruit the best new hires, benefits teams should be prepared to offer the best possible packages. The trick comes when offerings must appeal to a wide variety of needs, from early-career goals to late-career financial planning.

 

Retain with Flexible Schedules and Retirement Innovation

Your employees have much in common. Boomers, Gen Xers and Millennials like a flexible schedule, whether it’s an office that’s remote-work friendly or one where workers can adjust their start and end times in order to drop off children at school or pick them up in the afternoon. They like work/life balance and want to be able to enjoy their downtime outside of regular office hours.

Don’t make assumptions based solely on an employee’s age. Younger hires aren’t all eager to find that next big job title — they actually want challenges and education so you can reward them with promotions based on great work. And you shouldn’t assume that your older employees are eagerly eyeing retirement, write the employment experts at Monster.com:

“For example, federal government agencies have been offering a phased retirement option to employees who wish to work part time. They draw part-time salary, take partial retirement benefits, and must spend 20 percent of their work time mentoring coworkers.”

 

Keep Benefits Interesting for Attracting New Hires

When asked about attracting millennials, one professional blogger notes you have to offer more than just a good paycheck.

“If someone is really good at what they do, they know they can make money,” writes Zak Johnson at Forbes. “One of the best ways to bring top talent to your company or business is to offer more than just a salary. This would include everything from ownership, shares, health benefits, travel compensation or anything else that might apply. Consider what your competition would offer, then do it better.”

With unemployment at a lowpoint, your HR team might be struggling to find that perfect candidate. It may come down to who stands out in the job market with the best benefits.

There are many recent innovations in the benefits realm, such as:

  • Partial or matched student loan repayments
  • Fitness and wellness stipends
  • Sabbaticals
  • Paid maternity and paternity leave
  • Paid caregiver leave
  • Unlimited PTO
  • Support for ongoing learning and career development
  • Volunteer time
  • Vendor discounts on services like cell phone packages or identity theft protection

 

Customize Your Benefits to Suit Your Employees

Benefits aren’t always one-size-fits-all, either; and a good consultant should be able to customize what you’re offering employees to suit everyone’s needs.

Shannon Jensen – Billings, MT

There are always new innovations in the benefits space that could mean the difference between keeping employees happy and leaving them wanting, notes Shannon Jensen, PayneWest benefit planning sales executive.

“We encourage you to talk to your benefits advocate, like the leaders here at PayneWest, when you’re planning your business’ benefits for the coming year,” Jensen said. “With our decades of experience, we can advise you on appropriate benefits for your specific workforce’s demographic, financial goals and interests.”

 

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