Satisfy The Needs Of Your Multi-Generational Workforce
How to select benefit options that make the most sense for individual needs
Posted on 03-22-2018, Read Time: Min
Share:
For the first time, the American workplace has as many as five generations working side-by-side. This includes Traditionalists/The Silent Generation, Baby Boomers, Generation X, Millennials/Generation Y, and Generation Z.
Source: Bentley University, Multi-Generational Impacts on the Workplace, 2017
Countless published works have illustrated the vast differences from one generation to another, detailing their varying skill sets, work ethics, expectations, and priorities, among other things. Companies must be mindful of these differences, especially when it comes down to what these different generations value in a job. For example:
So, the question is, are organizations prepared to engage their diverse, multi-generational workforces?
According to recent reports, engagement is already an issue in today’s workplace—in fact, more than 70% of employees are disengaged.3 And while 85% of companies rank engagement as a top priority, only 46% believe they are prepared to address engagement challenges.4
To successfully engage all generations, companies must move away from their archaic homogenous human capital management models. There is no longer a one-size-fits-all solution for talent management. Instead, organizations must provide robust benefits packages that empower employees to choose benefits that hold value for them.
To ensure you are able to attract and retain a multi-generational workforce, offer your company’s benefits packages with the following options:
| Traditionalists / The Silent Generation |
Baby Boomers | Generation X | Millennials/Generation Y | Generation Z |
| Born: 1928 – 1945 Age: 71 – 89 2% of U.S. Labor Force |
Born: 1946 – 1964 Age: 53 – 70 29% of U.S. Labor Force |
Born: 1965 – 1980 Age: 37 – 52 34% of U.S. Labor Force |
Born: 1981 – 1997 Age: 19 – 36 34% of U.S. Labor Force |
Born: 1998 – Present Age: 0 – 18 1% of U.S. Labor Force |
Source: Bentley University, Multi-Generational Impacts on the Workplace, 2017
Countless published works have illustrated the vast differences from one generation to another, detailing their varying skill sets, work ethics, expectations, and priorities, among other things. Companies must be mindful of these differences, especially when it comes down to what these different generations value in a job. For example:
- Baby Boomers value salary level, health insurance, and a retirement plan.1
- Generation Xers place importance on salary level, a 401k plan, and opportunities for work-life balance.
- Millennials value robust benefits choices, ability to work remotely, and greater flexibility.1
- Generation Z’s upbringing during the recession, student debt, and rising healthcare costs have significantly influenced what they value in a workplace.2
So, the question is, are organizations prepared to engage their diverse, multi-generational workforces?
According to recent reports, engagement is already an issue in today’s workplace—in fact, more than 70% of employees are disengaged.3 And while 85% of companies rank engagement as a top priority, only 46% believe they are prepared to address engagement challenges.4
To successfully engage all generations, companies must move away from their archaic homogenous human capital management models. There is no longer a one-size-fits-all solution for talent management. Instead, organizations must provide robust benefits packages that empower employees to choose benefits that hold value for them.
To ensure you are able to attract and retain a multi-generational workforce, offer your company’s benefits packages with the following options:
- Traditional Benefits: At the very least, your organization should offer the basic core benefits such as health insurance, paid time off, and retirement plans. Accessibility to these traditional benefit options will be appreciated by Generation Xers and Baby Boomers, who value core benefits more than younger generations.5
- Voluntary Benefits: Voluntary benefits allow employees to select benefits that make sense to their individual needs, and are preferred by younger generations more than Generation Xers or Baby Boomers. Common voluntary benefit options include life insurance, accident insurance, and critical illness insurance—but to satisfy the needs of a multi-generational workforce, employers should offer diverse voluntary options such as personal financial planning, pet insurance, and legal insurance. For instance, to appeal to Millennials and Generation Zers, an increasing number of employers are offering student debt repayment assistance as a voluntary benefit.
- Flexible Benefits: To attract and retain talent, organizations must provide benefits that fulfill their employees’ desire for a better work-life balance. According to a 2017 study, 74% of employees said they would be more loyal to their company if they had the ability to adjust their workday hours as necessary—and 75% said they would be more likely to accept a job with a new employer that offered flextime.6 In the same study, 66% of employees said they would be more loyal to their company if they had the ability to work from home or from a remote location, and 64% said they would be more likely to accept a job with a new employer who offered these options.7
Creating robust benefit packages sounds great for your workforce, but not so much for HR professionals. If the work involved with rolling out new benefit options seems daunting, consider human capital management (HCM) software to do the heavy lifting.
With the right HCM solution, benefits management is simple for both sides of the desk. Through a single, centralized platform, HR professionals can easily introduce robust benefits programs that allow your organization to compete for top talent—and the platform’s self-service functionality presents employees with an intuitive, consumer-style user interface to select the benefit options that make the most sense for their individual needs.
Learn more about Oracle Human Capital Management Cloud and how it can help satisfy your multi-generational workforce.
Notes
With the right HCM solution, benefits management is simple for both sides of the desk. Through a single, centralized platform, HR professionals can easily introduce robust benefits programs that allow your organization to compete for top talent—and the platform’s self-service functionality presents employees with an intuitive, consumer-style user interface to select the benefit options that make the most sense for their individual needs.
Learn more about Oracle Human Capital Management Cloud and how it can help satisfy your multi-generational workforce.
Notes
1 Glassdoor, Employee Benefits: What Each Generation Wants, 2016
2 Bentley University, Multi-Generational Impacts on the Workplace, 2017
3 Gallup, State of the American Workplace Report, 2017
4 Deloitte, Global Human Capital Trends, 2016
5 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
6 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
7 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
2 Bentley University, Multi-Generational Impacts on the Workplace, 2017
3 Gallup, State of the American Workplace Report, 2017
4 Deloitte, Global Human Capital Trends, 2016
5 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
6 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
7 MetLife, 15th Annual U.S. Employee Benefit Trends Study, 2017
Author Bio
|
Julie Zisman is the Head of North America SMB and CX Marketing at Oracle. She joined Oracle in August 2016 after serving in marketing leadership roles at Little Bird, Showpad and Tealeaf.
Connect Julie ZismanFollow @juliezisman |
Error: No such template "/CustomCode/topleader/category"!
