Employee benefits are becoming increasingly important. Instead of simply looking at the salary, both prospective and current employees look for meaningful benefits for working at a certain company. Offering benefits to employees can thus boost the acquisition and retention of talent.
But, what benefits are the most attractive? Firstly, you must consider the fact that there are four generations in the workforce currently, all of whom will have different definitions of what is meaningful to them.
So, without further ado, let us take a look at the most meaningful employee benefits for each generation.
Baby Boomers are the oldest generation in the workforce – but this does not mean they should be counted out. With the most amount of experience in their industries, it’s essential to keep Boomers around to train the next generations.
The best way to reward Boomers is to protect them financially after they have to leave your employ. This means paying that little bit extra into their retirement fund or pension pot.
Whilst they still work for you, though, Boomers will undoubtedly value health insurance and family friendly working hours, too.
In the UK, people aged 45 to 54 are the most likely to have life insurance, with 28% of respondents already holding a policy. Due to this, it is a reasonable assumption to make that Generation X highly value having an active life insurance policy.
Thus, Generation X would particularly benefit from employee life insurance. As this is taken out by the business for the entire group, it can often be significantly cheaper than individual life insurance policies. In this sense, not only will you offer Generation X a meaningful benefit, but you will also save them money in the process.
Despite their bad rep, Millennials word hard – and so greatly value a healthy work-life balance. In fact, 83% of Millennials cite work-life balance to be the most important consideration when applying for a job.
It goes without saying, then, that the benefits Millennials value the most will assist them in finding a better work-life balance. This includes flexible working practices, such as flexi time and hybrid office models, as well as a living wage, career stability, and paid time off.
Similarly to Millennials, Gen Z also look for flexibility in their workplace. However, whereas Millennials also look at long-term career growth, Gen Z are more focussed on the little things that help the here and now.
Meaningful benefits for Gen Z employees include flexible working hours, remote working opportunities, and paid time off, like their older siblings. They also value things like free parking, free tea and coffee, free fruit (or cake!) in the office, and a casual dress code.
In addition to this, Gen Z really value, well, values! They want to feel like they are contributing to a just cause that can make a real difference in the world. They also prefer to work in places that have a community feeling – and one which encourages collaboration.
Consider a benefits package that is multigeneration
As you can see, each generation thinks about slightly different things when it comes to “meaningful” benefits – there is, however, some overlap. So, it is important to offer multigeneration benefits that meet the values of all your employees, regardless of age.