No Single Benefit Interests Every Age Group
Look around a typical workplace and you’re likely to see four generations of employees — Baby Boomers, Generation Xers, Millennials and Generation Zers.
With that much diversity, it stands to reason that each generation needs different benefits. The current worker drought also has also increased the importance of addressing employees’ needs, especially as they have become more particular about which jobs they think will give them security.
A study conducted by LIMRA and Ernst & Young found that employees across all generations view workplace insurance benefits as more valuable today than before the COVID–19 pandemic. Those most interested in benefits were millennials (47 percent), followed by Gen X (33 percent) Gen Z (29 percent) and baby boomers (24 percent).
So what do they each want in benefits? According to human resources experts, the main consideration is where each age group is in their careers.
Generation Z, born between 1997 – 2012, are just starting their careers, so professional development, such as mentorship and paid training programs, are highly prized. Health insurance and 401k plans also are valued.
Millennials, born between 1985 – 1996, are still early in their careers too, so training and career development opportunities are important. They also appreciate team building courses; social and offsite events; and flexible work hours.
Generation X, born in the mid – 1960s to the mid – 80s, are the most interested in health care benefits such as major medical, dental, vision and life insurance. They are also thinking about retirement accounts and student loan assistance for their children. Tax-advantaged accounts such as Flexible Spending Accounts (FSA), Health Reimbursement Arrangements and Health Savings Accounts (HSA), paired with a High Deductible Health Plan, also are popular.
Baby boomers, born between 1945 – 1965, favor traditional benefits: medical, dental, vision, life insurance and 401(k) accounts. They also appreciate tax-advantaged health care accounts, like FSAs and HSAs.