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Tips for Creating a Benefits Package that is Appealing to the Modern Multigenerational Workforce

Today, human resource departments have to put much of their focus on meeting the needs of the younger workforce. For example, there’s a good chance that HR leaders and employers can find all sorts of resources regarding how to attract and support Millennial workers, along with the new generation of professionals – Gen Z and Generation Alpha. While putting effort into giving these portions of your workforce is important and a worthwhile endeavor, there are many organizations that aren’t made up of just Millennials. It is also necessary for businesses today to consider the older generations, such as Generation X and the Baby Boomer Generation. In fact, there may be up to seven generations in a single company, which makes creating an appealing benefits package more challenging than ever before. Some of the tips to create these benefits packages that will be appealing across the generations are found here.

Provide Opportunities for Advancement and Support Financial Wellness

One of the biggest challenges for Gen Z, Millennials, and younger workers is financial wellness. There are many of these professionals who are still paying off student loans and who have not yet earned financial stability. What makes this issue even more complicated is that younger employees often move from one job to another to try and find higher pay. In fact, there are some reports that have proven the top reason that Millennials leave a position is due to stagnant wage growth. To address these challenges and to provide support for the newer generations in the modern workforce, the HR department should think about offering financial wellness education along with related benefits. Providing training around financial best practices along with loan repayment benefits are considered very appealing in the HR realm.

Offer a Back-Up Care Plan

With employers looking to cater to a much wider range of worker generations, there are many who consider backup dependent care programs as an option for support individuals, including adult children who are providing care for elderly family members, new parents, and individuals offering care for disabled relatives. The presence of a backup care program offers a safety net for workers that have these care needs. It also helps to ensure they have access to a source of temporary care if regular caregivers aren’t available. In this manner, if a facility or holiday closure impacts a worker’s regular care arrangement, they will have the leverage offered by this backup care program to prevent them from missing work. There was a study related to this that showed this particular benefit also helps to reduce stress among the workforce and boost productivity. When it comes to building a benefits package that appeals to all generations in a workforce, there are some hurdles to overcome. The tips here should help with the development of this program. It may also be wise to use the help of a third-party HR company to ensure the desired program is created.  Or Contact us today for more information or take a look at our short explainer video2020-02-11 18:05:11